Average selling prices continue to increase, as stock decreases
The latest ESPC Edinburgh and East Central Scotland property price report continues to show a strong sellers market in East Central Scotland. Between April and June 2019, the average selling price in East Central Scotland rose to £255,905, a 6.6% increase on last year. The sales volume during this period rose by 5.6% compared to the previous year also. However, the number of properties coming to market in East Central Scotland from April to June 2019 decreased by 8.3% compared to the previous year.
In the capital, the biggest selling price increases were one-bedroom flats in Gorgie, Dalry, Slateford and Chesser with prices rising by 9.5% to £155,759.
In East Lothian, properties are seeing a 15.5% increase in average selling price compared to last year, rising to £252,303 with Midlothian properties also seeing an increase of 6.1%. The average selling price of properties in West Lothian decreased slightly, falling by 4.4%.
The total volume of residential property sales in East Central Scotland rose by 5.6% compared to last year, and by 7.7% in Edinburgh. However, the number of properties coming to market during these three months decreased by 8.3% across East Central Scotland and by 9.4% within Edinburgh.
ESPC are still reporting fast selling times. One- or two-bedroom flats are boasting the shortest selling time of 13-14 days, with the average selling time for all properties recorded as 19 (in Edinburgh).
Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents, said: “We are now over half way into the year, and the second quarter of 2019 saw a much more pronounced year-on-year in the average selling price of properties than in previous months, and a notable increase in sales. This is due to a decreasing amount of properties coming to the market, increasing demand for properties which are on the market. This means that for sellers, it is still a great time to sell with many buyers chasing too few properties on the open market. Closing dates are still a feature of the market – if the property is accurately priced, well presented and professionally marketed for the sale.
It’s important to note that Home Report valuations have also increased by around 5% compared to the same period last year, showing that property prices in Edinburgh and East Central Scotland remain strong even in the face of ongoing political discourse in the UK.
The challenge for buyers and sellers who are looking to sell and buy is that many do not wish to commit to sell their property until they find a suitable property to purchase and this reticence has led to stocks of property in the ESPC being substantially down on the same period last year and this in turn leads to further pressure on prices in the market.
Sellers have the option, therefore, of selling with a long entry date to give them time to purchase a property after an Offer is received for their own property.
Alternatively, many of our clients are getting the property ready to go on the market with marketing materials readily available but do not actually launch the property on the market until they find a suitable property to purchase.
In some cases, it is possible to convince the seller to accept your Offer “subject to sale of your own property. Given the fast selling times of ESPC member firms in East Central Scotland, this is a very popular option right now.
It is recommended in this market to seek professional advice and your ESPC Solicitor Estate Agent will discuss the market overview and agree a way forward in your own specific circumstances.”