11 Jan 2019

Three-bed houses in these areas have shot up in price by more than £76,000

Three-bed houses in these areas have shot up in price by more than £76,000

Three-bed houses in some areas of Edinburgh experienced price rises of more than £76,000 in the last year.

ESPC has revealed that these locations with soaring values are Blackhall, Davidsons Mains, Silverknowes, Cramond, Barnton and Cammo.

The average three-bed home in those areas saw its price jump from £324,671 in the last quarter of 2017 to £401,131 in the final three months of 2018 – a leap of 23.5%.

More homes for sale

The latest ESPC house-price report says the last quarter saw further positive news for buyers, with a 23.9% increase in the number of homes coming to market compared to the same period last year in east central Scotland.

In Edinburgh, there was a 14.7% rise in the number of properties being put up for sale.

ESPC says this increased supply is a good sign for those planning to purchase a home in the early months of 2019. 

"The significant increase in the number of homes coming to market in the later months of 2018, coupled with strong demand, has also resulted in a 9.2% increase in the number of properties sold," it adds.

In the last quarter, the typical selling price in east central Scotland rose by 4.4% to £244,437 compared to last year. In Edinburgh, the average selling price rose by 5.7% to £267,249.

From October to December 2018, two-bed flats in Portobello and Joppa had the shortest selling times, recording a median of 13 days.

One-bed flats in Polwarth, Shandon and Tollcross achieved the highest home-report valuation price on average at 111.7%, while two-bed flats in Leith achieved the highest sales volume.

Looking ahead

Jamie Fraser-Davidson, business analyst at ESPC, said: “At the start of 2018, the east central Scotland property market was limited by the shortage of properties coming to market so it is encouraging to see a significant upswing in the number of new listings in the final few months of the year – this is a good sign for buyers.

"At the same time, average selling prices are continuing to rise at a steady pace which is positive news for sellers.

“Although it’s still unclear exactly what 2019 will bring in terms of changes to the UK housing market, particularly considering the uncertainty of Brexit, the east central Scotland property market ended 2018 in a strong position and appears set to face the challenges of the coming months.”

Free home report offer

Aberdein Considine is offering a special gift to people thinking of selling this winter - a free Home Report worth hundreds of pounds.

Between December and March, anyone putting their property on the market through our estate agency branches in Edinburgh, Glasgow, Perth or Stirling will have their Home Report cost covered in full.

Click here to find out more.

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