As we approach the final few weeks in 2019, there has been an increase in average selling price and sales volume and a notable increase in new properties coming to market with Neilsons, but what does this mean for local sellers and buyers?
What’s the latest on average property selling prices?
According to the ESPC, over the last three months, the average selling price for residential properties in the area was £253,552 – an increase of 2.5% on the same period last year. Within Edinburgh alone, the average selling price has increased by 2.9% with an average selling price of £274,690.
Three-bedroom homes in South Queensferry and Dalmeny have seen the largest rise in average selling prices since last year, increasing by 33.9% year-on-year to £299,864.
Properties in Midlothian have had an increase in average selling prices of 3.9%, according to the ESPC. At Neilsons, we have achieved an average increase of selling prices by 18.8% in Midlothian for our clients during the past three months compared to the same period last year.
Neilsons increase new properties coming to market by over 37% in October
James Shipman, Property Director at Neilsons Solicitors and Estate Agents, says: “The local property sales market remains strong, with increases in average selling prices and sales across all areas.
The modest yet still significant increases in average sales prices noted by the ESPC is consistent with more properties coming to market to satisfy some of the buyer demand built up in the past few years more readily, ensuring steady house price inflation overall.
In October, Neilsons had an increase of new properties coming to market by over 37% compared to October 2018. 97.6% of these new properties that went to market with Neilsons during this month went on the market with an ‘Offers Over’ strategy, indicating the strength in the sales market. ‘Offers Over’ is an attractive marketing price strategy set below Home Report valuation and is reserved for a strong market where there is a strong chance of multiple parties being interested in the same property and a possible future closing date being set.
With more properties coming to market than the same period in 2018, the average percentage over home report value being achieved is down slightly by 1% compared to last year. However, sellers can still expect to secure – on average – at least around 5% over Home Report valuation if the property is well presented, accurately priced and professionally marketed for the sale at initial launch on the open market.
Closing dates also still remain a feature of the market for many properties, particularly one- and two-bedroom properties with many first-time buyers still looking to secure properties.
One day in recent weeks Neilsons had 10 closing dates on our properties for sale!
So, for buyers, it remains crucial that expert advice is sought in order to navigate this competitive market in order to outsmart any competition.
Overall, despite the press suggesting that major political events and discourse may have a detrimental impact on the local market, we have yet to see any evidence of this materialising. Neilsons are one of the biggest firms advertising in the ESPC and sales and buyer activity has been consistent throughout 2019 and improved in many key respects on 2018 – with October emerging as our busiest month this year.
As we approach the end of the year, local property market activity traditionally starts to quieten seasonally as sellers and buyers naturally turn their attention to festivities.
However this year in the property market there has been a distinct lack of seasonality and there was no evidence of a downturn in Easter or indeed over the Summer. We expect that during the last few weeks in the year there will still be activity in the market, with activity slightly increased on 2018 levels during this time. We are confident that the buoyant market will be maintained onwards throughout 2020.”