ESPC House Price Report September 2018
Download the ESPC House Price Report September 2018
Key Points
• From July to September 2018, the average selling price across east central Scotland rose by 6.2% to £250,991, compared to £236,242 for the same period last year
• The number of new homes brought to market increased by 4% annually
• The number of properties sold during this period decreased by 6.7% annually, but this is more of a reflection of fewer properties coming to market in recent years rather than of declining buyer demand
• The median time to sell in east central Scotland between July and September 2018 was 20 days, which is two days slower than the same period last year
• The percentage of sales achieving or exceeding their Home Report valuation was 79.6% compared to 77.9% last year
• The average percentage of Home Report valuation achieved was 104.6% compared to 104.2% over the same time last year
• 88.6% of properties were marketed as ‘offers over’ compared to 83.5% last year.
High demand from buyers driving up selling prices
Between July and September 2018, average selling prices in east central Scotland rose by 6.2% to £250,991 compared to the same period last year. In Edinburgh, the average selling price rose by 7.8% to £272,241. As with last month, two-bedroom flats in Leith, the Shore and Granton saw the biggest increase in average selling prices, rising by 19.1% to £204,242. Two-bedroom flats in the nearby areas of Bellevue, Hillside and Broughton also saw a significant increase, rising by 14.7% to £283,262.
In Fife, properties in Dunfermline saw an increase of 15.8% rising to £176,182 and average selling prices increased by 14.3% to £183,188 in the wider West Fife and Kinross area. However, average selling prices in East Fife decreased by 10.4% to £223,904. This is due to a greater proportion of bigger houses sold in West Fife and Kinross compared to flats, while there has been an increased proportion of flats and a smaller proportion of larger houses sold in East Fife.
In West Lothian, there was also a significant increase of 13.6%, taking the average selling price to £214,946 compared to last year. However, this increase is less pronounced than in the July and August House Price Reports.
From July to September 2018, the number of properties coming to market increased by 4% annually. Although this is a slight dip compared to the August figure of 5%, this continued trend is a positive sign for buyers as a lack of properties coming to market has been limiting the market in recent years.
The median time to sell in east central Scotland between July and September 2018 was 20 days, which is two days slower than the same period last year. In Edinburgh, this figure was 18 days which is two days slower than last year.
Two-bedroom flats in Portobello and Joppa were the quickest to sell, with a median selling time of 12 days, which is five days faster than last year. One-bedroom flats in Leith were the property type that sold the most during this period, followed closely by two-bedroom flats in Leith and three-bedroom houses in Dunfermline.
The number of properties sold during this period decreased by 6.7% annually, but this is more of a reflection of fewer properties coming to market in recent years rather than of a lack of buyer demand.
ESPC’s Business Analyst Jamie Fraser-Davidson said: “The increase in average selling prices in many areas of east central Scotland indicates that there continues to be strong demand from buyers, even as we get closer to Brexit. This can also be seen by the continued trend of a rising number of properties marketed as ‘offers over’ as well as an increased percentage of homes achieving or exceeding their Home Report valuation. It will be interesting to monitor if buyer confidence does fluctuate in future months as we approach the date the UK is scheduled to leave the EU.
“Recently dubbed one of the ‘coolest neighbourhoods in the world’ by Time Out magazine, it is evident that Leith’s popularity continues to soar, with significant increases in average selling prices. Plus, one and two-bedroom flats in the port district were the top selling property types during this period.”
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