Edinburgh property prices up 15 per cent in a year

The average price of a house in the Capital has risen by more than 15 per cent on the same period last year, according to the latest figures from estate agents ESPC.

Its latest House Price report showed the average property price in the city of Edinburgh rose by 15.5 per cent compared with the first quarter of 2014.

Figures issued by the property marketing company show that a strong start to 2015 has increased the average house price in the city to £231,315 – and also saw house prices across the Lothians rise by 11 per cent year-on-year to an average of £207,618.

The most sought-after properties were two-bedroom flats in Marchmont and Bruntsfield, where prices increased by 21 per cent year-on-year to £286,936, while in Stockbridge and Comely Bank the price of a two-bedroom flat rose by 11.2 per cent to £285,176.

Activity in the market has also increased year-on-year, with the number of homes sold rising on an annual basis by nine per cent. Seller activity increased too, with the number of homes marketed up by seven per cent compared with March 2014.

The figures revealed that families might have to keep putting away the savings for a while yet, with the price of a four-bedroom detached property in the city suburbs rising more than seven per cent to £453,701. Leith Walk and Easter Road saw the least change, with property prices for one-bedroom flats going up by just 0.5 per cent to an average of £106,537.

Paul Hilton CEO at ESPC, said the changes brought in under the Land and Buildings Transaction Tax (LBTT) on April 1 made it a very attractive time for buyers and sellers.

“The introduction of LBTT saw a 131 per cent year-over-year increase in the amount of properties over £300,000 brought to market, there was a 47 per cent increase in February and a 12 per cent decrease in March 2015.

“Along with these tax savings, new government initiatives to help first-time buyers and the increased availability of pension funds, means that there is the potential for the buy-to-let sector to contribute to this dynamic market.

“There are also positive signs for sellers, with the average time to sell down 18 per cent compared to the same time last year. Couple this with an increase in average property prices and sellers can be encouraged that it could potentially be a good time for them to move.”