11 Nov 2019

These two places top the price-rise table for Edinburgh for a second month in a row

These two places top the price-rise table for Edinburgh for a second month in a row

South Queensferry and Dalmeny have topped the price-rise table for the Edinburgh area for a second month in a row.

Three-bedroom houses in these two locations reached an average of £299,864 in the three months to October - up 33.9% in the same quarter of 2018.

ESPC says this is a year-on-year increase of more than £75,000.

It attributes the "significant" uplift mainly to a reduced number of terraced home sales, and a greater proportion of detached and semi-detached houses selling in recent months.

Over the past three months, typical selling prices in Edinburgh, the Lothians, Fife and the Borders rose by 2.5% to £253,552.

In Edinburgh, the average selling price is now £274,690 - up 2.9%.

The biggest percentage rise within the city was recorded for two-bedroom flats in the New Town and West End. They jumped by 16.4% to £446,602.

ESPC says that, in the last quarter, Edinburgh, Lothians, Fife and Borders experienced a 2.8% uplift in the number of sales, but Edinburgh slipped by 0.1%.

The volume of properties coming to market decreased by 2.9% across all areas, with a more-pronounced decrease in the capital of 7.5%.

The median time to sell across all areas was 21 days - the same as last year. In Edinburgh, it was 19 days - also the same as last year.

The fastest-selling property type was one-bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington which boasted a median selling time of 12 days.

Across Edinburgh, Lothians, Fife and Borders, properties achieved an average Home Report valuation of 103% compared to 104.3% last year.

In the capital, properties typically achieved 104.7%, as against 106.2% last year.

One-bedroom flats in Dalry, Gorgie, Slateford and Chesser achieved 107.4% on average - the highest of any property type.

The highest sales volume over the last three months was for one-bedroom flats in Leith, followed by three-bedroom houses in Dunfermline and two-bedroom flats in Leith.

Jamie Fraser-Davidson, business analyst at ESPC, said: "From August to October 2019, there was a marked year-on-year decrease in the number of properties coming to market in Edinburgh. It could be that seller confidence waned slightly in the run up to the October 31 Brexit deadline.

"As this has now been delayed until January, and a General Election has been announced, we may possibly see more impacts on buyer and seller confidence in the coming months.

"However, an additional factor could also be related to the order in which people choose to buy and sell property. We are hearing increasing reports of people choosing to buy subject to sale, which has not been the norm in Scotland in recent years. Therefore, if people don't find the right property, they won't put their home on the market, affecting the supply of new properties."

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