17 Jul 2017
The Gorgie and Dalry area of Edinburgh is catching up with Leith as the most popular place for first-time buyers to buy a flat, according to ESPC.
It has also revealed in its latest house-price report for east central Scotland
that the average time to sell a property in Edinburgh is now down to 14 days -
the fastest rate seen in many years.
The number of one-bedroom flats sold in Gorgie and Dalry over the last three months has increased by 25.9% compared with the same period last year, while the number of one-bedroom flats sold in Leith has decreased by 4.5%.
ESPC said the reason for this switch in popularity could be attributed to Gorgie and Dalry being one of the most affordable areas in the city where there is a ready supply of flats.
In Leith, the average selling price of a one-bedroom flat has increased by 7.6% year-on-year to £137,958, while in Gorgie and Dalry the average selling price is £129,585 - up 14.2%.
The median time-to-sell across east central Scotland fell to 16 days between April and June, which is 19.8% faster than the same period a year ago.
ESPC said the rapid selling times in Edinburgh can be attributed to the shortage of homes being brought to market, with a 5.8% decrease in the number of new property listings over the last three months.
The average selling price in Edinburgh increased by 6.4% over the last three months to £249,788. More than 87% of properties in the city sell for on or over the home-report valuation.
Two-bedroom flats in Morningside and Merchiston showed the largest year-on-year increases in selling prices - up 23.2% to an average £310,968 - and for 9.9% above home-report valuation.
ESPC business analyst Maria Botha Lopez said: “The new normal seems to be a market without an abundance of new listings replenishing the available supply.
"This tips the market in favour of sellers, who are likely to see a lot of interest in their property if it is located in a sought-after area, and meets the needs of the buyers on the market.
"A short time to sell and selling prices over home-report valuation are the norm within Edinburgh, with calmer conditions in the outlying areas of Fife and the Lothians."
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