ESPC: Encouraging upswing in properties coming to market in east central Scotland

ESPC: Encouraging upswing in properties coming to market in east central Scotland

Maria Botha-Lopez

The number of residential homes coming to market across east central Scotland between April and June 2018 increased by 3.2 per cent compared with the same period last year, according to the latest house price report by ESPC.

Average selling prices increased by 4.9 per cent across east central Scotland in the second quarter of 2018, compared with last year, and by 5.1 per cent in Edinburgh. Within the capital, three-bedroom houses in South Queensferry saw the largest increases of average selling prices for the period, rising by 17.6 per cent to £239,401.

One-bedroom flats in Polwarth, Shandon and Tollcross rose by 17.4 per cent to an average of £202,440, and buyers of these properties paid the highest over Home Report valuation (12.1 per cent) to entice sellers to accept their offers. These properties were also among the quickest to go under offer, with offers being accepted within 13 days for half of those sold between April and June of 2018.

The median time to sell across east central Scotland in the second quarter of 2018 was one day slower compared with the second quarter of 2017, with half of all properties going under offer within 17 days, and within 16 days in Edinburgh.

The number of properties sold across east central Scotland over the last three months decreased by 6.3 per cent annually, which is more of a reflection of the decrease of properties coming to market in recent years, rather than a decrease in buyer demand.

ESPC’s Business Analyst Maria Botha-Lopez said: “A shortage of properties coming to market has been a key pressure point for the residential housing market in Edinburgh, the Lothians and Fife in recent years, so a positive upswing in the number of properties being listed reported by ESPC is an encouraging sign for buyers and those looking to take their next step on the property ladder.”

“Sustainable increases in average selling prices that don’t tip the scales of affordability for qualified buyers are also a positive sign, as this inspires confidence in both lending institutions and potential buyers for the purchase of their next home.”

“Additionally, the new tax relief for first-time buyers came into effect on the 30th June, whereby properties up to £175,000 will fall under the zero-rated LBTT (Land and Buildings Transaction Tax) threshold for this group who will pay no LBTT for their purchase under this amount. Just under 40 per cent of properties sold for under £175,000 in the last quarter across east central Scotland.”

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