Edinburgh Property Market has the Highest Level of Property Sales Price Growth out of any Major UK City

The latest ESPC statistics are out and it shows – once again – that average selling prices across east central Scotland are rising with significant increases in Edinburgh, particularly in the East and North East of the City. Other property reports are also confirming that Edinburgh has the highest level of price growth in any major UK city.

Selling and Buying Property in Edinburgh

Huge buyer demand driving up sales prices

Between July and September 2018, the average selling price in East Central Scotland rose by 6.2%. During July and September 2017, the average selling price was £236,242 – it is now £250,991. In Edinburgh especially, the average selling price rose by 7.8% to £272,241.

We are seeing record price increases in areas such as Leith, the Shore and Granton which has seen average selling prices of two-bedroom flats increase by a massive 19% on last year to £204,242. Leith has been recently given further credence by being called one of the “coolest neighbourhoods in the world” by Time Out.

Two-bedroom flats in nearby Bellevue, Hillside and Broughton also record significant increases, rising by 14.7% to £283,262.

As competition drives up prices in the City, many families are now looking towards Fife and West Lothian for suitable properties. In Dunfermline, average selling prices have increased by 15.8% to £176,182 and in the wider West Fife and Kinross area average selling prices have increased by 14.3%.

In West Lothian, there have been significant average selling price increases of 13.6%.

Fast selling times still a feature of the market

ESPC are reporting that selling times are now 2 days slower on average than this time last year (20 days average time to sell in East Central Scotland and 18 days average time to sell in Edinburgh) but Neilsons would stress that selling times are still exceptional, particularly compared to independent or online agents which record average selling times between 65 and 126 days depending on your property type!

Neilsons are regularly selling properties in just 14 days on average. Again, the quickest selling properties tend to be one or two-bedroom flats but we are also seeing a demand for suitable family homes in Edinburgh as we continue to set many closing dates on well-presented properties.

Whilst ESPC also record a decrease in properties sold during this period, it reflects fewer properties coming to the market in 2018 rather than any lack of buyer demand because otherwise we would not see average selling prices rising so substantially on last year.

Edinburgh is now witnessing the highest level of price growth out of any major UK city!

James Shipman, Director of Property Services at Neilsons Solicitors and Estate Agents says: “The Edinburgh market has flourished in 2018. Due to lack of adequate supply, buyer demand is certainly driving sales prices up with record prices being achieved in the city if the property is accurately priced, well presented for the sale and professionally marketed. If you are thinking of selling, there is still time to achieve a good sale in time for Christmas. The difficulty can be purchasing in this market and navigating the competitive market. This is where Neilsons can help. I would recommend anyone thinking of selling and/or buying a property in Edinburgh or East Central Scotland to start by obtaining a free no obligation consultation or pre-sale appraisal with one of our experienced property or legal experts.”

Book your consultation online here!