House sales in Edinburgh increased by around 12% in January compared to the same time last year, according to the latest figures from ESPC.

There was also an increase in seller activity, with a 22% increase in the number of homes appearing on the market, compared to January last year.

The ESPC figures, which cover Edinburgh, the Lothians and Fife, also reveal a continued rise in seller activity for houses in the upper-mid market in advance of the introduction of the Land & Buildings Transaction Tax (LBTT) this April. New listings for houses worth £300,000 plus more than doubled during January, compared to January last year.

“In the three months to January the median selling time in Edinburgh stood at seven weeks, which is down from almost nine weeks during the same period a year ago,” commented Paul Hilton, CEO with ESPC. “At the same time the percentage of sales where Home Report valuation was achieved rose from 43% a year ago to 52% today.”

“Prices have continued to appreciate, with the average house price in Edinburgh now standing at £217,355 following an annual increase of 3.5%,” he added. “Although sharper increases were observed in other areas of the Lothians, these were caused by an increase in the number of larger homes selling. For example, in West Lothian properties with four or more bedrooms accounted for 34% of sales over the last three months, up from just 18% a year ago, and this naturally had the effect of pushing up the average price in the area.”

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