ESPC reveals a ‘sellers’ world’ as report shows drop in homes coming to market

According to estate agents ESPC, while the data shows a decrease of 3.9 per cent in homes being put on the market, the first year-on-year decrease since 2013, there has been an increase in sales.

In contrast to the number of properties being brought to market, the number of homes sold in East Central Scotland rose by 9.4 per cent between March and May 2015, when compared by that same period last year.

It is also taking less time to sell a property, with the median selling time in East Central Scotland down by 4.9 per cent compared to the same three-month period a year ago.

The new figures also reflect an ebbing of the effects of the new Land and Buildings Transaction Tax (LBTT) first introduced to replace Stamp Duty at the beginning of April.

In the months leading up to its implementation a ‘huge increase’ in properties over £300,000 came onto the market, but that effect now appears to have tapered off.

Meanwhile, there has been a rise in the average selling price by 9.3 per cent compared with last year, although this has levelled-out following the steep rise of 18 per cent in last month’s House Price Report.

Although this remains well above the highest growth reported last year of 5.1 per cent.

Dunfermline has seen the largest year-on -year increase in the average selling price for all properties, increasing by 15.2 per cent. There has also been the largest year-on-year increase in the average selling price for two bedroom flats in Stockbridge and Comely Bank, by 15.4 per cent, demonstrating that this area is growing increasingly popular amongst buyers and renters.

ESPC’s business analyst Maria Botha-Lopez said: “As we are recording less homes being brought to market, there is greater competition for buyers. We are therefore seeing an increase in sales achieving their Home Report valuation and homes are also taking less time to sell. This shows that the market is currently primed for sellers, and buyers have to act quickly on the properties that they like.

“LBTT has not made the same impact on property prices as it did in the months leading up to its implementation, and it is unclear at this stage what effect it will have on properties under £145,000, the tax free value when buying a property. But we are expecting to see a continued year-on-year growth in the property market.”