Despite political uncertainty dogging the Scottish property market over last three months, it has remained fairly stable. Find out the current state of the market with our property market statistics, which demonstrate exactly what has happened with property sales.
Property Selling Price Rise
The average property selling price in Edinburgh, the Lothians, Fife and the Borders over the past three months, was £248,009. This was a 2.1% increase year on year. Average selling price In Edinburgh, was £265,748 which was a 1.8% increase compared to the previous year.
In the north and north-west of the city, properties saw the greatest growth in average selling price, rising by 9.9% and 10.2% respectively year-on-year.
Three bed homes in Cramond, Cammo and Barnton saw an increase of 36.2% in average selling price, while three bed homes in Dalmeny and South Queensferry saw a 20.4% rise.
While these increases may seem very significant, in both cases this was due to the fact a number of the properties being sold were of a much higher value, subsequently pushing up the average price.
Further afield, properties in the Scottish Borders saw a rise in average selling price of 9.2% annually. Homes in East Lothian and West Lothian both saw an 8% rise year-on-year.
In Midlothian, houses and flats saw an increase in average selling price of 6.5% over the last three months compared with the same period last year.
The average property selling price in West Fife and Kinross decreased by 4.1% and by 1.9% in East Fife. Properties in Dunfermline saw a 5.5% decrease in average selling price.
Sales and Number of Properties Coming to Market
Sales volume in Edinburgh, the Lothians, Fife and the Borders saw a 5.0% decrease from November 2019 to January 2020. However, the volume of properties coming on to the market increased by 1%.
Edinburgh saw a 7.4% decrease in sales volume and a 4.4% reduction in the volume of homes coming to market.
Top Selling Properties by Sales Volume
In terms of sales volume, three bed properties in Dunfermline, two bed flats in Leith followed by one-bedroom flats in Gorgie were the top selling properties.
Dunfermline experienced the greatest volume of new property listings of any district over the last three months.
Percentage of Home Report Valuation Achieved
The average percentage of Home Report valuation achieved decreased very slightly across all areas from 102.8% in Jan 2019 to 102.4% Jan 2020. The average percentage of Home Report valuation achieved in Edinburgh was 103.6% compared to 104.1% same period last year.
One bed flats in Abbeyhill and Meadowbank achieved the highest percentage of Home Report valuation at 107%.
Property Selling Times
Selling times over the past three months decreased slightly. On average the median time for a property to go under offer in Edinburgh, the Lothians, Fife and the Borders was 23 days. Same period last year was 24 days.
Three-bedroom houses in South Queensferry and Dalmeny boasted the fastest selling time at 14 days.
Despite political uncertainty over last three months the Market remains stable.
Business Analyst Jamie Fraser-Davidson at ESPC, said: “In the last three months, the UK has had a General Election and left the EU. While many might expect such political uncertainty to impact the property market significantly, the market in Edinburgh, the Lothians, Fife and the Borders has remained relatively stable in recent months.
However, as we noted in previous House Price Reports, there has been a consistent drop in the number of homes coming to market year-on-year for many months, resulting in a lack of supply of homes to the market. We also started to see demand level off as the end of 2019 approached, which in turn has resulted in a dip in sales volume.
Now that the UK has entered the Brexit transition period, expected clarity on the nature of the future trade and political relationships could see renewed confidence among homeowners, leading to a rise in both demand and stock levels. However, we may see further uncertainty throughout 2020 until these agreements are formalised.”
If you are thinking of selling a property, you’ll need a Home Report. Get in touch to arrange an appointment by calling us on 0131 608 0175 or email email@example.com. We are regulated by the Royal Institution of Chartered Surveyors (RICS), Home Report Company specialises in providing Home Reports, Energy Performance Certificates and Property Surveys.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
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