10 Nov 2020

Edinburgh's average home price surges by nearly 8%

Edinburgh's average home price surges by nearly 8%

ESPC has revealed that the price of the average home in Edinburgh and the surrounding areas has surged by nearly 8% year-on-year.

In Edinburgh, Lothians, Fife and the Borders the price of properties was a typical £270,983 in the three months to October - up 7.9% year-on-year.

ESPC figures showed that the biggest increases were recorded in the Borders - a jump of 20.6% to £249,373.

Edinburgh's top rise of 18.5% was seen in Liberton and Gilmerton, where the average three-bed house went for £281,434.

Market remains "exceptionally busy"

Paul Hilton, chief executive of ESPC, says: "Over the past three months, the Scottish property market has remained exceptionally busy for this time of year. We are still seeing far more homes coming to market, along with high competition for many of those homes.

"Properties in the Borders have seen a significant jump in average selling price year-on-year, and this could be a result of lockdown restrictions and changes in daily routines encouraging people to consider a home in the country.

However, we are still seeing high competition for homes in Edinburgh, suggesting that many people continue to recognise the benefits of city life.

"While activity is generally much higher than usual for this time of year, we are seeing some month-on-month cooling in certain activities such as viewing requests and home report downloads. However, this is to be expected as we approach a typically quieter time of year for the property market." 

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