Spring sees higher selling prices and less properties coming to market

Spring sees higher selling prices and less properties coming to market

Maria Botha-Lopez

Selling prices for residential property across east central Scotland rose by 8.2 per cent on average over the past three months of March, April and May compared with the same months of spring last year, according to the latest house price report by ESPC, property experts in east central Scotland.

Average selling prices across Edinburgh rose by nine per cent in this period, with properties in areas of high demand seeing even larger increases: two-bedroom flats in the coastal suburbs of Portobello and Joppa sold for £256,794 on average, 26.1 per cent higher than the same time last year. In areas around the Union Canal, selling prices for one-bedroom flats in Polwarth, Shandon and Tollcross rose by 16.9per cent to an average of £204,874.

While buyers of one-bedroom flats around Leith Walk, Easter Road, Pilrig and Bonnington paid 16.4 per cent more than those who purchased this type of property last year, they were still able to secure their property for under £200,000 at an average selling price of £156,849. Half of these one-bedroom flats were under offer within thirteen days of being listed.

Sellers of two-bedroom flats in Newington, Grange and Blackford on average accepted offers that were 11.2 per cent over Home Report valuation, with the average across Edinburgh being 6.7 per cent, and across east central Scotland, properties sold for 4.6 per cent over their Home Report valuation. This is one of the indicators of a seller’s market, and shows a strong demand for property.

ESPC’s business analyst Maria Botha-Lopez said: “Strong demand continues for residential property across east central Scotland and in Edinburgh, with average selling prices continuing to rise year-on-year.

“Concerns of affordability are raised when data is showing that the average selling price for a two-bedroom flat in New Town was over £400,000 this past spring. However, our most viewed property on espc.com in the past three months is a perfect example of how buyers are looking outside the typical hotspots for their next home: a three-bedroom semi-detached house in Bonnyrigg marketed at a fixed-price under £200,000 took the top spot.

“Just over a third of properties listed through ESPC member firms are being marketed with an asking price of less than £175,000, which is the zero tax threshold for first-time buyers introduced by the Scottish Government in its 2018-19 draft budget. While there is strong demand for property from many different sectors, there is support and stock for first-time buyers looking to purchase their first home.”

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