House prices in Edinburgh up 35 per cent over last five years

The three areas showing the greatest house price increases over the last three months, compared with the same period last year, are one bedroom flats in Dalry, Gorgie, Slateford and Chesser, up 28.5 per cent year on year to £144,052; two bedroom flats in Portobello and Joppa, up 28.6 per cent to £241,641; and three bedroom homes in Liberton and Gilmerton, up 28.2 per cent to £281,630.

Looking at these types of property over the last five years, we found that the average selling price of a one bedroom flat in Dalry, Gorgie, Slateford and Chesser has increased by 35 per cent since 2013. In 2013 the median time sell was 92 days, but in 2017 the average time to sell was 14 days.

For Portobello and Joppa, the average selling price of two bedroom flats increased by 27 per cent over the last five years, from £210,862 to £266,123. In 2013 the median time to sell was 63 days, and in 2017 the median time to sell was 21 days.

For three bedroom houses in Liberton and Gilmerton, the average selling price increased by 15 per cent over the last five years, from £166,123 to £210,862. The median time to sell in 2013 was 63 days, compared with 21 days in 2017.

Over the last three months, the housing market in Edinburgh and east central Scotland has continued to experience fewer sales and listings coming to market when compared with last year, and this is resulting in a market that is in favour of the seller.

The median time to sell over the last three months for all properties in east central Scotland is 22 days - 24 per cent faster than the same time last year. In Edinburgh, the median time to sell is 20 days – 22.6 per cent faster than the same time last year.

ESPC’s business analyst Maria Botha-Lopez, said: “Property prices in some areas of Edinburgh have risen fast over the last five years, and over the last couple of years in particular, the market has been in favour of the seller. This is the result of a decrease in the number of new homes being brought to market – over the last three months there were a decrease by 3 per cent annually, along with a 2.8 per cent drop in sales.

“Over the last three months, the percentage of properties sold within 14 days rose by 13.3 per cent year-on-year to 35.4 per cent, and 29.4 per cent of sales set a closing date, indicating that sellers are attracting a number of competing offers from buyers. With 91.4 per cent of properties listed between December and February 2018 being marketed as ‘offers over’, solicitor estate agents and sellers have increased confidence in the selling side of the market. We would encourage sellers that now is particularly good time to put your property on the market.”