Edinburgh property prices continue to rise

Two-bedroom flats in Leith, the Shore and Granton have seen the biggest increase in average selling prices in Edinburgh.

Figures just out from ESPC reveal that properties of that size in these locations were selling for an average of £202,173 in the last quarter  – up 18.5% on June-August 2017. This represents a jump of more than £30,000.

Two-bedroom flats in Newington, Grange and Blackford experienced a percentage rise nearly as large, soaring 18.1% to a typical £306,566. This jump was over £45,000.

Top of the table

For a second month in a row, properties in West Lothian were at the top of the ESPC price-rise table.

They are now up by 19.3% year-on-year to an average £233,325. ESPC explained that the increases were due to a greater proportion of higher-value homes sold recently.

Across east central Scotland in the last quarter, the year-on-rise was 3.4% to an average £248,092.

The city of Edinburgh was up 4.5% to £268,151, while Edinburgh city centre was ahead 9.4% to £348,214.

ESPC said August saw a further rise in the number of properties brought to market, compared to last year – a 5% increase annually, while in the July and June the figure was 3.4% and 3.2% respectively. It added that this trend was an encouraging sign for buyers.

The median time to sell across east central Scotland in the last quarter was one day slower than last year, with half of all properties going under offer within 18 days. 

In Edinburgh, the median time to sell was 16 days – one day more than last year.

Two-bedroom flats in Portobello and Joppa were the quickest to sell at 12 days – two days faster than last year. 

Three-bedroom houses in Dunfermline and two-bedroom flats in Leith were reported to be the home types that sold the most.

Analysis 

ESPC said the number of properties sold in east central Scotland between June and August decreased by 5.7% annually.  It added that this was due to fewer properties being brought to market in previous months and was not indicative of falling buyer demand.

Claire Flynn, of ESPC, said: “A further increase in the number of properties coming to market in east central Scotland is encouraging. This trend is positive news for buyers, as a shortage of properties has been limiting the local property market in recent years.

"Furthermore, average selling prices are still increasing steadily in comparison to last year, and we are continuing to see very short selling times across Edinburgh, the Lothians and Fife. 

"Reports of house price drops and falling buyer demand in the wider UK market indicate that east central Scotland continues to buck UK housing-market trends."