First time buyer hot spots selling quickly in Edinburgh - ESPC

Over the last three months, from July to September 2017, the firm said one bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington have achieved the highest percentage over the Home Report valuation at 111 per cent, and are selling the fastest, at 13 days.

The average selling price in these areas have increased by 11.8 per cent to £141,373. Similarly, one bedroom flats in Abbeyhill and Meadowbank have increased by 15.7 per cent to £154,973, and Gorgie and Dalry by 17.8 per cent to £134,342.

Also in Edinburgh, ESPC said three-bedroom homes in Corstorphine, Clermiston, East Craigs and South Gyle are showing the highest increase in average selling prices at 23.6 per cent to £324,032.

The increase in these areas is being driven up by demand for three bedroom homes outside of the city centre. While Corstorphine is now pricing out buyers on a modest budget, those still looking for a home in the west of the city have turned to neighbouring Clermiston, South Gyle and East Craigs to buy a property.

Elsewhere, properties in East Fife have shown the largest year-on-year increase in average selling prices in east central Scotland, and this increase of 25.9 per cent has been driven up by sales of property over £350,000, according to latest ESPC data.

ESPC’s business analyst Maria Botha-Lopez, said: “We have seen an increase of 4.7 per cent in the number of homes sold in east central Scotland between July and September 2017, continuing the recovery of year-on-year increases in sales volumes. However the number of new homes brought to market between the months of July and September decreased by 0.5 per cent, after a promising sign of recovery over the last couple of months, and it is this lack of availability of properties to buy that is putting demand on the market and resulting in these increases in average selling prices. With 89.1 per cent of properties listed between July and September 2017 being marketed as ‘offers over’ this also indicates how strong the market is for the seller, where their solicitors are confident that they will achieve over the asking price.

“While first time buyers may be disheartened by the quick selling times and increase in average selling prices in some of Edinburgh’s most popular places, the most affordable types of properties are two bedroom flats in Craigentinny and one bedroom flats in Gorgie, for example. It would also be worth looking outside of Edinburgh, in East Lothian or West Fife, where there is less pressure on the market.”