News

House Price Report, October 2019

The ESPC have just published their House Price Report for October, and the key points are as undernoted:

•    In Edinburgh, the Lothians, Fife and the Borders, the average selling price from August to October was £253,552, a 2.5% increase from the same period last year. In East Lothian however, the average selling price was £252,189, an increase of 6.3% year on year.
•    During the last three months, the total sales volume in these areas rose by 2.8%.
•    The number of properties coming to the market decreased by 2.9% annually. Jamie Fraser-Davidson, Business Analyst at ESPC said: “from August to October 2019, there has been a marked year-on-year decrease in the number of properties coming to the market in Edinburgh. It could be that seller confidence waned slightly in the run up to 31st October Brexit deadline. As this has now been delayed until January, and a General Election has been announced, we may possibly see more impacts on buyer and seller confidence in the coming months.  However, an additional factor could be related to the order in which people choose to buy and sell property. We are hearing increasing reports of people choosing to buy subject to sale, which has not been the norm in Scotland in recent years.  Therefore, if people don’t find the right property, they won’t place their home on the market, affecting the supply of new properties.”
•    In Edinburgh, the Lothians, Fife and the Borders, the average percentage of Home Report valuation achieved was 103% compared to 104.3% last year.
•    Top selling properties for the period August - October were one bedroom flats in Leith, followed by three bedroom houses in Dunfermline and two bedroom flats in Leith.

•    The median time to sell across all areas was 21 days, which was the same as last year.

If you are contemplating selling in 2020, we offer free pre-sale market appraisals and one of our qualified Property Managers would be delighted to come out and meet with you. We are a one stop shop for clients with lawyersand a property team in each of our three East Lothian offices in Haddington, North Berwick and Dunbar giving your property a good East Lothian presence and a full legal and property service.  As well as our own prominent windows and website advertising, we advertise in the ESPC, which not only gives you a fantastic audience through their online marketing, weekly paper and mail shots but we also market exclusively with them for the first three days giving buyers an opportunity to hear about properties first.