According to a recent report by the Centre for Cities – a think tank set up by Lord Sainsbury – Edinburgh is a contender behind only London in leading the economic recovery.
Research shows that there have been a significant number of private sector jobs created in the Capital, quoting a total of 23,100 between 2010 and 2012, although 3,300 public jobs had been lost during this period.
These figures may shed some light on what appears to be a significant improvement in the performance of the property sector in Edinburgh and the Lothians.
Clearly, with employment up significantly, confidence is beginning to return to the market.
Up to the minute data
In their most recent house price report published in January, Edinburgh Solicitors Property Centre revealed in the three months to January 2014 the number of homes sold across Edinburgh, the Lothians and Fife rose by 59% annually.
Interestingly, the number of one bedroom flats sold in the same period rose by 75% year on year.
Much of the activity at this end of the market is likely to be from First Time Buyers who are anxious to get a foot on the ladder before any significant increase in prices.
Although Edinburgh property enjoyed an annual price increase of 3.8%, East Lothian and West Lothian saw a decline of 6.7% and 11.6% respectively.
This demonstrates that there are markets within markets and the most sensible thing to do is take advice about the dynamics of the property market in your area before making any decisions about buying and selling property.
Now is the time to make a judgement about the future
If you are considering selling your property to move up the ladder, then you should do so before prices move more strongly in an upward direction. Increases will only serve to make your new property disproportionally more expensive.
VMH Solicitors and Estate Agents are at the forefront of the local market in Edinburgh and the Lothians. Collectively, with the Plain Talking Property group of solicitors, we sell upwards of 20% of all property advertised on espc.com.
To find out why so many sellers appoint us why not take advantage of our no obligation consultation designed to help you arrive at an informed decision about whether now is the right time for you.