The average selling price of two bedroom flats in Edinburgh’s New Town and West End have rocketed by 26.9 per cent over the last three months, according to the latest house price report from ESPC.
As well as showing an increase in selling price to £398,804, the volume of these New Town and West End properties being sold has increased by 18.5 per cent. This indicates that the increase in selling price is not solely attributed to a shortage of properties driving up demand. These central flats are achieving on average 13.5 per cent over the asking price, while the average time to sell is 17 days for this area, 31.3 per cent faster than the same time last year.
The time to sell across east central Scotland has slowed down over the last couple of months from its peak over summer with a median time to sell of 17 days (and Edinburgh at 15 days). However, this is more reflective of a seasonal quieting down in the lead up to Christmas. This festive slow-down is also reflected in the 0.9 per cent decrease in the number of homes being sold in east central Scotland over the last three months.
Other areas of Edinburgh that are proving to be in high demand in Edinburgh include Polwarth, Shandon and Tollcross, where average selling prices have increased by 16.8 per cent, and are achieving the highest percent of Home Report valuation, at 109.6 per cent.
The types of properties that have been selling the most in this reporting period have been two bedroom flats in Leith and one bedroom flats in Gorgie. However one bedroom flats in Gorgie, along with Craigentinny, are continuing to be amongst the most affordable in Edinburgh.
ESPC’s business analyst Maria Both Lopez said: “Properties in the New Town and West End are some of the most sought-after in Edinburgh, and over the last three months they have been snapped up quickly, going for considerably over the asking price. As Edinburgh’s city centre is becoming a hot spot for visitors to stay, there could be a correlation between the popularity for New Town properties available as holiday lets.
“As we come into the Christmas season we tend to see a slow-down in the market, which is reflective of the slight decrease in the number of homes being sold and the longer time to sell compared with the last couple of months. However, properties are still selling faster than the same time last year, from 25 days down to 20 days. For those looking to buy, Christmas could be a good time, as properties take than little bit longer to sell and there is less competition when it comes to putting in a bid for a home.”