Most homes sold in 2 weeks as Edinburgh enjoys property boom
A new report into property in the Capital has shown that Edinburgh is enjoying a property boom.
The median selling time for properties in Edinburgh is just 15 days, indicating a thriving market where buyers are willing to snap up properties quickly and over the home report valuation.
The figures, from the ESPC show that an increasing number of properties in Edinburgh are selling for over their home report valuation. ,
In Edinburgh, 83.9% of sales met or exceeded their Home Report valuation over the last three months, and properties that were marketed as offers over achieved on average 9.5% over the asking the price, an increase of 7.5% during the same period last year.
It is estimated that the market has been bolstered by a 6.7% decrease in the number of new homes brought to market driving up prices and descreasing the listing time of a property.
While the news is positive for those looking to sell their property, the continued growth of the seller’s market is potentially making it more difficult for first time buyers to get a foot on the property ladder.
Of the properties listed in Edinburgh single bedroom flats in Abbeyhill and Meadowbank and two bedroom flats in Leith, The Shore and Granton, had the largest year-on-year increases in average selling prices between March and May 2017.
An increase in the single berdroom market could potentially be a new hot spot area for first time buyers.
Despite the increase in demand for single roomed properties in the Capital, outwith Edinburgh, such properties are selling below valuation.
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 lenders.
“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.”