With house sales across Edinburgh, The Lothians and Fife in the three months to February up by over 90% annually it is not hard to see why Edinburgh is a contender behind only London in leading the economic recovery.
According to the latest figures from Edinburgh Solicitors Property Centre, sales of all property types showed a substantial increase. The rising activity at the lower end of the market is now having a knock on effect further up the ladder allowing the whole market to move.
The average house price in Edinburgh rose by 5.6% annually, reflecting the current position with supply and demand.
Supply and Demand
With increased demand, sellers are in a much stronger position when it comes to negotiating. ESPC reported that across Edinburgh just over 42% of properties sold during the last three months achieved a selling price equal to or exceeding their original Home Report valuation – this is an increase of 16% for the same period last year.
VMH Solicitors and Estate Agents have been experiencing heightened confidence in the market with the volume of sales driving a return to the competitive ‘closing date’ system.
The Independence Debate
The enthusiasm of property buyers suggests the debate about Scotland’s Independence is having no impact on confidence within the Scottish housing market.
The lack of supply is currently boosting competition, driving prices in an upward direction and there appears to be no sign that things are set to change in the coming months.
Our stock levels are low – let us help you sell
Having had a bumper first quarter on sales, we are actively seeking new properties to sell.
Collectively, PTP firms sell upwards of 20% of all properties advertised on espc.com which in itself demonstrates the success of our structured client marketing strategies.
If you are thinking about selling, why not ask us firm for a no obligation consultation about whether now is the right time for you to make a move.