Flat prices soar 27% in central, west Edinburgh

The average selling price of a house in Edinburgh increased by 7.1% in the last quarter of 2015 compared to the same period of 2014, with one bedroom flats in Tollcross, Polwarth and Shandon soaring 27%, according to the ESPC.

ESPC said the 27% jump could be attributed to the Tollcross-Polwarth-Shandon area becoming a popular place for first time buyers and for buy-to-let investors.

A shortage of homes for sale in the Edinburgh area means houses sold on average within 35 days compared to 53 days in the same period a year earlier.

Other areas around the Scottish capital with dramatic price increases include South Queensferry and Dalmeny, where the average price of a three bedroom house increased by 20%, and Leith, the Shore and Granton, where a two bedroom flat increased in average price by 19.1%.

For east central Scotland overall, average property prices increased by 4.9% between October and December 2015.

The price increases in general could partly be explained by a 6.1% decrease in homes being put on the market compared to October and December of 2014, ESPC said.

“We’ve seen a decrease in the number of new homes being brought to market,” said ESPC  business analysis Maria Botha Lopez.

“We are seeing that properties are selling quickly as a result of competition for available properties, with properties now selling 33.5% faster when compared to the same three-month period a year ago — from 53 days down to 35 days.

“This is a good time for sellers to bring their properties to market, as they have a good chance of their properties being sold quickly, and meeting the Home Report valuation.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.