Three bedroom properties in the south-west suburbs of Edinburgh have shown some of the highest increases in average selling prices, which could be attributed to pressures caused by a shortage of properties on family homes in Edinburgh.
The latest data from ESPC reveals that the average selling price of three bedroom houses in the Corstorphine, Clermiston, South Gyle and East Craigs has increased by 20.2 per cent, while three bedroom houses in Currie, Balerno and Juniper Green have increased by 18.5 per cent.
As well as demonstrating an increase in average selling prices, properties in these areas are also selling quickly. The median time to sell in Currie, Balerno and Juniper Green is 18 days, down from 23 days the same time last year, and in Corstorphine, Clermiston, South Gyle and East Craigs the time to sell is 17 days, down 42.6 per cent from the same time last year (30 days.) These time to sells are consistent with the Edinburgh average – currently 18 days, down from 22 days last year.
However in comparison, three bedroom properties in South Queensferry and Dalmeny have decreased by 4.6 per cent, but this could be a levelling out of selling prices, after a surge in popularity last year.
Two bedroom flats in the prestigious New Town and the West End are continuing to be in high demand. These properties are being snapped up quickly, and showing an increase of 24.7 per cent year-on-year to £410,122, making these the most expensive type of property in the region, when considering the number of rooms.
ESPC’s business analyst Maria Botha-Lopez said: “Three bedroom homes in areas on the outskirts of Edinburgh have seen a surge in popularity, as those looking to buy a family home are choosing to a home in areas with good community spirit and in a good school catchment area. But with a shortage of housing stock available, we are finding that these types of home are selling quickly and for over the home report valuation, leading to this increase in average selling prices.
“There has been a very slight increase of 0.7 per cent in the number of homes being brought to market between the months of August and October 2017, and this could be a positive sign that people are gaining confidence in putting their home on the market. We have also seen a 3.3 per cent increase in the number of homes being sold, again showing a positive sign on the market. We will wait and see what the effect, if any, is following the recently announced interest rate rise.”