The latest House Price Report from the ESPC has revealed a continued improvement in activity in the Edinburgh property market during the three months to October.

According to the report, which also covers the Lothians and Fife regions, there was a 13% increase on an annual basis in the number of homes sold between August and October. Seller activity also improved, with the number of homes coming onto the market up by more than 10% annually. Across the region, market activity is apparently now at its highest level since 2007.

The report also revealed that:

• Selling times have shortened, with the median selling time down from nine weeks a year ago to six and a half weeks this year.
• Within Edinburgh 60% of homes sold between August and October achieved their Home Report valuation. In other areas of the Lothians and Fife a majority of homes are still being secured for less than their original valuation figure.
• House prices have continued to rise in most areas, and in Edinburgh the average house price now stands at £217,311 following an annual increase of 4.0%.

“We’ve seen a steady upturn improvement in the property since the middle of 2013 and that trend has continued into October, with the number of sales and new instructions both higher than was the case a year ago,” commented David Marshall, Business Development Manager with ESPC. “The level of activity we saw between August and October was the highest we’ve seen during that period since 2007 and this has led to properties selling more quickly and more sellers achieving their properties Home Report valuation.”

“As has been the case in recent months, house prices are rising in most areas,” he added. “Generally, where prices have risen more quickly this has been due to a rise in the number of larger properties selling, but as we move forward it will be important that the number of homes coming onto the market continues to improve to avoid a situation where demand exceeds supply for a prolonged period.”

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