Late-year rush to sell Edinburgh area homes

The average selling price of homes in east central Scotland — Edinburgh, Lothians and Fife — rose 4.9% to £241,827 in 2018, according to the ESPC.

The area’s residential property market saw the number of homes being brought to market increase by 23.9% annually between October and December 2108 — the strongest fourth quarter since 2007 in terms of new listings.

The average selling price fluctuated during the year. From July to September 2018, the average selling price of a property in east central Scotland was £250,991, up 6.2%.

But from October to December 2018, the average selling price was £244,437, — a 4.4% increase compared to the same period in 2017.

The sales volume of homes in east central Scotland fell by 3.4% in 2018 compared to the previous year.

However, sales volume also fluctuated throughout the year.

From March to May 2018 the number of properties sold fell by 13.2% annually.

However, from October to December 2018 the number of properties sold increased by 9.2% compared to the previous year.

The number of homes brought to market in 2018 did increase by 3.4% compared to 2017 – however, again, this fluctuated during the year.

From January to March 2018, the number of new listings decreased by 10.1% compared to last year, while between October and December 2018, the number of homes brought to market increased by 23.9% annually.

“The increase in the number of new listings at the end of 2018 was particularly significant – October to December 2018 represents the strongest fourth quarter since 2007 in terms of new listings,” said ESPC.

“During these three months, almost every type of property saw an uplift compared to last year, but there’s been a particularly notable increase in the number of two bedroom markets coming to the market with a 27.7% increase compared to last year, and most of this growth came from within the city of Edinburgh.”

The average percentage of Home Report valuation achieved in east central Scotland in 2018 was 104.2% compared to 103.6% in 2017.

Selling times in east central Scotland also remained relatively short, with a median selling time of 20 days in 2018, which is one day longer than in 2017.

Paul Hilton, CEO of ESPC, said: “While 2018 remained a sellers’ market due to a shortage of properties, during the last three months of the year there was a significant increase in the number of homes coming to market, as well as an increase in sales volume.

“This is a particularly positive sign for buyers as the increased supply of homes should help to meet some of the strong demand for properties.

“Small flats in traditional first time buyer hotspots such as Leith and Polwarth have tended to achieve the highest average percentage of Home Report valuation as well as some of the shortest selling times in 2018.

“It appears first time buyers are facing high levels of competition due to strong demand for homes in the city, coupled with a shortage of supply.

“However, the increase in the number of properties coming to market at the end of 2018 may make it easier for first time buyers to purchase a property in 2019.”

About the Author

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.