Property market latest!
The latest ESPC price report is out and there are some interesting trends from April, particularly relating to the East of the city.
Overall, from February to April 2019 in East Central Scotland, the average selling price has increased by 3.9%, with sales volume during this period increasing by 8% year on year (in Edinburgh there was a 12.9% increase), and new properties coming to market up 3% during these three months compared to last year. This has resulted in the median time to sell slowing by just a few days, compared to last year.
Which properties and areas are witnessing the biggest increases in selling prices?
In Edinburgh, one-bedroom flats in Abbeyhill and Meadowbank are witnessing the biggest increase in average selling prices, rising by 16.6% to £171,223. Whilst one-bedroom flats in Polwarth, Shandon and Tollcross saw the biggest decreases in selling prices (-19.6%) this is largely due to a greater proportion of higher value properties being sold last year during the same period in these areas as properties in these areas are still achieving – on average – 7.2% above Home Report value on average!
Outside of Edinburgh, from February to April 2019, there are notable increases in average selling prices. In West Lothian there has been a 16.9% increase, in East Lothian a 12.3% increase and in Dunfermline – a 6.4% increase. Those buyers that are being priced out of the competitive Edinburgh market are still looking to wider areas.
What are selling times currently like in East Central Scotland?
The shortest selling times are one-bedroom flats in Abbeyhill, Meadowbank, Leith Walk, Easter Road, Pilrig and Bonnington with selling times of just 14 days on average. Bigger properties are still witnessing fast sales, but these sales can take a week or two longer on average, given the competition provided by new stock on the market compared to last year.
What’s the top selling property type in East Central Scotland?
The top selling property type over the past three months has been two-bedroom flats in Leith, followed by one-bedroom flats in Leith, and three-bedroom houses in Dunfermline.
What does this mean for buyers, especially first time buyers?
Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents, said: “There has been another notable increase in average selling prices compared to last year, along with a significant increase in sales volume.
First time buyer properties in the city are in huge demand right now and one to two-bedroom properties in the East of the City in particular is topping the ESPC charts for sales volume, fast sales and selling prices compared to the same period last year.
Nicola Sturgeon’s recent announcement of a new loan scheme to help first time buyers up to £25,000 to boost their deposit is welcome news – any legislation that assists people getting on the property ladder always is! However, there is a lack of housing stock available to meet the huge demand for homes in Edinburgh and the wider area. Increased regulation of short-term lets and some evidence of buy to let investors cashing in by selling investment property will expand the stock of properties on the market and make it easier for first time buyers to find a property.”