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Prices edging up

House buyers outstripping sellers around capital

Property for saleDemand for homes continues to outstrip supply in east central Scotland, pushing up the average price, according to new figures from ESPC.

The number of homes sold in east central Scotland has risen by 11.1% in the last quarter over the comparative period last year, while new homes brought to market has fallen by 2.4%.

Between July and September this year the average price increased by 1.5% compared with the same period in 2014.

ESPC’s business analyst Maria Botha-Lopez, said: “The number of homes selling in east central Scotland continues to grow year-on-year, as does the percentage of homes achieving or exceeding their home report valuations, at 60.9%.

“Properties marketed as offers over are now achieving an average of 6.5% above the asking price, up from 3.8% in 2013, and time to sell is shorter than last year.

“However, we continue to see fewer homes coming to market when compared with last year.”

Areas that are continuing to show strong growth include Dalry, Gorgie, Portobello, Joppa, Stockbridge and Comely Bank.

There is also some evidence that selling patterns have returned to normal following a surge in high end properties ahead of the introduction of the new land and buildings transaction tax in April which imposed higher fees on higher priced properties.

Ma Botha Lopez added: “The LBTT effect, which saw a sharp rise in high-end properties being brought to market at the start of the year, impacting average selling prices, appears to have tapered off. The distribution of properties across LBTT tax bands are similar when compared with last year.”

Key Findings in the ESPC report:

  • The number of homes sold in east central Scotland between July and September of 2015 rose by 11.1% annually.
  • The number of new homes brought to market between the months of July and September decreased by 2.4% annually.
  • The average selling price in east central Scotland increased by 1.5% between July and September of this year, compared with the same time period in 2014.
  • 73% of properties are coming to market as offers over, compared with 54% in 2014, and 37% in 2013.
  • Properties sold between July and September of 2015 that had been marketed as offers over achieved an average of 6.5% over the asking price, up from 6.1% last year, and 3.8% in 2013.
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