The property market in Edinburgh and the rest of East Central Scotland is becoming more of a seller’s market, according to the ESPC, with a fall in the number of new homes being put on the market.
ESPC figures show that between the months of March and May this year there has been a fall of 3.9% in the number of homes coming onto the market compared to the same period last year. However, the number of sales taking place over the same period has actually increased by 9.4% compared to the previous year.
Properties are also moving more quickly, with a 4.9% drop in the median selling time compared to the same quarter last year.
The average selling price across the area has increased by 9.3% compared to last year, but in Dunfermline, which has seen the biggest year-on-year price increase for all properties, the average price rose by 15.2%. The areas of Stockbridge and Comely Bank in Edinburgh saw the biggest price increase for two bedroom flats, with prices rising by an average of 15.4%
“As we are recording less homes being brought to market, there is greater competition for buyers,” commented ESPC’s business analyst Maria Botha-Lopez. “We are therefore seeing an increase in sales achieving their Home Report valuation and homes are also taking less time to sell. This shows that the market is currently primed for sellers, and buyers have to act quickly on the properties that they like.”
“Land and Buildings Transaction Tax (LBTT) has not made the same impact on property prices as it did in the months leading up to its implementation, and it is unclear at this stage what effect it will have on properties under £145,000, the tax free value when buying a property,” she added. “But we are expecting to see a continued year-on-year growth in the property market.”
Contact our Solicitors in Edinburgh
To find out how our specialist solicitors based in Edinburgh, Scotland can help you buy or sell your home please click here to fill out our online enquiry form or call us today on 0808 163 5108. We look forward to hearing from you.