06 Aug 2018

West Lothian sees "largest increase in selling prices"

West Lothian sees "largest increase in selling prices"

Properties in West Lothian have just seen the largest increases in selling prices being recorded in east central Scotland.

The latest ESPC house-price report shows that the average home went for £225,496 in May-July - more than £57,000 higher than the same quarter in 2017.

ESPC explained that this 34.5% rise was driven by a cluster of sales of high-end properties for over £400,000.

Meanwhile, the average selling price in east central Scotland increased to £247,157 between May and July - 4.3% ahead of the same period last year.

In Edinburgh city, the year-on-year increase was 4.8% to £267,343.

Several locations in the area recorded typical increases of more than 10% in the quarter, including one-bedroom flats in Polwath, Shandon and Tollcross (+11.8% to £199,755), two-bedroom flats in Marchmont and Bruntsfield (+11.5% to £367,788), two-bedroom flats in Newington, Grange and Blackford (+12.5% to £300,360), and three-bedroom houses in South Queensferry and Dalmeny (+13.8% to £229,561).

Continued upswing

ESPC said there has been a continued upswing in the total of properties coming to market compared to last year - described as a highly-positive sign for buyers.

The number of homes going on sale between May and July increased by 3.4% annually.

The median time to sell across east central Scotland in the quarter was one day slower than last year, with half of all properties going under offer within 17 days. In Edinburgh, the median time to sell was 16 days.

One-bedroom flats in Leith, Easter Road, Pilrig and Bonnington were the quickest to find buyers,  with a median selling time of nine days. One and two-bedroom flats in Leith were the property types that sold the most.

ESPC business analyst Maria Botha-Lopez said: “It is particularly encouraging to see the number of properties being listed continuing to increase compared to last year.

"A shortage of properties coming to market has been limiting the local property market in recent years, so an increase is a positive sign for buyers.

“Average selling prices are also continuing to rise steadily across east central Scotland, which is good news for homeowners and sellers. However, it’s preferable when these increases are such that they do not prevent buyers from being able to afford to purchase properties.

“The Bank of England’s decision to increase the interest rate from 0.5% to 0.75%, in line with its policy of increasing the rate in small increments to manage inflation, is unlikely to have a major short-term impact on the property market, and these are still historically-low interest rates.”

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