The positive reality of the Edinburgh and Lothians property market

Edinburgh property market

  • From August to October 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £270,983, up 7.9% compared to last year.
  • According to Zoopla, demand for properties in Scotland has increased by 39% year on year, compared to 26% for the rest of the UK.
  • The number of properties coming to market in East Central Scotland with Neilsons over the past three months is up 103.8% compared to last year – 138% higher than the ESPC average.
  • The number of properties sold in East Central Scotland with Neilsons in October is up 94.4% compared to last year – 461% higher than the ESPC average.
  • In October 2020, the median time to sell a property with Neilsons was just 14 days – 2 days faster than the ESPC average.
  • Neilsons website page views are up 127% over the past three months, compared to the same period last year.
  • In October 2020, 92.4% of properties marketed by Neilsons sold for or above Home Report valuation.

Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents, said:

“There continues to be exceptionally strong market conditions in Scotland, and I am delighted that Neilsons continue to outperform the local market to the benefit of our clients.

There has been no seasonality to the market this year, and this is a trend we have witnessed in previous years from around 2018 onwards.

We are still seeing a substantial number of properties being marketed for this time of year, which is great news for buyers who are understandably keen to take advantage of reduced LBTT (stamp duty) until 31st March 2021.

Mortgage approvals are at a 13-year high also, which is positive news for buyers.

For sellers, it’s extremely encouraging that our average our median selling time is just 14 days now which indicates that many properties are selling quickly and competitively, particularly if they are well presented for the sale, professionally marketed and accurately priced. 92.4% of our properties selling for or above Home Report valuation in October is indicative of a strong sales market.

Online, Neilsons’ website and social media activity figures continue to outperform any previous year and we have now recorded over 126,321 virtual 360 tour viewings since Spring.

This was an innovation which Neilsons introduced to our clients at the start of lockdown in March when in person viewings were banned until 29th June 2020 and has continued to be an extremely important marketing vehicle now that there continues to be a virtual viewing first requirement set out by the Scottish Government for the foreseeable future.

The importance of marketing with an ESPC member firm cannot be overlooked when selling either as the average time to sell for an independent or online agent (non-ESPC member firm) is 61 days in Edinburgh compared to ESPC’s median 16 days in October and Neilsons’ 14 days in October.

We are very pleased that the Scottish Government has confirmed that house moves will continue to be permitted across all five tier protection levels. This certainly bodes well for sellers and buyers heading into winter and we cannot envisage the positive reality of the local property market changing anytime soon.”

This week Neilsons won Scottish Residential Property Team of the Year 2020 at the Scottish Legal Awards.

Book a free telephone consultation with Neilsons online here

Scottish Legal Awards 2020 winners