Prices still rising
Homes selling more slowly across east of Scotland
Sales have been taking more time (pic: Terry Murden)
Homes are selling more slowly across east central Scotland following a surge in the volume of properties coming to market and as Brexit impacts on buying decisions.
The time taken to sell across the region over the past three months was 27 days, which was five days slower than last year. Within Edinburgh, this figure was 25 days, which was also five days slower than last year.
While median selling times have been steadily increasing over the past several months, this is the most significant year-on-year increase that has been seen in recent months. Longer selling times could be a result of an increasing number of properties coming to market in recent months, so buyers are facing less competition than they were previously.
Properties in West Lothian saw the shortest median time to sell at 13 days. One bedroom flats in Abbeyhill and Meadowbank had a median selling time of 14 days. Two bedroom flats in Portobello and Joppa achieved the highest percentage of Home Report valuation at 108.6%. The top selling property type across east central Scotland was two bedroom flats in Leith, followed by one bedroom flats in Leith.
Jamie Fraser-Davidson, business analyst at ESPC, said: “The past three months have shown a reasonable increase in the median selling time of properties across east central Scotland. This could be due to the increase in the number of properties coming to market in recent months, which may have resulted in less competition between buyers for homes in the area.
“As there is now less than a month to go until the scheduled Brexit date, the uncertainty surrounding leaving the EU may also be deterring buyers, resulting in less demand for properties and therefore longer selling times.
“However, the average selling price is still increasing compared to last year, and properties in east central Scotland are, on average, still exceeding Home Report valuation, suggesting that there is still relatively strong demand for property in east central Scotland.”
Over the past three months the number of homes coming to market across east central Scotland increased by 12.3% year-on-year. Within Edinburgh there has been an 8.6% increase compared to last year.
There has also been an increase in sales volume – across east central Scotland, the number of properties sold during this three month period increased by 6.1% compared to last year and within Edinburgh, there was a 4.4% increase in sales volume.
Between December 2018 and February 2019, the average selling price of properties in east central Scotland rose by 4.2% to £238,169 compared £228,602 last year. In Edinburgh, the average selling price rose by 4.4% to £257,478.
Within the capital, over the past three months the average selling price of three bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs rose by 23.6% to £326,227 compared to the same timeframe last year, while there was a 19.0% increase in selling prices of three bedroom houses in South Queensferry and Dalmeny. The average selling price of three bedroom houses in Liberton and Gilmerton decreased by 19.2% to £227,598.
Outwith the capital, over the past three months the average selling price of properties in Dunfermline rose by 17.8% to £171,529 compared to last year. The average selling price of properties in East Fife during the same period saw an annual increase of 9.4% while in West Lothian, average selling prices decreased by 9.4%. Properties in the Scottish Borders also saw an 8.4% annual decrease in average selling prices over the past three months.