17 Jun 2019

Read the latest Edinburgh property market stats here

Read the latest Edinburgh property market stats here

The property market in Edinburgh and east central Scotland has seen a mixed picture in the last quarter.

Home prices in the area are still moving ahead on a year-to-year basis, and there has also been a big jump in the number of properties being sold.

However, Edinburgh has actually seen a drop in fresh homes coming onto the market.

ESPC says in its latest house-price report that this drop could be due to seller confidence waning slightly due to ongoing political uncertainty surrounding Brexit.

Between March and May, the volume of property sales in east central Scotland increased by 14.3% compared to last year. Within Edinburgh, the figure was up 18.9%.

But the past three months saw only a very small increase in the number of properties coming to market in east central Scotland - with a 0.3% increase in property listings compared to last year. Within Edinburgh, the volume of listings actually dropped 1.9%.

Meanwhile, in the last quarter, the average selling price across east central Scotland was £248,180 - up 3.5% compared to a year ago.

Mixed bag for Edinburgh

In Edinburgh, the typical price for the March to May period was £262,700 - a rise of 1.2%.

In the capital, three-bedroom houses in Liberton and Gilmerton experienced the largest year-on-year increase in average selling prices - soaring by 13.2% to £233,918.

Two-bedroom flats in Portobello and Joppa saw the biggest decrease of 16.7% to £224,173.

One-bedroom flats in Polwarth, Shandon and Tollcross also had a significant drop of 15.4% to £171,607.

ESPC says these decreases in average prices were mostly due to sales of higher-value properties last year.

Price spikes in East Lothian

Outwith Edinburgh, East Lothian properties saw a significant year-on-year increase in typical selling prices - ahead 14.2% to £251,362.

ESPC attributed this to a few particularly-high-value properties driving up average prices.

Over the past three months, the median selling time for properties in east central Scotland was 21 days - two days slower than the same period last year. Within Edinburgh, the median selling time was three days longer at 20 days.

One-bedroom flats in Abbeyhill and Meadowbank boasted the shortest selling time, with half all properties in these areas under offer within 13 days.

One bedroom flats in those locations also achieved 110.4% of Home Report valuation on average - the highest of any property type.

The top selling property type over the past three months was two-bedroom flats in Leith, followed by one-bedroom flats in Leith and then three-bedroom houses in Dunfermline.

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