Edinburgh prices continue to rise

The Portobello and Joppa areas of Edinburgh are top of the new table for price-rises in east central Scotland.

This month's house-price report from ESPC says two-bedroom flats in these desirable suburbs sold for an average of £256,794 in the three months to May - a year-on-year jump of 26.1%.

This equates to a weekly rise of more than £1,000.

In the same period, the sale price of a typical property in east central Scotland increased by 8.2% to £239,378. In Edinburgh, the rise was 9% to £260,976. ESPC reports that sellers of two-bedroom flats in Newington, Grange and Blackford on average accepted offers that were 11.2% over the home report valuation, with the average in Edinburgh being 6.7%. Across east central Scotland, properties sold for 4.6% over their valuation.

ESPC adds that properties achieving more than their valuation is an indicator of a seller's market, and shows a strong demand for homes.

But the latest data also shows that the time to sell was one day slower this spring compared with last year, and the percentage of properties put under offer within 14 days dropped from 44.8% last year to 41.2% this year.

The median time to sell in east central Scotland was 19 days, and 16 days in Edinburgh.

Meanwhile, the number of homes coming to market continues to decrease year-on-year, with 6% less listed this spring compared with last year in east central Scotland.

ESPC business analyst Maria Botha-Lopez said: "Strong demand continues for residential property across east central Scotland and Edinburgh, with average selling prices continuing to rise year-on-year.

"Concerns of affordability are raised when data is showing that the average selling price for a two-bedroom flat in Edinburgh New Town was over £400,000 this past spring.

"However, our most viewed property on our website in the past three months is a perfect example of how buyers are looking outside the typical hotspots for their next home. A three-bedroom semi-detached house in Bonnyrigg marketed at a fixed-price under £200,000 took top spot.

"Just over a third of properties listed through ESPC member firms are being marketed with an asking price of less than £175,000, which is the zero-tax threshold for first-time buyers introduced by the Scottish Government.

"While there is strong demand for property from many different sectors, there is support and stock for first-time buyers looking to purchase their first home."