ESPC House Price Report May 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 May 2017.

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

  • The average selling price in Edinburgh is £257,021
  • This represents a Year-on-Year increase for the same period in 2016 of 7.1%
  • The number of homes sold in the east central Scotland area over the last three months has increased by 5% annually
  • Properties sold over the last three months which were marketed as “offers over” achieved an average of 9.8% over the asking price which is up from 7.7% in the same period in 2016.

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 increased from £160,678 last year to £181,191 representing a 12.8% increase.

What are we finding?

In common with other solicitors and estate agents in Edinburgh, we have found that over the summer months the property market slowed down a little with fewer properties coming to market and fewer buyers wanting to view. But that has not stopped property prices from rising and we are still achieving sale prices well in excess of the asking price and the Home Report value. And the reason remains the same as it has been throughout 2017 so far: there are simply not enough properties coming onto the market for sale to meet the demands of the number of buyers looking to buy.

This is good news for sellers but not so good news for buyers and in particular first time buyers in Edinburgh who are still finding it hard to offer high enough at closing dates to secure a property. Not only are first time buyers in competition with one another they are also in competition with Buy to Let investors and the increasing market for Air B and B investors.

Is it still possible in Edinburgh for a first time buyer to get a bargain? Perhaps not. And as we have suggested in our 10 tips for First Time Buyers, one of the best way to avoid the crowds and get a property at valuation is to consider either fixed priced properties (still quite rare but there are some) or go for a new build property.

But it is certainly a good time to be selling a property, and particularly so if you are then either downsizing or selling-off an investment property.

 


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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