Homes selling more quickly as confidence grows
The property market in east central Scotland is growing in confidence, with an increased number of homes being sold and more properties achieving their Home Report valuation, according to the latest analysis by ESPC.
The number of new homes brought to market between the months of August and October 2015 increased by 1.6% annually, reversing the trend of year-on-year decreases seen since the House Price Report in May.
This follows a surge at the start of the year, then a dip over the summer in the number of homes being brought to market following the introduction of Land and Buildings Transaction Tax (LBTT).
‘Offers over’ is becoming the most popular as a way to market property, with 72% of properties brought to market with this pricing strategy, compared with 55% for the same period in 2014. Properties sold as ‘offers over’ are achieving an average of 6.2% over the asking price, up from 5.4% last year.
Maria Botha-Lopez, business analyst for ESPC, said: “This month’s House Price Report is continuing to demonstrate steady growth in the housing market in east central Scotland.
“As we have seen in previous reports, conditions are favourable for sellers with more homes being sold, which are taking less time to sell and are increasingly achieving their Home Report valuation.”
Average prices across east central Scotland are also continuing to remain steady, with a 1.5% increase between August and October 2015 compared with the same period last year. However, as with previous reports, there has been fluctuations in different areas of the region.
This time last year, the areas and property types that were showing the largest year-on-year increases in selling prices were three bedroom houses in Liberton and Gilmerton and properties in West Fife and Kinross.
Now, three bedroom homes in South Queensferry and Dalmeny are showing a 3.3% growth, while the average selling price of three bedroom homes in Liberton and Gilmerton has increased 1%.
Two bedroom flats in Portobello and Joppa are once again among the areas and property types showing the largest year-on-year increases in selling prices, as are one bedroom flats in Dalry, Gorgie, Slateford and Chesser, which are becoming popular areas for first time buyers.
podcast discussing the report in detail:
Key points
- There has been a healthy 15.2% increase in the number of homes sold in east central Scotland between August and October 2015, compared with the same period last year
- Average selling prices have increased by 1.5%, compared with the same three month period last year.
- 58.9% of sales are now achieving their Home Report valuation.
- Sellers are achieving an average of 0.4% over their Home Report valuation.
- It’s taking less time to sell a property, with the median selling time now 33 days, seven days less than this time last year.
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