ESPC House Price Report - December 2013
Summary
- The number of homes sold across Edinburgh, the Lothians and Fife during the last three months of 2013 rose by 47.5% annually as buyer activity continued to rise.
- In Edinburgh the average house price rose by 5.0% annually to £212,296.
- Most other areas of East Central Scotland saw an annual rise in the average house price.
- The number of homes coming onto the market between October and December rose by 26.5% annually.
- 40.3% of homes sold achieved a selling price equal to or in excess of their Home Report valuation, up from 20.4% a year ago.
- Homes in the £300,000-399,999 bracket were most likely to achieve their valuation.
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Full report
Latest figures from ESPC show that buyer activity in the property market in East Central Scotland remained high as 2013 drew to a close. The total number of sales recorded by ESPC during the fourth quarter of the year rose by 47.5% annually and to the highest level for the quarter since 2007. The number of homes coming onto the market also increased – rising by 26.5% annually during the fourth quarter.
The recent upturn in market activity has led to house prices inching upwards in most areas. In Edinburgh, for example, the average house price during the three months to December rose by 5.0% annually from £202,266 to £212,296. This marked the fifth consecutive month during which an annual increase had been observed in the Capital.
In East Lothian the average price now stands at £188,996 following an annual rise of 0.9% while a 2.3% increase in Midlothian brought the average house price in the area to £160,983. In West Lothian the average house price declined by 10.4%, however this offset a 9.4% increase observed during the same period a year ago.
In Dunfermline the average selling price of a property between October and December stood at £140,949 – up 2.6% from £137,369 during the same period in 2012. This marked the first time since the three months to June that the average house price in the town had risen on an annual basis.
The improvement in the market over the last year has led to a marked rise in the number of sales where the Home Report valuation was achieved. During the fourth quarter of 2013, 40.3% of homes sold achieved a selling price equal to or in excess of their Home Report valuation – up from just 20.4% of those sold during the last three months of 2012.
David Marshall, business analyst with ESPC commented: "We witnessed a steady improvement in market conditions throughout much of 2013, with a rise in activity amongst both buyers and sellers and this continued through to the end of December. It’s important to remember that the number of homes being bought and sold is still below what would have been considered normal levels prior to the downturn but conditions are now more favourable for sellers than has been the case for several years."
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