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East Central Scotland Sees Increase in House Sales

There was a 4.1% increase in the number of houses sold across Edinburgh, the Lothians and Fife between May and July 2015, compared to the same period last year.

The figures, which are contained in the latest House Price Report from ESPC, also reveal that while average prices across the region remained similar over the three month period compared to the previous year, certain areas are experiencing bigger price increases than others.

The Dalry and Gorgie areas of Edinburgh continue to experience particularly strong price growth, with prices for one bedroom flats increasing by 14.6% compared to the previous year. According to the ESPC, this could be a sign that the area is a popular choice for first-time buyers and young professionals.

Other areas of Edinburgh popular with first-time buyers that are experiencing strong price growth include Leith Walk (6.1%), Meadowbank and Abbeyhill (both 2.6%).

The price of two bedroom flats in Morningside and Merchiston has increased by 18.3% between May and July 2015, compared with the same time last year.  Stockbridge and Comely Bank are also continuing to see strong growth for two bedroom flats, with prices rising by 10.7% on average.

However, other areas of Edinburgh have seen average property prices fall. In Liberton and Gilmerton, the average price for a three bedroom house has fallen by 22% compared to the same period in 2014. Although, in the same locations, the average price for flats has increased by 22.8%.

Other areas to see a fall in prices include Portobello and Joppa (6.1% decrease) and Currie, Balerno and Juniper Green (11.9% decrease).

“While some parts of Edinburgh are showing increases in average selling prices, other areas are showing decreases, making these areas more affordable for first time buyers or home-movers,” explained Maria Botha-Lopez, ESPC’s business analyst. “It highlights the impact that new builds and the Help to Buy scheme have had on the existing property market – when existing properties are competing with new builds, aided by Government incentives like the Help to Buy scheme.”

“The Bank of England’s recent announcement that interest rates will be kept at the 0.5% base line is also a positive step for the Scottish property market,” she added.

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