Average east central house price now £209,654 - ESPC

Three bedroom houses in the Currie, Balerno and Juniper Green area showed a 25 per cent increase in average selling prices, which was the greatest increase across east central Scotland.

We have found that this area, in the south west of Edinburgh, demonstrated its popularity throughout 2016, as it had the highest selling price increases from May onwards, with an average of 15.2 per cent across the whole of the 2016.

The types of properties that have been selling the most in this three month period are two bedroom flats in Leith and Corstorphine.

The Leith area has a large supply of flats available, and so continues to be a popular place to buy a property, particularly with the new redevelopments in the area and the lively atmosphere, which is attractive for buy-to-let and first time buyers.

Portobello and Joppa showed the highest selling price increase for two bedroom flats, with a 10 per cent rise in average selling prices. Again, this area has been popular in 2016 for its community feel, and with access to beach and coastal views.

In the last quarter of 2016 there was a 6.3 per cent decrease in the number of properties being sold and an 8.1 per cent decrease in the number of properties being put up for sale. While there may be less properties for sale, the demand from buyers is still there, meaning that market is in favour of the seller, as has been the case throughout the year. The median time to sell in east central Scotland is currently 25 days – 29 per cent faster than the same three month period in 2015. 65 per cent of sales between October and December achieved or exceeded their Home Report valuation in east central Scotland, while in Edinburgh it is 71.7 per cent.

ESPC’s business analyst Maria Botha Lopez, said: “The fourth quarter of 2016 ended on a similar note to the rest of the year, continuing the major trends that we have seen throughout 2016, with a decrease in the number of properties being sold and the number of properties available for sale.

“As we enter into a new year, 2017 could be a good time for people to put their how up for sale, as all indicators suggest that a seller’s market is still in place. Homes are continuing to sell faster and with more competition to drive up the selling prices.”