The average selling price of properties in some of Edinburgh’s most popular areas has increased by up to 35% over the last five years, according to the latest analysis from property experts ESPC.
The three areas showing the greatest house price increases over the last three months, compared with the same period last year, were one bedroom flats in Dalry, Gorgie, Slateford and Chesser, up 28.5% year on year to £144,052; two bedroom flats in Portobello and Joppa, up 28.6% to £241,641; and three bedroom homes in Liberton and Gilmerton, up 28.2% to £281,630.
“Looking at these types of property over the last five years, we found that the average selling price of a one bedroom flat in Dalry, Gorgie, Slateford and Chesser has increased by 35% since 2013,” said ESPC.
“In 2013 the median time sell was 92 days, but in 2017 the average time to sell was 14 days.
“For Portobello and Joppa, the average selling price of two bedroom flats increased by 27% over the last five years, from £210,862 to £266,123.
“In 2013 the median time to sell was 63 days, and in 2017 the median time to sell was 21 days.
“For three bedroom houses in Liberton and Gilmerton, the average selling price increased by 15% over the last five years, from £166,123 to £210,862.
“The median time to sell in 2013 was 63 days, compared with 21 days in 2017.”
ESPC said that over the last three months, the housing market in Edinburgh and east central Scotland has continued to experience fewer sales and listings coming to market when compared with last year “and this is resulting in a market that is in favour of the seller. “
The median time to sell over the last three months for all properties in east central Scotland was 22 days – 24% faster than the same time last year.
In Edinburgh, the median time to sell is 20 days – 22.6% faster than the same time last year.
ESPC’s business analyst Maria Botha-Lopez says: “Property prices in some areas of Edinburgh have risen fast over the last five years, and over the last couple of years in particular, the market has been in favour of the seller.
“This is the result of a decrease in the number of homes being brought to market – over the last three months there were a decrease by 3% annually, along with a 2.8% drop in sales.
“Over the last three months, the percentage of properties sold within 14 days rose by 13.3% year-on-year to 35.4%, and 29.4% of sales set a closing date, indicating that sellers are attracting a number of competing offers from buyers.
“With 91.4% of properties listed between December and February 2018 being marketed as ‘offers over’, solicitor estate agents and sellers have increased confidence in the selling side of the market. We would encourage sellers that now is particularly good time to put your property on the market.”
ESPC’s main findings included:
- The average selling price in east central Scotland between December and February of this year has increased by 5.6% to £229,007, when compared with the same period last year
- The number of new homes brought to market between the months of December and February decreased by 3% annually
- The number of homes sold in east central Scotland between December and February 2018 decreased by 2.8% annually
- The percentage of sales achieving or exceeding their Home Report valuation rose from 62.8% between December and February 2017 to 74.1% in 2018