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Increase in Property Sales in Edinburgh

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Increase in Property Sales in Edinburgh

The latest House Price Report from the ESPC has revealed an annual increase of 19% in the number of houses sold in Edinburgh, the Lothians and Fife during the three months to November.

The biggest increase in sales was apparently found in the upper-mid market level, with a 33% annual increase in the number of sales of homes worth between £300,000-399,999. This is in contrast to an increase of only 1% over the previous year in the number of sales of properties valued at under £100,000.

The report also revealed:

  • A 13% increase in the number of new instructions, creating an increase in the number of homes entering the market.
  • A shortening in the median selling time, from ten weeks last year to seven weeks this year.
  • Edinburgh itself saw the biggest number of homes (60%) achieving their Home Report Valuation. In the wider Lothian and Fife area this figure fell to just below 40%.

There was apparently a marked increase in the number of higher value homes being put up for sale. The ESPC notes that this is probably a result of the publication of the proposed bands for Land & Buildings Transaction Tax (LBTT), which is set to replace Stamp Duty in Scotland from April next year.

“Whilst most buyers will pay slightly less tax following the introduction of LBTT in April, those buying higher value homes will incur a higher tax bill,” explained David Marshall, Business Development Manager with ESPC. “Under the proposed LBTT system anyone buying a home for more than £254,000 would pay more tax from April than is currently the case meaning buyers at the upper end of the market have an incentive to bring forward their purchase if they can.”

“Many sellers are already looking to get their home on the market to take advantage of this expected rise in demand and we’d expect the first three months of 2015 to be a particularly busy period for the property market north of the border,” he added.

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