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The sellers’ market rolls on

Published: 1/06/2017 Last Updated: 1/06/2017 12:06:18 By: Maurice Allan Tags: Edinburgh property

Robust demand for property in Edinburgh and East Central Scotland shows no sign of abating.

 

Homeowners in Edinburgh and the Lothians are seeing strong prices and quick sales as the sellers’ market continues. Brexit and talk of another independence referendum don’t appear to be dampening the residential property market.

Sales volumes are around 10% down on this time last year, but the drop is not due to low demand. Far from it. Rather, it’s due to less properties coming onto the market and as a result, demand is outstripping supply.

For those with a property to sell, the trend has been beneficial: in the first quarter, average prices across East Central Scotland were up by almost 6% to £217,455. The median selling time fell from 41 days in the first quarter of 2016 to 29 days a year later.

The sellers’ market is especially evident in Edinburgh’s city centre, and looks set to persist. Hotspots include Merchiston, Morningside, the Grange, the New Town and Stockbridge, where desirable properties are likely to receive multiple notes of interest and competitive offers well above the Home Report valuation.

Median selling time in Edinburgh was just 24 days in the first quarter, and closing dates remain popular as a means to drive up the sale price.

This is good news for sellers, less so for buyers. However, given that much of the demand is focused on three-bedroom houses and second homes, the prospects for first-time buyers have slightly improved.

At all levels of the market, good advice about buying tactics can help buyers navigate the competitive marketplace.

Source for figures: ESPC