01 Jun 2018

Owners of two-bedroom flats in these areas are nearly £60k better off

Owners of two-bedroom flats in these areas are nearly £60k better off

Stockbridge, Comely Bank, Fettes and Canonmills have shot to the top of latest price-rise table for homes in east central Scotland.

Two-bedroom flats in these areas of Edinburgh sold for an average £289,235 in the three months to April - a jump of 25.4% on the same period in 2017. That represents an increase of nearly £60,000 for a typical property - or £5,000 a month.

ESPC says in its latest house-price report that the average home in east central Scotland sold for £234,864 in the quarter - a year-on-year jump of 7.8%.

Properties in the City of Edinburgh went for a typical £256,093 in that period - a 8.8% rise.

ESPC says one-bedroom flats in Edinburgh continue to sell quickly, with those in Polwarth, Shandon and Tollcross experiencing a 22.3% increase in average prices achieved to £200,965.

This type of property also achieved the highest percentage over home-report valuation, at 110.2%. 

Sales prices for one-bedroom flats in the Dalry and Gorgie areas increased by 19.9% to a typical £143,162 over the last three months. They also found buyers in the quickest time - with an average time to sell of just 13 days.

ESPC says that, with the number of homes being brought to market decreasing by more than 8% annually, this shortage is continuing to place demand on one and two-bedroom flats.  

But ESPC adds that there is an indication that the rush to buy is easing off, as the percentage of properties going under offer within 14 days dropped by 6.8% year-on-year to 37.7%. 

The current median selling time in east central Scotland is 22 days, the same as this point last year. And, for Edinburgh, the median time is 19 days - similar to a year ago.

ESPC business analyst Maria Botha-Lopez said: "We experienced subdued activity in the east central Scotland market in February and March, partly down to the bad weather.

"While there has been some improvement in April in the number of new homes listed, the number of properties listed decreased by 8.3% annually.

"This is having an effect on how quickly properties are selling, and the demand for one and two-bedroom flats, as well as good family homes, in Edinburgh. 

"The market is strong, and demand is there, so this could be a good time for those who are thinking of selling their homes to do so. 

"Outside of Edinburgh the average selling prices increases are not quite so pronounced. East Lothian experienced a modest 1.1% increase year-on-year, West Lothian experienced a 3.2% increase and Midlothian 12.7%."

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