ESPC House Price Report September 2017

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The latest report from the ESPC confirms that property prices in Edinburgh are still on the rise.

The ESPC has issued the latest House Price Report for September 2017.

The Report covers the period from July to September 2017 with the key points being:

  • The average selling price in Edinburgh has increased by 6.4% to £253,182.
  • It took on average 16 days for property in Edinburgh to sell.
  • “The percentage of sales achieving or exceeding their Home Report valuation rose from 67.9% between July and September of 2016 to 77.8% in 2017.”

In particular, since we are based in Leith it is interesting to see that the average price of a 2-bedroom flat in the Leith Area has decreased from £176,417 last year to £171,584, representing a -2.7% decrease.

What are we finding?

The ESPC say that “over the last three months, from July to September 2017, one-bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington have achieved the highest percentage over the Home Report valuation at 111%, and are selling the fastest, at 13 days.” A daunting reality for First Time Buyers and one we are all too familiar with.

The House Price Report also shows us that the market is still very much in favour of sellers, with 89.1% of properties listed between July and September 2017 being marketed as ‘offers over’, showing the confidence in that properties are continuing to achieve over their asking price.

Of course, this can continue to be disheartening for First Time Buyers who are faced with increased property prices and quick selling properties, in some of Edinburgh’s most favourable areas. However, that’s not to say that all of Edinburgh is out of reach to First Time Buyers with a limited budget, with areas like Gorgie and Leith still remaining to be the most affordable. East Lothian – for example Musselburgh – is another great place to consider looking at property with there being less pressure on the market in comparison to Edinburgh.

 

If you are a First Time Buyer in need a of boost, then why not enter the ESPC Prize Draw to win £3,000 towards your deposit to purchase your new home? You've only got until Friday the 13th October 2017 to enter, so be quick!

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Can we help you?

Every year we help many first time buyers buy their first home. And we offer a very competitive fixed fee of only £660 (£550 + VAT) for first time buyers (terms and conditions apply). Find out more about our First Time Buyer Special Fee Offer.

Or download our Buyer Guide which will give you essential guidance and information about the first steps in finding and offering for a property and there are plenty of useful articles and information in the First Time Buyer section of our Blog.

If you are thinking of selling then why not find out more about our great value fixed fee estate agency service.


Passionate about property and providing great service at value for money.

Cameron Stephen
Partner with Cameron Stephen & Co. solicitors and estate agents, Edinburgh
cameron@cameronstephen.co.uk
0131 555 1296

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