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Good time to sell, says agent

Price of homes rising as demand outstrips supply

ESPCHome prices in the greater Edinburgh area are on the rise as demand continues to outstrip supply, new data reveals.

Selling prices for homes in Edinburgh rose 7.1% and by 4.7% in east central Scotland between September and November against the same period last year, according to the latest figures released by ESPC.

Prices surged at the start of the year, as a result of Land and Buildings Transaction Tax (LBTT), and then tailed off, but have picked up again.

ESPC business analyst Maria Botha-Lopez, said: “The demand for property is still outstripping supply.”

She said the sellers’ market is reflected in faster selling times. The average selling time is 36 days, compared with 49 days during the same period last year.

In Edinburgh, Polwarth, Shandon and Tollcross are the areas showing the greatest increase in prices for one-bedroom flats, while Morningside and Merchiston are highest for two-bedroom apartments. South Queensferry and the Dalmeny area are most popular for three-bed houses.

Key Findings

·         The number of homes sold in east central Scotland between September and November 2015 rose by 17.1% year on year.

·         The average selling price in the region increased by 4.7% between September and November of this year, compared with the same time period in 2014.

·         59% of sales achieved their Home Report Valuation, compared with 50.5% between September and November 2014.

·         71% of properties are coming to market as ‘offers over’, compared with 57% in 2014.

·         Properties sold between September and November of 2015 that had been marketed as ‘offers over’ achieved an average of 6.3% over the asking price, up from 5.1% last year.

 

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