Edinburgh House Price Up 7.1%
A SPIKE in the value of city properties has created the perfect conditions for those looking to sell their homes, experts have said.
House prices across the Capital soared by 7.1 per cent between September and November compared with the same period last year.
And the value of properties across east central Scotland also showed an increase of 4.7 per cent in the same time period – with 17.1 per cent more homes being sold throughout the area.
Property giant ESPC said the findings, uncovered in their latest house price report, demonstrated an upturn in the market after the scrapping of stamp duty in Scotland caused a short dip from May onwards.
Property owners had rushed to sell their homes before the land and buildings transaction tax (LBTT) was brought into play at the beginning of April.
ESPC’s research showed 71 per cent of properties were coming to the market listed as “offers over” between September and November, compared with just 57 per cent last year.
Maria Botha-Lopez, ESPC business analyst, said: “The number of new homes brought to market between the months of September and November increased modestly by 1.3 per cent annually, but with consistent growth in sales volumes, the number of active properties on the market continues to decrease, so this could be a good time for those thinking of selling, to bring their property to market.
“The demand for property is still outstripping supply, as we are seeing a 17.1 per cent year-on-year increase in the number of homes being sold, compared with the 1.3 per cent annual increase in properties brought to market, and this sellers’ market is reflected in faster selling times.
“The average selling time is 36 days across the region, compared with 49 days during the same period last year.”
Flats in Morningside and Merchiston saw the greatest increase in house prices, alongside three-bed houses in the South Queensferry and Dalmeny areas. More unusually, homes in Polwarth, Shandon and Tollcross also ranked high. Property experts said the rise in prices across these areas was down to their affordability and popularity with young professionals and first-time buyers seeking to live close to the city centre. Gorgie, Dalry and Haymarket are also understood to be known hotspots for those looking to get a foot on the property ladder.
Paul Beswick, chair of Tollcross Community Council, suggested the boom could be down to an increase in buy-to-let flats being snapped up in the area – but he warned figures may be distorted by one-off developments and higher-end sales.
Throughout the year there has also been large increases in the value of two-bed flats in Stockbridge and Comely Bank.
ESPC’s report also found properties sold towards the end of this year marketed as “offers over” achieved an average of 6.3 per cent over the asking price, up from 5.1 per cent last year.