ESPC House Price Report - September 2014
Summary
- Buyer activity continues to rise across Edinburgh, the Lothians and Fife.
- During the third quarter of the year the number of sales recorded by ESPC rose by 13% annually, and by 63% compared to the same period in 2012.
- Seller activity also rose. New instructions were 15% higher than during the third quarter of 2013.
- Within Edinburgh 64% of homes sold met or exceeded their Home Report valuation, up from 40% a year ago.
- Across other areas of the Lothians and Fife the percentage of sales where the Home Report valuation was achieved also rose.
- The median selling time during the third quarter stood at five weeks, down from eight weeks last year.
- House prices are rising in most areas of East Central Scotland. In Edinburgh the average house price now stands at £220,174 following an annual rise of 3.6%.
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Full report
Property sales across Edinburgh the Lothians and Fife rose again during the third quarter of 2014. The number of sales recorded by ESPC between July and September rose by 13% annually and from 63% compared to the same period in 2012. This means that third quarter sales were at their highest level since 2007.
The supply of properties to the market also improved with the strengthening in conditions over the last year attracting more sellers to put their home on the market. During the third quarter of 2014 new instructions across Edinburgh, the Lothians and Fife were 15% higher than was the case a year ago.
The percentage of sales where the Home Report valuation was achieved has risen in all areas reflecting the improved conditions for sellers. Within Edinburgh 64% of homes sold during the third quarter achieved a selling price equal to or in excess of their Home Report valuation compared to 40% a year ago. Across the rest of the Lothians and Fife 40% of homes sold during the last three months achieved their original valuation compared to just 27% a year ago.
The upturn in housing market activity has also led to a substantial shortening in the time that properties are spending on the market. Over the last three months the median selling time stood at five weeks, down from eight weeks last year.
Commenting on the results David Marshall, Business Development Manager with ESPC said:
"The number of homes being bought and sold in East Central Scotland has been rising since the middle of 2013 and this pattern continued into the third quarter of this year. It’s particularly encouraging to see sales of smaller properties improving as this was an area where conditions were especially challenging for sellers in the wake of the economic downturn. Between July and September we saw sales of one bedroom flats jump by more than 30% annually and the rise in activity here will have a positive knock-on effect further up the ladder.
"House prices are now rising in most areas of Edinburgh, the Lothians and Fife. In the Capital the average house price now stands at £220,174 having risen by 3.6% annually. Although a decline was observed in the average price in West Lothian, this came on the back of a sharp rise of almost 15% during the same period last year meaning prices are still ahead of where they were two years ago."
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