The summer sales surge has turned into an autumnal boost in Edinburgh and the Lothians with an increase in average selling prices, sales volume and number of properties coming to the market but what does this mean for local sellers and buyers?
What’s the latest on average property selling prices in Edinburgh and the Lothians?
According to the ESPC, over the last three months, the average selling price for residential properties in the area was £254,589 – an increase of 1.5% on the same period last year. Within Edinburgh alone, the average selling price has increased by 2.4% with an average selling price of £276,995.
Some of the most interesting statistics include:
- Three-bedroom homes in South Queensferry have seen a large rise in average selling prices since last year, increasing by 27.2%.
- Properties in Midlothian saw an increase in average selling prices of 9.3% compared to the same period last year, up to £220,554.
- Two-bedroom flats in Corstorphine have recorded a 105.3% increase in sales volume since last year, becoming the second most popular property type in Edinburgh and the Lothians.
What is the sales volume like? Are there more properties coming to market?
Between July and September 2019, the volume of sales in Edinburgh and the Lothians has risen by 6.3%, with the volume in Edinburgh alone rising by nearly 5% which is good news for local house hunters.
Neilsons view on the local market
James Shipman, Property Director at Neilsons Solicitors and Estate Agents, says: “It is encouraging to see so many positive property statistics recently released relate to areas in Edinburgh and the Lothians where Neilsons have a strong market share and local presence in South Queensferry, Corstorphine and Midlothian.
The increase in new properties coming to the market has been welcome news for buyers locally in the past few months but closing dates are still a feature of this market and professional advice is highly recommended to navigate both the sale and purchase market. This is especially true for first time buyers, as some of the most competitive property types tend to be one- or two-bedroom flats.
Whilst the increase on sales prices has slowed compared to previous comparative periods (this is due to an increase in stock coming to market) excellent sales prices are still being secured in many local areas provided the property is well-presented, accurately priced and professionally marketed for the sale. The majority of properties continue to sell within just a few weeks if these three key points are followed.
At the mid-way point of October, there is no waning of seller or buyer demand heading further into autumn. At Neilsons, we are due to have our busiest October in 10 years in terms of new properties coming on the market – and with buyer demand still healthy – this is good news for both sellers and buyers alike and the local property market as a whole.”