House prices rise 6.6 per cent in east central Scotland
Over the past three months, the average selling price in east central Scotland was £255,905, which was a 6.6 per cent increase on last year. In Edinburgh, the average selling price during this period was £272,375, a five per cent increase on last year.
Within the capital, one bedroom flats in Dalry, Gorgie, Slateford and Chesser saw the biggest increase in average selling price, rising by 9.5 per cent to £155,779. However, one bedroom flats in the nearby districts of Polwarth, Shandon and Tollcross saw the biggest decrease in average selling price falling by 8.2 per cent to £187,769. This is because a higher proportion of greater value homes were sold last year, and one bedroom flats in this area still achieved 108.6 per cent of Home Report valuation on average.
Outwith Edinburgh, properties in East Lothian saw a 15.5 per cent increase in average selling price compared to last year, rising to £252,303. The average selling price of properties in West Fife & Kinross increased by 8.1 per cent and the selling price of Midlothian properties rose by 6.1 per cent. The average selling price of West Lothian properties fell by 4.4 per cent.
Between April and June 2019, the total volume of residential property sales in east central Scotland rose by 5.6 per cent compared to last year, and by 7.7 per cent in Edinburgh. However, the number of properties coming to market during these three months decreased by 8.3 per cent year-on-year across east central Scotland and by 9.4 per cent within Edinburgh.
Over the past three months, the median selling time in east central Scotland was 20 days, three days slower than the previous year. Within Edinburgh, the selling time was 19 days, which is also three days slower than last year.
One bedroom flats in Abbeyhill and Meadowbank boasted the shortest selling time of 13 days. This property type also achieved the highest percentage over Home Report valuation on average at 109 per cent.
The top selling property type was two bedroom flats in Leith, followed by three bedroom houses in Dunfermline and one bedroom flats in Leith.
Jamie Fraser-Davidson, business analyst at ESPC, said: “The second quarter of 2019 saw a more pronounced year-on-year increase in the average selling price of properties in east central Scotland than in previous months. This is possibly due to a decreasing number of properties coming to market, increasing demand for a smaller number of homes.
“The average percentage of Home Report valuation achieved has decreased slightly year-on-year, but this reflects an increasing average Home Report valuation, which has risen by 4.9 per cent compared to last year. In recent years, selling prices in the capital and surrounding areas have often well exceeded the Home Report valuation, but the increase in valuation amount is helping to bridge this gap.
“It is likely that sellers are being cautious due to ongoing political turbulence in the UK. However, as evidenced by increasing sales volumes, rising average selling prices and relatively short selling times, buyer demand remains strong in east central Scotland.”