09 Jun 2018

Edinburgh prices continue to rise

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."

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations