lindsays news

Sellers’ market shows no sign of slowing

Published: 8/09/2017 Last Updated: 8/09/2017 10:33:47 By: Maurice Allan Tags:

The Edinburgh housing market in 2017 has been characterised by a lack of stock. The number of homes brought to market in April-June is down almost 6% on the same period last year, according to a recent ESPC report.

This is positive news for sellers, creating a market where prices exceed expectations. ESPC figures show that east central Scotland properties marketed as “Offers Over” achieved an average of almost 10% over the asking price during April- June – higher than a year ago.

The figures also show average selling prices in east central Scotland up more than 5% compared with 12 months previously.

The shortages of stock and competitive market have enabled Edinburgh to buck the wider UK trend on residential property prices.

According to Zoopla, most UK cities have seen a lack of house price growth compared with June 2016. Only a handful of cities have resisted the trend, and Edinburgh has done so convincingly – Zoopla’s figures show house price growth here has bounced from 1.8% a year ago to 6.5% today.

As we look forward to the autumn market, we predict more of the same. With a large number of active buyers prepared to pay a premium for the right property, we anticipate that the current sellers’ market will continue in the short to medium term.

This means now is an ideal time for potential sellers to prepare for a sale.