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Agency sees huge uplift in enquiries

Boom in top priced homes as buoyancy returns to market

Baronial home on saleBuoyancy is returning to the property market with three times more homes sold in Edinburgh this summer than last year, says estate agency Strutt & Parker.

It reports that three recently listed houses in excess of £1m have been sold in the last week alone.

This comes just days after Revenue Scotland released data on Land and Buildings Transaction Tax (LBTT) showing an uplift in Scottish property sales.

Buyers are being drawn to £1m-plus homes near good schools in desirable locations such as Balerno, East Lothian, Inveresk and Aberdeenshire.

Partner in charge of Edinburgh city residential sales Blair Stewart, said: “The average price of the properties we sell has risen to £781,000 this year, having dropped to £515,000 last year. Our average in 2014 was £760,000.

“The summer months of July and August would ordinarily be quiet but this summer is the busiest I can recall since 2007. Deals have gone up 320% and new instructions have gone up 122%.

“Many high-end buyers are Scots in origin but have lived and worked abroad for several years. They are now keen to make a base in Edinburgh, whether as a principal home or, and this particularly applies to buyers sending their children to schools in the city, establish a base here.”

Malcolm Leslie, partner in charge of country house sales in the Edinburgh office, said that in East Lothian, a £1.1m Victorian family home launched this week had three enquiries within the first hour and a half.

Old high value stock is beginning to move – there was not much activity at all this end of the market last year – particularly where it is priced more realistically.

“New stock is shifting quickly when priced sensibly. There are buyers out there and they are keen to make deals. We have seen several closing dates this summer and we have very good interest in a lot of the stock we have launched since June which due to the level of interest will also go to closing.

“There was an impasse following the introduction of LBTT last April. However, expectations have adjusted along with price. The market has adapted and moved on.

“Buyers who have hesitated in the last couple of years because of political uncertainties posited by the independence and EU referendums are now making deals. The world is still turning and people have decided it is time to move on.

“Indeed, following the EU referendum we had a distinct rise in the number of potential foreign buyers calling to enquire about properties in excess of £1m on the back of currency fluctuation. These have yet to translate into sales but an increase in activity at this level is a welcome change.”

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