Average selling prices continued to increase for the end of 2016
The average selling price for properties in east central Scotland is now £209,654, an increase of 4.9% between October to December 2016, according to the latest analysis by ESPC, the leading property expert in Edinburgh, the Lothians and Fife.
Three bedroom houses in the Currie, Balerno and Juniper Green area showed a 25% increase in average selling prices, which was the greatest increase across east central Scotland. We have found that this area, in the south west of Edinburgh, demonstrated its popularity throughout 2016, as it had the highest selling price increases from May onwards, with an average of 15.2% across the whole of the 2016.
The types of properties that have been selling the most in this three month period are two bedroom flats in Leith and Corstorphine. The Leith area has a large supply of flats available, and so continues to be a popular place to buy a property, particularly with the new redevelopments in the area and the lively atmosphere, which is attractive for buy-to-let and first time buyers.
Portobello and Joppa showed the highest selling price increase for two bedroom flats, with a 10% rise in average selling prices. Again, this area has been popular in 2016 as an area that has an almost village feel, and with access to the coastal views.
There was a 6.3% decrease in the number of properties being sold and an 8.1% decrease in the number of properties being put up for sale. While there may be less properties for sale, the demand from buyers is still there, meaning that market is in favour of the seller, as has been the case throughout the year. The median time to sell in east central Scotland is now 25 days - 29% faster than the same three month period in 2015. 65% of sales between October and December achieved or exceeded their Home Report valuation in east central Scotland, while in Edinburgh it is 71.7%.ESPC's business analyst Maria Botha Lopez said: "The fourth quarter of 2016 ended on a similar note to the rest of the year, continuing the major trends that we have seen throughout 2016, with a decrease in the number of properties being sold and the number of properties available for sale.
"As we enter into a new year, 2017 could be a good time for people to put their how up for sale, as all indicators suggest that a seller's market is still in place. Homes are continuing to sell faster and with more competition to drive up the selling prices."ESPC is holding a couple of events in their Edinburgh showroom which could be really useful for those wishing to find out more about the property market. Our Property Market Insights Event takes place on 19th January from 8.15am to 9.15am (booking essential) and our First Time Buyer event takes place on 26 January at 4.30am, which is a drop-in event.