Prices rise for three bedroom houses in Edinburgh
The average selling price of three bedroom houses in Currie, Balerno and Juniper Green has continued to rise, demonstrating that the area is becoming one of the most popular in the city.
The latest analysis from ESPC, property experts in east central Scotland, has revealed that average prices have increased by 25 per cent over the last three months in the Currie area. ESPC also saw this in its house price report last month, when average selling prices in this area rose by 18.6 per cent year-on-year. Located in the south-west west of the city, and close to the Pentlands, this area offers a quieter pace of life and a community feel, which is no doubt appealing to people when looking for a family home.
Three-bedroom houses in Blackhall, Davidsons Mains and Silverknowes also showed one of the highest year-on-year increases, with a 14.7 per cent increase in average selling prices. This is another family-friendly area that is close to the city centre as well as to the coastline and with plenty of greenspace nearby.
ESPC said that, in general, two and three bedroom homes are at present outperforming one and two bedroom flats in terms of increases in selling prices. The average selling price of a three-bedroom house has risen by eight per cent and a two-bedroom house by 7.3 per cent, compared with 3.2 per cent for a one-bedroom flat, and 4.4 per cent for a two-bedroom flat.
Over the last three months the number of homes being sold and the number of homes being put on the market continues to decline year-on-year. The property market in winter can be quieter than at other times of the year, and as well as being a seasonal trend, it is also a continuation of the market being in favour of the seller, as has been the case over the last year.
ESPC’s business analyst Maria Botha Lopez said: “Our analysis of how two and three bedroom houses are outperforming one and two bedroom flats is in line with the findings of the recent Redfern Review, which also described an interesting trend of how some first-time buyers are “saving longer, buying bigger and staying longer”, skipping the traditional first step of the property ladder, and looking instead for a small family home.
“Sales and listing volumes continue declining year-on-year, but there has been a slight improvement since last month’s House Price Report. All indicators of a seller’s market are still in place, with faster time to sell and with 65.6 per cent of properties achieving or exceeding their home report value.”