Edinburgh property 'taking just 15 days to sell'

The average selling time for homes in Edinburgh is now down to 15 days, according to the ESPC.

It says this indicates a thriving market, where buyers are willing to snap up properties quickly and also pay over the home report valuation.

The ESPC says in its house price report for May that the average selling price in east central Scotland between March and May increased by 3.3% to £221,522 compared with the same period last year.

Just over 86% of properties listed in the three-month period were marketed as ‘offers over’, compared with 77.1% in 2016.

The average selling time in east central Scotland is 22.2% faster than a year ago –  down to 18 days from 23 days.

There has been an overall 6.7% decrease in the number of new homes brought to market, following the trend in decreasing stock seen over the last year.

Seller's market

The ESPC says this year-on-year decline has led to the continuing seller’s market, which drives up prices and brings down the amount of time a home is on the market.

An increasing number of properties in Edinburgh are selling for over their home report valuation, making it more difficult for first-time buyers to get a foot on the property ladder.

In Edinburgh, 83.9% of sales met or exceeded their home report valuation over the last three months, and properties marketed as offers over achieved on average 9.5% over the asking the price. This is up from 7.5% last year.

One-bedroom flats in Abbeyhill/Meadowbank (+16.8% to £146,084) and two-bedroom flats in Leith/The Shore/Granton (+14.6% to £187,628) have shown the largest year-on-year increases in average selling prices between March and May.

The ESPC says one-bedroom flats in Abbeyhill/Meadowbank have also shown the highest average percentage above the home report valuation, so this could potentially be a new hot spot area for first-time buyers.

The average property price in Edinburgh rose by 4% to £239,351 year-on-year.

ESPC business analyst Maria Botha-Lopez said: “In Edinburgh, buyers should consider that many properties are selling above home report valuation when they do their house search. So when saving for a deposit and other buying costs, they will also need to set aside extra funds if they wish to make an offer over the valuation, as this will not be covered by their lender.

“It should also be noted that properties outside of Edinburgh are selling below or at home report valuation, so first-time buyers could also look outside of the city for a more affordable property.”

Edinburgh property experts

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