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First quarter of 2019 sees rising selling prices and longer selling times – ESPC data reveals

Posted: 3rd April 2019

ESPC House Price Report March 2019

The full area breakdown of house prices can be found in the ESPC House Price Table March 2019.

First quarter of 2019 sees rising selling prices and longer selling times

From January to March 2019, the average selling price of properties in east central Scotland saw a 3.4% year-on-year increase, rising to £238,315. Within Edinburgh, the average selling price rose to £255,280, which was a 2.1% increase compared to last year.

In the capital, three bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs saw the most significant increase in average selling prices compared to last year, rising by 16.7% to £329,182. Three bedroom houses in Liberton and Gilmerton saw the biggest decrease in average selling prices compared to last year, dropping by 16.9% to £222,580. This is due to a greater proportion of lower-value three bedroom houses being sold in these areas.

Outwith Edinburgh, the average selling price of properties in Dunfermline saw a significant annual increase, rising by 11.5% to £159,471. The average selling price of properties in East Lothian increased by 10% to £239,279 and prices in West Lothian rose by 8.9% to £198,245.

The average selling prices in other parts of Fife, as well as in Midlothian and the Borders saw minimal changes in comparison to last year. The average selling price of properties in East Fife dropped by 0.9% compared to last year, and in West Fife and Kinross, the prices dropped by 2.9%. Midlothian and the Borders both saw marginal increases, with the average selling price in Midlothian rising by 2% year-on-year and prices in the Borders increasing by 0.4%.

During the first three months of 2019, the sales volume in east central Scotland increased by 3.3% compared to the same period last year. The number of homes coming to market during these three months increased by 10.5% annually.

Across east central Scotland, properties achieved a slightly lower percentage of Home Report valuation on average, with properties achieving 102.3% over the last three months compared to 103.4% last year. Also, fewer properties went to a closing date compared to last year – 24.8% of sales from January to March 2019 had a closing date compared to 29.2% last year. In the capital, over the first three months of 2019, homes achieved on average 103.5% of their Home Report valuation compared to 105.4% last year, and 30.1% of sales had a closing date compared to 35.1% last year.

The median selling time of properties in east central Scotland was 30 days, which was five days slower than last year. Within Edinburgh, the median time to sell was 28 days, which was 7 days slower than last year.

One bedroom flats in Dalry, Gorgie, Slateford and Chesser were the fastest property type to sell, with a median selling time of 15 days. One bedroom flats in these areas, along with one bedroom flats in Abbeyhill and Meadowbank, also achieved the highest percentage of Home Report valuation at 108.1%.

The property type with the highest sales volume during this period was two bedroom flats in Leith, followed by one bedroom flats in Leith and three bedroom houses in Dunfermline.

Jamie Fraser-Davidson, Business Analyst at ESPC, said: “Over the past three months, we have seen another reasonable increase in median selling times in east central Scotland, with homes selling five days slower than last year. Homes are also achieving a slightly lower percentage of Home Report valuation on average, while the number of sales with a closing date has dropped compared to last year.

“This is likely a result of an increasing number of properties coming to market in recent months, helping to alleviate some of the strong demand for property in east central Scotland. It could also be that the continuing uncertainty over Brexit is deterring buyers. However, average selling prices are continuing to increase year-on-year, indicating that buyer confidence hasn’t been impacted significantly.

“In particular, it appears there is still strong demand for first time buyer flats in the capital, with one bedroom flats in Dalry, Gorgie, Slateford and Chesser achieving both the shortest selling time, and the highest average percentage of Home Report valuation, along with one bedroom flats in Abbeyhill and Meadowbank.”

Key points

  • Between January and March 2019, the average selling price of properties in east central Scotland was £238,315, which was a 3.4% increase compared to the same period last year.
  • During the first three months of 2019, the median selling time of properties in east central Scotland was 30 days, which was five days slower than the same period last year.
  • From January to March 2019, the sales volume increased by 3.3% compared to last year.
  • During these three months, the number of properties coming to market increased by 10.5% year-on-year.
  • Between January and March 2019, on average homes achieved 102.3% of their Home Report valuation compared to 103.4% for the same period last year.
  • During the first three months of 2019, 24.8% of properties went to a closing date compared to 29.2% during the first three months of 2018.

 

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