FOURTH QUARTER PROPERTY STATISTICS - PROPERTY MARKET CONTINUES TO MOVE AT PACE
The strength of the property market in east central Scotland shows no sign of slowing down, with latest figures released today by Edinburgh Solicitors' Property Centre (ESPC) revealing record sales levels in the fourth-quarter of 2006.
Over 5,000 properties worth almost £1bn were sold in the last three months of the year; 10% up on the same period in 2005, and the highest recorded level between October and December in ESPC's 36-year history.
Recent growth in house prices also continued apace across the region. In Edinburgh, year-on-year growth of 11.1% took the average price of a property in the Capital to £197,207. This marked the third consecutive quarter in which annual price inflation exceeded 10%.
As was the case in the third quarter, smaller properties in Leith enjoyed the greatest rises recorded in the City with many first-time buyers attracted to the area by the comparatively affordable properties on offer. In spite of a year-on-year increase of over 20% in the price of a one-bedroom flat in Leith, the current average of £112,990 is still some way below the average price for such a property in the rest of the City of just over £128,000.
The fastest growth in east central Scotland, however, was found in Stirling. Whilst an annual rise recorded in the town of over 50% was influenced by the recent sale of a number of larger properties, significant growth was still observed even when focusing on specific property types. The average price of a three or four-bedroom villa for example rose by over 20% year-on-year and now stands at £262,109.
Commenting on the results, Ron Smith, ESPC chief executive said: "The property market is very buoyant right now in east central Scotland. The price growth we witnessed in 2006 was significant, and with demand for housing continuing to outstrip supply there is every reason to believe we will see continued growth in the coming year.
- 3 - -With that said, it is possible that we will see a further rise in interest rates in coming months. While the property market is well positioned to absorb any such increases, it is important nonetheless that buyers weigh up their options to avoid being left with a mortgage that proves unaffordable in the longer term. We now have mortgage advisers regularly available in both Edinburgh and Dunfermline to ensure that visitors to our showrooms have access to the best possible financial advice."
Issued by ESPC(UK) Ltd
For further information, please contact:
Ron Smith
tel 0131 624 8520 email marketing@espc.com