Property Market in Edinburgh Continues to Accelerate in Favour of Sellers
Tuesday, May 16th, 2017
on behalf of Warners Solicitors and Estate Agents
HOMES in Edinburgh are being sold at super-quick times and for even higher prices as surging demand for property continues to dominate the capital’s housing market.
In April, Warners Solicitors and Estate Agents saw a 12% year-on-year increase in the number of homes sold, with an average price of £212,598 – a 5.5% increase in last year’s figure.
Between the period of February and April the selling times of properties in Edinburgh accelerated further, with homes with Warners selling in an average of just 15 days – down from 19 days in the same period in 2016.
Despite an increase in homes coming onto the market, 80.8% of properties sold by Warners in the last quarter achieving a selling price higher than the Home Report valuation – a sizeable jump from 65.5% in the same period last year and 53.5% in 2015.
David Marshall, Operations Director at Warners, said a combination of high buyer demand coupled with a relatively low supply of properties coming onto the market has meant that the strong sellers’ market witnessed throughout 2016 has strengthened further.
David said: “Although we have seen an improvement in the number of homes coming onto the market so far in 2017, at this stage it has not been sufficient to match the level of buyer demand that we are experiencing in Edinburgh and the Lothians.
“Whilst there are exceptions in any market, the vast majority of sellers are seeing their properties sell quickly and achieve prices that are often well in excess of the valuation figure.
“In fact, over a third of sales over the last three months have been agreed for 10% or more above the valuation figure.
“The market is clearly stronger for sellers than it has been for almost a decade, with low interest rates, rising market confidence and a comparatively strong economy all contributing to higher buyer demand.”
David added: “For buyers however, the market is much more challenging. Invariably people are facing high levels of competition from other buyers and may find that they are unsuccessful with offers on a number of properties before they are able to secure a new home. This problem is particularly acute for first-time buyers as banks are usually only willing to lend up to the valuation figure in the Home Report.
“There is some good news for buyers however. The number of homes that we are bringing to the market is up by around 17% annually. It is important that we continue to see this trend in the months ahead as it will help to balance out the excess of demand over supply which has been prevalent over the last two years.”
Warners operates three property centres in Edinburgh and is one of the capital’s leading estate agents for property transactions.
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