Neilsons Solicitors Property Report: Spring 2018

The Edinburgh Solicitors Property Centre (ESPC) is reporting higher selling prices and less properties coming to the market which is driving competition and sales prices. In addition, Neilsons Solicitors and Estate Agents’ – fast selling Property Solicitors based in Edinburgh – had an average selling time of just 10 days in May 2018!

Property Solicitors Edinburgh

Here are the details and Neilsons’ analysis:

The average selling price in east central Scotland between March and May 2018 is now £239,378 – an increase of 8.2% compared to the same period last year.

What is causing this big increase in selling prices? Well, the number of properties brought to the market during the same period decreased by 6% annually. The reduction in stock means that there is more competition for properties that do come on to the market thus competitive closing dates (where all interested parties submit their best offer in a blind bidding process) take place and higher sales prices are achieved.

Almost 90% of properties are now listed on the market as ‘Offers Over’ – this is often 5%-10% below the surveyors Home Report value to attract as much attention as possible and “widen the net of buyers” to get as many  prospective buyers through the door as possible.

In addition, around 80% of properties sold in east central Scotland achieve or exceed their Home Report valuation.

Neilsons Solicitors and Estate Agents continue to outperform the market when it comes to faster selling times – often a key consideration of sellers when instructing an agent. Latest ESPC data shows that Neilsons were selling properties in just 10 days on average in May 2018, which is days faster than the ESPC average (note that the ESPC average is still way faster than non solicitor estate agents average).

Increases in selling prices are most prevalent with one-or-two-bedroom flats, particularly in the central and eastern areas of Edinburgh:

  • Two-bedroom flats in Portobello and Joppa – 26.1% higher than the same time last year.
  • One-bedroom flats in Polwarth, Shandon and Tollcross – 16.9% higher than the same time last year.
  • One-bedroom flats around Leith Walk, Easter Road and Bonnington – 16.4% higher than the same time last year. Half of these properties were under offer within thirteen days of being listed. If you are thinking of selling in this area get in touch with our City Centre team located on Picardy Place on 0131 556 5522!

Overall, the latest statistics indicate that the strong sellers’ market in East Central Scotland continues and Neilsons Solicitors and Estate Agents are well placed to guide you on the process moving forward. In addition to providing a comprehensive Estate Agency sales package, Neilsons Solicitors can guide you on your overall sale / purchase strategy and give you detailed advice on your purchase which is essential in today’s fast moving market. If you are buying it has never been more important to take professional legal advice from Solicitors with many years’ experience to guide you through the maze. Crucially, Neilsons Solicitors offer a unique price matrix system to Neilsons clients which is designed to ensure you are hopefully not pipped at the post at a competitive photo-finish at the  closing date.

James Shipman, Director of Property Services at Neilsons Solicitors and Estate Agents, says:

“Statistics rarely lie and our fast selling times combined with our high selling prices speak volumes. The dynamics of the property market have changed completely in recent times. In such a buoyant sales market some firms can be guilty of failing to focus on a client’s purchase.  With most transactions involving  a purchase in advance of the commencement of marketing, we at Neilsons appreciate how pivotal the purchase of a property is to the whole process and offer expert advice in how to compete, and more importantly be successful, at a busy closing date.

We know that we can sell your property very quickly in the majority of cases, so the challenge is securing the successful purchase. As soon as the purchase is agreed in principle (subject to sale) you will normally be given a short period of time – typically 4-6 weeks –  to secure the sale of your own property, otherwise the seller may withdraw from the deal.

In these cases speed is key, and once a purchase has been agreed we are able to bring a client’s property to the open the market in as little as three working days to  ensure that we achieve maximum marketing  coverage in the shortest possible time.”

Organise your FREE online property valuation with Neilsons online today or give us a call to discuss your sale or purchase further.