House Sales in East Central Scotland, late 2016
Between September and November 2016, there was a drop of 11.7% in the number of homes sold in the east central Scotland region, while there was an increase in the average selling price by 4.3% compared with the same period in 2015.
Year on year, there was a decline of 8.3% year on year in the number of new homes being brought to the market while sales took 31.9% less time - down to 25 days from 36.
There was an increase in the percentage of properties achieving or exceeding their Home Report valuation - up to 65.6% compared with 59% in 2015.
Preferred Areas in Edinburgh for Family Homes
Currie, Balerno and Juniper Green are in the south-west corner of Edinburgh with easy access to both the city centre and to the Pentland Hills and surrounding countryside. The area has a village feel to it and life here is less frenetic than in the city itself. These factors are highly attractive to those seeking a family home which has resulted in Currie, Balerno and Juniper Green all continuing to see a price increase for 2- and 3-bed homes and the area becoming one of the city’s most popular to live in.
In the Currie area alone, average sales prices have jumped by 25% in the last quarter of 2016 (18.6% year-on-year).
Another part of Edinburgh that finds itself close to the city centre, but also family friendly and close to the coast, beaches and the countryside lies to the west of the city and encompasses Blackhall, Davidsons Mains and Silverknowes.
Here again, selling prices of 3-bed homes performed well, seeing an average 14.7% increase.
There is a trend towards 2- and 3-bed houses outperforming 1- and 2-bed flats: the average sales price of a 3-bed house has risen by 8% and a 2-bed house by 7.3%, compared with 3.2% for a 1-bed flat and 4.4% for a 2-bed flat.
This might be due to buyers deciding to save for a larger deposit to allow them to buy a bigger property where they would stay for longer, rather than buying a starter home with a view to moving on in a few years’ time.
The number of homes being sold and those being put on the market continues to decline year-on-year.
Statistics provided by the Edinburgh Solicitors’ Property Centre