East central Scotland house prices up 3.6 per cent on this quarter last year
From November 2018 to January 2019, the average selling price in east central Scotland rose to £239,709, a 3.6 per cent increase compared to the same period last year, ESPC reports.
This is a less pronounced increase than in previous months – in ESPC’s December and November House Price Reports, the annual increase in average selling prices in east central Scotland was 4.4 per cent and 5.3 per cent respectively.
November 2018 to January 2019 saw a 21.6 per cent increase year-on-year in the number of homes coming to market – this is slightly less pronounced than the annual increase in the fourth quarter of 2018 of 23.9 per cent, but still indicates seller confidence in the current market conditions.
Within Edinburgh, between November 2018 and January 2019, the average selling price rose by 5.1 per cent to £262,911 compared to £250,103 last year.
Two bedroom flats in New Town and the West End rose to £432,990, which was a 21.7 per cent increase compared to the same period last year.
The average selling prices of three bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs rose by 15.7 per cent to £339,228, and in South Queensferry and Dalmeny, the average selling price of three bedroom houses rose by 15.5 per cent to £206,267.
However, from November 2018 to January 2019 three bedroom houses in Liberton and Gilmerton saw a 17.3 per cent decrease in average selling prices compared to last year, dropping to £222,545.
During this three month period, properties in East Lothian saw average selling prices rise to £235,108, which was a 12.2 per cent increase compared to last year. The average selling price of properties in West Fife and Kinross also rose by 9.8 per cent to £179,960.
Jamie Fraser-Davidson, business analyst at ESPC, said: “From November 2018 to January 2019, there was a continued increase in the number of homes coming to market compared to last year. This is good news for buyers as they have a greater volume of homes to choose from.
“Average selling prices are still increasing in comparison to last year, which, coupled with the significant annual increase in sales volume, shows that buyer demand is still relatively strong at present.
“Two bedroom flats in the New Town and the West End saw a significant 21.7 per cent increase in average selling prices compared to last year. With stunning Victorian and Georgian buildings and the amenities of the city centre a stone’s throw away, it’s unsurprising that there is strong demand from flats in this area, as it’s likely to attract both buy-to-let investors and those who simply want to live in the city centre.”