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The latest House Price Report from ESPC has revealed an annual increase of 11.1% in the number of houses sold in East Central Scotland  in the three months from July and September this year.

At the same time there has been a 2.4% fall in the number of new homes entering the market, and as a result demand is still outstripping supply and the housing market continues to remain firmly in favour of the seller.

Average prices across the region have increased by a modest 1.5% over the quarter compared to the same period last year, however there have been price variations according to location.

The strong price growth seen in Dunfermline over the past year appears to have slowed, with average selling prices falling by 2.3% in July and September compared to the same quarter last year.

East Lothian and Midlothian have also seen slight falls in average prices, but West Lothian has seen a rise of 9.4%.

In Edinburgh itself, Dalry and Gorgie, Portobello and Joppa, and the Stockbridge and Comely Bank areas continue to show strong price growth, particularly for two-bedroom flats.

“The number of homes selling in east central Scotland continues to grow year-on-year, as does the percentage of homes achieving or exceeding their home report valuations, at 60.9%,” commented ESPC’s business analyst Maria Botha-Lopez.

“Properties marketed as offers over are now achieving an average of 6.5% above the asking price, up from 3.8% in 2013, and time to sell is shorter than last year,” she said. “However, we continue to see less homes coming to market when compared with last year.”

“The LBTT effect, which saw a sharp rise in high-end properties being brought to market at the start of the year, impacting average selling prices, appears to have tapered off,” she added. “The distribution of properties across LBTT tax bands are similar when compared with last year.”

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