The Scottish property market continues to buck wider UK housing market trends again this month as ESPC reports an increase in properties brought to market and the average selling price of homes across east-central Scotland compared to last year.
ESPC reported a 5% increase in the number of properties brought to market during August 2018, while it’s July and June House Price reports were 3.4% and 3.2% respectively.
ESPC also noted that average selling prices across east-central Scotland increased by 3.4% to £248,092 compared to the previous year. The average selling price of properties in Edinburgh rose by 4.5% to £268,151, with two-bedroom flats in Leith, the Shore and Granton seeing the largest increase in average selling prices, rising by 18.5% in value to £202,173. Flats in Newington, Grange and Blackford saw a similar increase of 18.1%, with the average sale of a two-bedroom property rising to £306,566.
West Lothian properties saw the most significant jump in average selling prices, with all homes selling for an average £233,325 - 19.3% more than 2017. This particular percentage increase, however, is reduced from a 34.5% rise in property prices within this area witnessed in July 2018, driven up by the unusual availability of higher value homes for sale during that period.
In contrast to this relative boom in the east-central Scotland seller’s market, ESPC noted the average number of properties sold within the buyer’s market between June and August 2018 decreased by 5.7% annually - attributed to the fact that fewer homes were brought to market in the previous months rather than indicative of a fall in buyer demand.
ESPC’s House Price report also stated that the median time to sell across east-central Scotland was one day slower than the previous year, with 50% of all homes going under offer within 18 days. Within the Capital, the median time to sell was 16 days - also one day slower than 2017.
Of Nationwide’s recent House Price Index which reported a decrease of sales prices within the UK property market, Jenna Spence, operations director at Neilsons Solicitors and Estate Agents, said: “There is no such thing as the ‘UK property market’ – the UK is a patchwork of local markets each with its own dynamics and, unfortunately, much of the press commentary on the housing market focuses on what is happening in London and the south east of England”.
“We are definitely not seeing falling buyer demand by any means. It is very much the opposite in Edinburgh and the surrounding areas as evidenced by the speed at which properties are selling, and the record selling prices achieved in many cases, if properties are accurately priced, professionally marketed and well-presented for the sale. Closing dates have become the norm in most cases and supply is simply not keeping up with buyer demand.”
Contact Us
For specialist legal advice on buying and selling your home, contact our expert property law solicitors today.