While there was a surge in house prices at the start of the year, as a result of Land and Buildings Transaction Tax (LBTT), average house prices remained at a level compared with the same period in 2014.
Similarly, house prices in Edinburgh have seen a 7.1% year on year increase in the period between September and November, following a drop in average prices since May this year. Again this is a result of LBTT, where there was a rush to sell properties before April 1st, when the new tax would be implemented.
ESPC business analyst Maria Botha-Lopez, said: “The number of new homes brought to market between the months of September and November increased modestly by 1.3% annually, but with consistent growth in sales volumes, the number of active properties on the market continues to decrease, so this could be a good time for those thinking of selling, to bring their property to market.
The demand for property is still outstripping supply, as we are seeing a 17.1% year on year increase in the number of homes being sold, compared with the 1.3% annual increase in properties brought to marker, and this sellers’ market is reflected in faster selling times. The average selling time is 36 days across the region, compared with 49 days during the same period last year.”
In Edinburgh, the areas showing the greatest increase in house prices is Polwarth, Shandon and Tollcross, for one bedroom flats, two bedroom flats in the Morningside and Merchiston area, and three bedroom houses in the South Queensferry and Dalmeny area.
Throughout the year there has also been large year on year increases in selling prices for two bedroom flats in Stockbridge and Comely Bank, but prices in this area have stabilised when compared with the same time period last year.
Key Findings
• The number of homes sold in east central Scotland between September and November 2015 rose by 17.1% annually.
• The average selling price in east central Scotland increased by 4.7% between September and November of this year, compared with the same time period in 2014.
• 59% of sales achieved their Home Report Valuation, compared with 50.5% between September and November of 2014.
• 71% of properties are coming to market as ‘offers over’, compared with 57% in 2014.
• Properties sold between September and November of 2015 that had been marketed as ‘offers over’ achieved an average of 6.3% over the asking price, up from 5.1% last year.
