East central Scotland property market sees significant rise in listings - ESPC

The last three months have seen a significant year-on-year increase in the number of homes coming to market in east central Scotland, with the volume of insertions up 14.1 per cent compared to last year.

Latest data from estate agents ESPC show that within Edinburgh, the number of homes coming to market increased by 5.5 per cent during this period.

This continued trend of an increase in the number of homes coming to market is a positive sign for buyers, and indicates the continued confidence of sellers, despite the uncertainty of Brexit.

The number of properties sold during this period increased by 1.4 per cent annually. This increase is the positive result of an increasing number of homes being brought to market in recent months.

The average selling price in east central Scotland rose to £246,142 during this period, a 5.3 per cent increase on last year. Within the capital, the average selling price was £268,175 which was a 5.7 per cent increase compared to last year.

In Edinburgh, two bedroom flats in the coastal districts of Portobello and Joppa saw the biggest year on year increase in average selling prices, rising by 22.5 per cent to £254,442. Two bedroom flats in Trinity, Newhaven and Inverleith also rose by 18.7 per cent to £258,898.

The average selling price of three bedroom houses in Liberton and Gilmerton dropped by 11.3 per cent to £227,523.

From September to November 2018, the average selling price of properties in West Lothian rose by 12.2 per cent to £185,358. In East Lothian, the average selling price rose by 11.7 per cent to £242,689.

One bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington and two bedroom flats in New Town and West End were the quickest to sell, with a median selling time of 13 days. One bedroom flats in Polwarth, Shandon and Tollcross achieved the highest average percentage over Home Report valuation at 111.9 per cent, followed by one bedroom flats in Dalry, Gorgie, Slateford and Chesser which achieved 109.8 per cent of their valuation on average.

The top selling property type from September to November 2018 was two bedroom flats in Leith, followed by three bedroom houses in Dunfermline and two bedroom flats in Newington.

Jamie Fraser-Davidson, business analyst at ESPC, said: “Despite approaching Brexit, it appears seller confidence in the east central Scotland property market is staying strong with the number of homes coming to market continuing to increase compared to last year. Average selling prices are also rising steadily, and properties are regularly achieving their Home Report valuation, as well as short selling times, indicating that the significant demand from buyers continues.

“The outcome of next week’s Parliament vote on the Brexit deal may have an impact on the confidence of both buyers and sellers in the east central Scotland property market and it will be interesting to monitor the effects of this over the next few months. However, regardless of the result, we expect the east central Scotland property market to be relatively resilient throughout the changes that leaving the EU will bring, in comparison to other areas of the UK, some of which are starting to show signs of stress.”