THE number of properties brought to market in east central Scotland has increased by 5% since last year, with selling prices remaining strong, according to a new study.
ESPC’s August house price report has been described as “positive news” for buyers, while sellers will be encouraged to hear that average purchasing prices rose by 3.4% to £248,092 compared to the same period last year.
The average selling price in Edinburgh rose by 4.5% to £268,151 with two-bedroom flats in Leith, the Shore and Granton seeing the biggest increase in average selling prices, rising by 18.5% to £202,173.
Two-bedroom flats in Newington, Grange and Blackford also saw an increase of 18.1%, rising to £306,566.
Properties in West Lothian also saw a significant increase in relation to average selling prices, rising by 19.3% to £233,325.
The average selling price is believed to have been driven up by a greater proportion of higher value homes sold recently.
Claire Flynn, PR and content executive at ESPC, said: “A further increase in the number of properties coming to market in east central Scotland is encouraging.
“This trend is positive news for buyers, as a shortage of properties has been limiting the local property market in recent years.
“Furthermore, average selling prices are still increasing steadily in comparison to last year, and we are continuing to see very short selling times across Edinburgh, the Lothians and Fife.”
She added: “Reports of house price drops and falling buyer demand in the wider UK market indicate that east central Scotland continues to buck UK housing market trends.”
The median time to sell across east central Scotland was one day slower than last year, with half of all properties going under offer within 18 days.
In Edinburgh the median time to sell was 16 days, which is also one day slower than last year.
Reflecting on Nationwide’s most recent house price index, which reported price drops in UK property sales, Jenna Spence, operations director at Neilsons Solicitors and Estate Agents, commented: “There is no such thing as the ‘UK property market’ – the UK is a patchwork of local markets each with its own dynamics and, unfortunately, much of the press commentary on the housing market focuses on what is happening in London and the south east of England.
“What matters most is what is happening in your local area if you are considering selling.
“In Edinburgh, sales prices have increased by 4.5% on average due to huge buyer demand.
“We are definitely not seeing falling buyer demand by any means.
“It is very much the opposite in Edinburgh and the surrounding areas as evidenced by the speed at which properties are selling and the record selling prices achieved in many cases, if properties are accurately priced, professionally marketed and well-presented for the sale.
“Closing dates have become the norm in most cases and supply is simply not keeping up with buyer demand.”
The number of properties sold in east central Scotland between June and August 2018 did decrease by 5.7% since last year.
But this was put down to fewer properties being brought to market in previous months and a spell of unusually good weather.
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