The latest house price report from the ESPC has revealed a 4% increase in the number of homes sold in Edinburgh, the Lothians and Fife in the last quarter of 2014, compared to the same period in 2013.
There was also a rise in the number of new homes coming onto the market, with a 21% increase in new instructions on an annual basis.
“The market largely outperformed expectations in 2014 with buyer and seller activity at its highest level since the economic downturn in 2008,” commented David Marshall, Business Development Manager with ESPC. “During the last three months of 2014, 33% of homes sold in Edinburgh, the Lothians and Fife achieved a selling price in excess of their Home Report valuation.”
“That’s the highest level we’ve seen for the fourth quarter of any year since Home Reports were introduced and it reflects the improved market conditions that sellers have faced over the last 12 months,” he added.
The impending introduction of the Land & Buildings Transaction Tax (LBTT) in April this year has also had an impact on the property market, with an increase in the number of higher value properties entering the market.
“As a result, those thinking of buying at this end of the market will have a strong financial incentive to bring their purchase forward if they’re able to,” said David Marshall, speaking about the introduction of the new tax. “Similarly, sellers will be keen to take advanatge of this likely rise in demand by getting their home on the market sooner than they otherwise would have and this is reflected in the upturn in listings we’ve seen recently.”
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