There has been a 10.3% annual increase in the number of houses sold in East Central Scotland between June and August 2015, according to a recent report by ESPC. At the same time there has been 1.0% fall in the average selling price compared to the same period last year.
The report also revealed a 5.6% annual fall in the number of new homes put up for sale over the three month period.
However, sellers do appear to have increased confidence in the market, as the last two years have seen a doubling in the percentage of homes coming on the market as ‘offers over’. Between June and August 2013, only 36% of properties were marketed as ‘offers over’, rising to 54% for the same period in 2014. This year, the percentage has risen to 74% of properties.
There has also been an increase in the percentage of house sales achieving their Home Report valuation, with 61.5% achieving this between June and August this year, compared to 57.8% last year.
“We are seeing that sellers have more confidence in putting their property to market with offers offer, rather than fixed price,” explained Maria Botha-Lopez, ESPC’s business analyst. “In the current conditions, these properties are likely to achieve an average of 6.7% over the asking price, or offers around, which explains why it is back to becoming the popular way to sell.”
“We continue to see a decrease in the number of homes being brought to market, although not as pronounced as the previous report where we saw an 8.8% decrease, we’re now seeing a 5.6% decrease,” she added. “However, this continues to place additional strain on the balance between supply and demand.”
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 115 5548. We look forward to hearing from you.