Sellers’ market in east central Scotland as prices up 3.3 per cent over last year

Faster selling times and increased prices have created a strong market for sellers in east central Scotland, according to the latest ESPC analysis.

The average selling price in east central Scotland between February and April of this year has increased by 3.3 per cent when compared with the same period last year.

The number of new homes brought to market decreased by 11.4 per cent annually during this three-month period while the number of homes sold in east central Scotland decreased by 9.1 per cent annually.

The median selling time in east central Scotland is 24.6 per cent faster when compared to the same three-month period a year ago – from 29 days down to 22 days. For properties across Edinburgh, the median time to sell was 17 days.

Properties sold between February and April of 2017 that had been marketed as ‘offers over’ achieved an average of 8.9 per cent over the asking price, up from 7.3 per cent last year.

ESPC’s business analyst Maria Botha-Lopez said: “We are continuing to experience a seller’s market which is largely due to the number of properties that are coming to market. This drives up selling prices as buyer demand continues to be strong. Many potential sellers won’t market their property until they find a suitable property to buy, and the higher rate of Land and Building Transaction Tax is also having an impact on those who want to move up the property ladder, according to our solicitors.

“ESPC member firms are reporting an increase in buyer enquiries in the first quarter of the year. However buyers are finding it difficult to secure a property due to the availability and affordability as a result of being outbid, particularly at the lower, first time buyer end of the market. Central Edinburgh is proving to be particularly competitive, as buyer demand is outstripping stock availability. It is clearly a good time for sellers to bring their property to market as they are likely to achieve over the asking price and to sell quickly.”