Significant increase in number of homes coming to market in Edinburgh
From August to October 2018, there was a marked increase of 10.9 per cent in the number of properties coming to market compared to the same period last year in the east of Scotland, according to the latest ESPC house price report.
In Edinburgh specifically, there was a 5.6 per cent increase compared to last year, indicating sellers’ confidence in the market.
Between August and October 2018, the average selling price across east central Scotland rose to £246,927 compared to £232,814, which was a 6.1 per cent increase.
In Edinburgh, the average selling price was £267,451, which was a 6.8 per cent increase compared to the same period last year.
Within the capital, three bedroom houses in Blackhall, Davidson Mains, Silverknowes, Cramond, Barnton and Cammo saw the biggest year on year increase in average selling prices during this period, rising by 19.4 per cent to £407,537.
Two bedroom flats in Bellevue, Hillside and Broughton saw the next biggest increase, with average selling prices rising by 13.9 per cent to £286,979, followed by two bedroom flats in Leith, The Shore and Granton, which rose by 11.8 per cent to £200,925.
Two bedroom flats in New Town and West End, one bedroom flats in Dalry, Gorgie, Slateford and Chesser, two bedroom flats in Portobello and Joppa and one bedroom flats in Abbeyhill and Meadowbank offered the shortest selling times; over the past three months, each had a median selling time of 14 days.
The short selling times of one bedroom flats in Dalry and the surrounding areas, as well as Meadowbank and Abbeyhill suggest continued strong demand from first time buyers and buy-to-let investors, as these are typical hotspots for those looking to get on the property ladder and renters.
ESPC’s business analyst Jamie Fraser-Davidson said: “It is encouraging to see a 10.9 per cent increase in the number of properties coming to market over the last three months. This is a positive sign for buyers and indicates sellers’ confidence in the current market conditions, likely due to the continued trends of increasing average selling prices, short selling times and properties exceeding their Home Report valuation.
“As we get further into the winter months and closer to Brexit, it will be interesting to monitor the impact on both sellers’ confidence and demand from buyers.
“It seems the strong demand for homes in the city from first time buyers and buy-to-let investors continues. One bedroom flats in areas popular for first time buyers and renters such as Dalry, Abbeyhill and Leith Walk have seen notable year on year increases in average selling prices. Plus, one bedroom flats in these areas are, on average, achieving above Home Report valuation and we are generally still seeing short selling times for these properties.”