I was hoping to be able to say that spring was on its way when I wrote this blog, but looking at this photo of a house in Cousland, Midlothian that we currently have on the market, would suggest otherwise!
Nevertheless, winter will soon be behind us and this always gives a welcome boost to the property market. More houses for sale will become available, increasing the options for buyers, who have been hard pressed over the last few months in trying to find suitable properties to offer on.
How are house prices doing?
The Edinburgh Solicitors Property Centre reports that average house prices in east central Scotland increased by 7.2% between November 2017 and January 2018, compared with the same period last year. Average selling price in Edinburgh increased by 9.5% year–on-year and there have been some astonishing increases in local areas, with one-bedroom flats in Dalry and Gorgie increasing by 26.4% compared with a year ago. While this is the headline figure, there has been above average growth in other areas, such as one-bedroom flats in the Leith Walk, Easter Road and Bonnington areas up 12.1% year-on-year, two-bedroom flats in Trinity, Newhaven and Inverleith up 22.5% year-on-year and three-bedroom houses in Liberton and Gilmerton up 19.7% year-on-year.
For more information on house prices, follow this link:-
https://espc.com/media/5118/mth-201801-table.pdf
The prospects for 2018
It is difficult to know what the year ahead holds, but ESPC’s business analyst Maria Botha-Lopez said: “If this large increase in average selling prices for Dalry and Gorgie, an area that has been one of the most affordable in the city, continues, it may be worrying for first time buyers. There is a concern that they may be priced out of the market, particularly in high-demand areas in Edinburgh.
“However, the increase in the number of new homes being brought to the market is encouraging, as this could mark an upturn in available properties for sales and take the pressure off the market, so that many buyers are not competing for the same properties. More properties on the market could mean that house prices will stabilise, which is positive news for those looking to buy, as is a slower time to sell However this slower time is likely seasonal, relating to the Christmas period, and not necessarily a turn in market trends.”
For any more information on purchasing property in Scotland, please do not hesitate to get in touch with our property team on 0131 226 9167 or visit our website here.