Competition in Edinburgh’s property market heats up

Demand for middle to high end residential property in Edinburgh city centre and the surrounding areas has taken a dramatic upturn since the start of 2016, reports property consultancy, CKD Galbraith.

Demand has outstripped the supply of homes for sale across Edinburgh and the Lothians during the first quarter of 2016 and this has contributed to the competitiveness and speed of transactions completed during this period.

Jamie McNeill, head of residential sales at CKD Galbraith’s Edinburgh office, said: “The number of new properties coming to the market dropped during the winter months, with many home owners postponing selling until the traditionally busier spring months or until the weather had improved enough to make grounds and gardens presentable.

“However, the good quality properties, in desirable locations, that did appear on the market from early January to late March were extremely quick to sell and attracted high levels of interest. The Edinburgh office also witnessed an equal surge in interest for those properties that had not sold during the quieter winter months at the end of last year.”

He added: “Edinburgh city centre property continues to be highly sought after, however, we have also witnessed a significant increase in demand for homes in suburban and semi-rural locations, such as East Lothian, Midlothian and West Lothian, , with property prices in the latter rising by 7.2 per cent from February 2015 to February 2016, compared with 3.2 per cent in Edinburgh.

“The Edinburgh office handled a number of sales during the first quarter of 2016 that received offers in excess of their asking price and sold within several weeks of appearing on the market. For example, Milton Cottage in South Queensferry generated five viewings within its first week on the market, attracting two early notes of interest, and achieving a premium price in under 2 weeks of marketing.

“Another example is 136 Main Street in Pathhead which, despite being launched on to the market back in June 2015, had only five viewings until January 2016. During the first quarter of 2016 alone it attracted an equal number of viewings, several notes of interest and sold for £25,000 over the asking price.”