According to the most recent data hot off of the press from the Registers of Scotland (RoS), the volume of sales across Scotland for the period January to March 2014 was 17,828 which is an increase of 22.9% on the same period the previous year.
This represents the highest volume of sales for this quarter since 2008 and is the third successive quarter that volumes are up demonstrating that there is consolidated growth in the level of sales.
Edinburgh leads the way in Scottish Property
The City of Edinburgh recorded the highest sales volume with 2,002 residential house sales, an increase of 22.1% on the previous year whilst West Lothian had the largest percentage rise in the number of sales with an increase of a staggering 51.3%.
The City of Edinburgh remains the largest market with sales of just under £430 million for the quarter, an increase of 28.4% compared with the same quarter last year.
Demand still outweighing supply
The demand for property in all areas of Edinburgh and the Lothians is at its highest for many years and this is driving the local market back to a position of setting closing dates.
Many of our properties have attracted strong competition which in itself is driving up the selling price of properties which are marketed at an ‘offers over’ price.
The future of our local market
The market in Edinburgh and the Lothians is certainly buoyant in terms of the volume of sales with many first time buyers coming into the market.
We wait, with interest, to see how the increase in volume during 2014 will impact the price of property by the year end. However, given our experience year to date it looks like the activity will continue to drive prices in an upward direction.
Summer is a great time to market your property
If you are thinking about selling, why not take advantage of our no cost, no obligation consultation designed to help you understand how the market is performing in your particular area.
Call now for an appointment.