Prices still rising in Edinburgh
Bridge proves a big draw for home-buyers
The new Queensferry Crossing is driving up property prices in the South Queensferry and Dalmeny areas which have seen some of the biggest rises over the summer.
Typical three-bedroom homes have been selling for 15.4% more than last year as commuters look ahead to the bridge opening next May.
Currie and Juniper Green continue to be among the most popular areas in Edinburgh with prices rising by 21.4% as buyers at the top of the market are drawn to the leafier areas of the city.
Average prices for two bedroom flats in the New Town and West End of Edinburgh increased by 13.6% over the last three months, while one bedroom flats in the Leith Walk area are continuing to be ‘best-sellers’, as they have sold in greatest volume and have seen a 10.5% increase in average house prices.
Average selling prices across east central Scotland and Edinburgh are continuing to rise year-on-year, despite predictions following the Brexit vote.
ESPC’s business analyst Maria Botha-Lopez said: “Average selling prices in Edinburgh and east central Scotland are continuing to rise, and we have seen houses in South Queensferry show one of the largest increases.
“This could be an early effect of the Queensferry Crossing, offering greater transport links and an easier commute.
“While we are seeing this increase in prices, there continues to be an annual drop in property sales and new listings. This reflects the ongoing shortage of properties on the market, rather than a decrease in buyer demand, and indicates we are still in this seller’s market. It is also too early to tell what the impact will be of Theresa May’s announcement of a date to trigger article 50 by March.”
Various organisations, such as Homes for Scotland, The Scottish Property Federation and the Royal Institute of Chartered Surveyors, cite additional pressures on the housing market caused by the higher Land and Buildings Transaction Tax (LBTT) rates on properties over £325,000, as well as the 3% second homes tax.
Ms Maria Botha-Lopez said home movers, sellers and buyers might be delaying or even reconsidering their options when it comes to moving home.
“We carried out a recent survey with our solicitor estate agents to find out their views and the most cited barrier to selling is the availability of homes to move to, while the most cited barrier for buyers is the extra costs of LBTT and the competition when it comes to putting in an offer.”
- The average selling price in east central Scotland between July and September of this year has increased by 4.7% when compared with the same period last year.
- The number of homes sold in east central Scotland between July and September of 2016 decreased by 10.7% annually.
- The number of new homes brought to market between the months of July and September decreased by 9.4% annually
- 83.8% of properties listed between July and September 2016 were marketed as ‘offers over’, compared with 69.4% in 2015.
- The percentage of sales achieving or exceeding their Home Report valuation rose from 60.9% between July and September of 2015 to 68.0% in 2016. In Edinburgh, 74.5% of sales met or exceeded their Home Report valuation in the current reporting period