Sellers Taking the Plunge While Edinburgh Market Cools
Wednesday, January 10th, 2018
on behalf of Warners Solicitors and Estate Agents
THE CAPITAL’S housing market is finally showing signs of settling down after a whirlwind 18 months say Edinburgh’s leading property experts.
According to Warners Solicitors and Estate Agents, 2018 is likely to see more sellers – encouraged by a favourable 2017 which saw consistently rising house prices – “take the plunge” and put their properties on the market.
It is anticipated that this will result in a better balance between supply and demand. Already in the closing months of 2017 the soaring premiums that were paid to secure properties earlier in the year were less prevalent thanks to a rise in new property listings.
David Marshall, Operations Director at Warners Solicitors and Estate Agents, explained: “This is long awaited good news for buyers who have been at the sharp end of Edinburgh’s price rises and its undersupply of homes.
“The cooling in the market can partly be attributed to seasonal factors, but, more importantly, there has been a rise in the number of properties coming onto the market.
“The increase in new listings is significant because the main factor driving the seller’s market over the last two years has been that lack of supply. Demand from buyers has consistently outstripped the supply of homes for sale.
“As a result, the homes that were available for sale generally attracted a large number of buyers, resulting in the low selling times and high premiums that characterised the market.
“With more homes now coming onto the market, there is greater competition between sellers leading to the cooling in selling times and premiums that we have seen recently.”
During the last three months of 2017, Warners recorded a 13% annual rise in the number of properties being brought to the market for sale. The average selling price was 5.4% over their Home Report valuation during the final quarter of the year, down from 6.0% in the preceding three months.
It is predicted that the annual house price inflation in 2018 is to stand at around 2.5% in the local market, having been as high as 10% during 2017.
Warners Solicitors and Estate Agents is one of Edinburgh’s leading estate agents, operating three property centres throughout the city.
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