THE number of houses being sold across the Capital has soared by more than 30 per cent on last year, new figures show.
And the market for one-bedroom properties is booming, with a dramatic 50 per cent increase in sales between April and June.
The latest ESPC report shows house sales rocketed by 32 per cent compared with the same period last year, with one-bedroom homes seeing by far the biggest rise.
The report also reveals the average house price in Edinburgh during the quarter was £223,924 – up by 3.9 per cent from last year.
Two-bedroom flats in Marchmont/Bruntsfield saw the biggest rise, at 17.2 per cent, taking them to an average price of £236,278 – while an average house in the city centre fetched £262,8000.
The report said increased interest from first-time buyers and growth in buy-to-let investments were fuelling the market.
The number of homes being put up for sale was ten per cent higher than the same three-month period last year. And 58 per cent of properties sold achieved a selling price equal to or in excess of their Home Report valuation, up from 35 per cent last year. David Marshall, business development manager with ESPC, said: “The improvement in market activity in 2013 has continued into 2014 with a notable rise in the number of homes being bought and sold.”
He said there had also been a continued rise in the popularity of the “offers over” approach to selling a home, with roughly two-thirds of homes on the market being advertised in this way.
But he added: “While the market has improved, it’s worth putting the growth we’ve seen in perspective. The number of sales we’re seeing is still around 25 per cent lower than at the peak of the market and the rate of house price inflation in most areas is moderate, especially when compared to the rapid rises being observed in some areas south of the Border.”
Although some other parts of the region saw sharper increases than the Capital, these generally followed a decrease during the same period last year. For example, the 9.4 per cent rise in East Lothian prices came on the back of a 13.4 per cent decline last year, meaning that prices in the area are still below 2012 levels.