Property market in Edinburgh, Lothians and Fife recovering - ESPC

However, with 88.4 per cent of properties being marketed as ‘offers over,’ with an average of 9.9 per cent over the asking price, and with the median time to sell for properties sold between June and August 2017 being currently 15 days, the Edinburgh property market is still proving difficult for buyers to secure a new home.

The average selling price of properties in east central Scotland increased by 7.4 per cent over the last three months, between June and August 2017.

The properties with the highest increases in average selling prices are three bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs (with an increase of 25.2 per cent), two bedroom flats in the New Town and the West End (22.1 per cent); and two bedroom flats in Portobello and Joppa (20.5 per cent).

The average selling price of property in West Lothian has gone up by 28.5 per cent compared to the same period last year. This appears to be driven by a cluster of sales of high end properties in the Linlithgow area.

But it is one and two bedroom flats in Leith that have proved to be the most popular type of property to sell over the last three months, and this demand is driving up average selling prices in the area. One bedroom flats in Leith Walk, Easter Road and Pilrig are achieving the highest percentage of home report valuation (112.3 per cent) in the region.

The most affordable properties in Edinburgh are one bedroom flats in Gorgie, and as we saw in last month’s house price report, this area is becoming increasingly popular with first time buyers, with one bedroom flats in this area showing a 20.3 per cent increase in average selling prices over the last three months.

ESPC’s business analyst Maria Botha-Lopez said: “The Leith area is typically popular with first time buyers, and due to a shortage of housing stock, one bedroom flats are selling quickly and over the home report valuation. But with a small year-on-year increase of 1.8 per cent in the number of homes being brought to market, and a 5.9 per cent increase in the number of properties sold, this could be an indication that we are seeing a reversal in the downward trend of decreasing numbers of properties listed for sale and being sold.

“As more properties are being brought to market, this can only be a good thing for buyers, and potential sellers alike. The recent stalemate in the housing market is mostly due to potential sellers not seeing suitable properties to move to coming on the market. So hopefully this modest increase in new listings continues.”