Edinburgh property prices soar post-Brexit vote

Property prices are increasing in Edinburgh as demand for homes in the capital continues to grow post-Brexit.

Property prices are increasing in Edinburgh as demand for homes in the capital continues to grow post-Brexit.

More than half of the properties listed by Aberdein Considine in August sold within a week - with 85% selling within the month.

A shortage of properties on the market has fuelled demand for those which are for sale, increasing competition and driving up sale prices.

Brexit-effect

Average selling prices across east central Scotland have increased by 7% in the last three months, while the number of properties being sold has decreased by 8.4%, according to the latest analysis by the ESPC.

The analysis, covering sales and listings between May and July 2016, has revealed that the number of properties being sold has continued to decline since the EU Referendum along with the number of new properties being put on the market.

The shortage of properties available is likely to put pressure on prices as buyers compete for fewer available properties, and some areas in east central Scotland have seen significant increases in average selling prices.

Market analysis

Jordan MacKay, manger of Aberdein Considine's Edinburgh branch on Lothian Road, said: "The demand for homes in Edinburgh isn't being met - resulting in significant price increases in certain areas.

"According to ESPC figures,average selling prices for three bedroom homes in Currie, Balerno and Juniper Green have increased by 27.1%, one bedroom flats around Leith Walk have increased by 17.9% and two bedroom flats in Bellevue and Broughton have increased by 24.4% since this time last year.

"It's a similar picture with the stock we've had in the past month - 70% of sales achieved over valuation and one property even sold within a day.

"If you are thinking about selling, the market is moving fast and you are likely to achieve an excellent selling price."

Edinburgh property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

We are currently offering Edinburgh sellers the chance to get their property on the market without paying any upfront marketing fees.

We are also an independent broker of mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here. 

* Your home may be repossessed if you do not keep up repayments on your mortgage.