Edinburgh’s property market is showing more encouraging signs of recovery, according to new statistics revealed by the Capital’s leading solicitor estate agent.
Warners has released figures showing that the number of property sales it completed in September has risen by more than a third, compared to the same month in 2008.
According to the data, a total of 67 properties were sold through the firm in September – worth a total value of £12.2 million. In contrast, the firm only sold 47 homes worth a total of £7.6 million in the city during the same period in 2008.
Scott Brown, estate agency partner at Warners, said: “We’ve been seeing promising signs of recovery in the property market for some time now. There’s a lot more confidence among buyers and, as a result, we’ve seen house prices and the number of property sales rising in recent months.
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“We’re delighted with these latest figures. The fact that they are well above their levels from 2008 is a very promising sign for the future of the region’s property market.”
The figures come just weeks after Nationwide revealed its latest stats, showing that the sales numbers had continued to rise in recent months average property price in the UK was now above its figure from 2008.
Recent data from the ESPC has also showed that Edinburgh is enjoying the signs of recovery – with sales numbers rising month-on-month and the average house price in the city for September now higher than in September 2008.
However, Scott adds that although the figures are promising, they should be viewed with a degree of caution.
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He added: “Although the signs appear to be good for the property market at the moment, we need to exert some caution. The market is still significantly below its peak figures from 2007, so there is a long way to go before we can say that the property sector is back in good health.
“The economy is still in a fragile position and, although confidence among house buyers is rising, it is still far behind the levels we experienced during the property boom a few years ago.
“However, these latest statistics are certainly a step in the right direction.”
Warners, which has four property shops in Edinburgh, has been the Capital’s leading property solicitor in terms of property sales and listings for the past decade.