ESPC House Price Report November 2017

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The latest report from the ESPC shows a slight slowdown in the market as we approached Christmas.

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

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

  • The average selling price in Edinburgh has increased by 9.8% on last years figures to £253,874.
  • It took on average 19 days for property in Edinburgh to sell. An increase from the last Report.

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 £167,320 last year to £186,635, representing a 11.5% increase.

What are we finding?

The ESPC say, "As we come into the Christmas season we tend to see a slow-down in the market, which is reflective of the slight decrease in the number of homes being sold and the longer time to sell compared with the last couple of months." This is something that generally rings true with us. Although we have perhaps been busier than as we had expected, or have been in previous years, we started to notice a slight slow down as we approached Christmas. This can be advantageous to those looking to buy a new property as there will be a little less competition around this time of year.

However, there is some areas of Edinburgh which don't seem to be affected by this slow down, such as New Town & The Westend, which is experiening increases of 26.9% on last years selling prices (of a 2 bedroom flat). On average this results in a figure of £398,804 for a 2 bedroom flat and a generous 13.5% over the asking price.

 


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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