Recently released figures have revealed the top performing areas and property types in East Central Scotland, and they may surprise you.
Figures released by ESPC reveal that three bedroom houses in the Blackhall, Davidson Mains and Silverknowes area of Edinburgh increased in price by a staggering 26.7% from £287,054 to £363,743 between December 2016 and February 2017.
While the Blackhall, Davidson Mains and Silverknowes area saw a significant increase in price for three bedroom houses, the South Queensferry and Dalmeny area also saw an increase of 25.4% for three bedroom houses.
We previously reported significant increases in the selling price of typical first time buyer properties, such as one and two bedroom flats in areas of Edinburgh like Leith and Portobello.
Recent figures show that the average selling prices for typical first time buyer properties such as these, while still showing positive growth, are more subdued when compared with the stronger price increases that have been seen for three bedroom properties, often the next step on the property ladder for those moving from their first time purchases.
Of course, properties that appeal to first time buyers are also typically popular with investors and it’s possible that prices are coming under control due to decreased demand by investors for these first time buyer properties as a result of the introduction of the Additional Dwelling Supplement introduced by the Scottish Government in April 2016 in an attempt to curb the growth of the buy to let market and to increase the availability of properties to first time buyers. Indeed, recently released figures from the Council of Mortgage Lenders show that first time buyer lending increased through the last quarter of 2016 whilst buy-to-let lending decreased.
Outside of Edinburgh, West Fife and Kinross has seen a spike in property selling prices, with the average selling price of a property rising by 9.1% between December 2016 and February 2017, while East Lothian has seen an increase of 15% in property prices during the same period.
All of these figures sit against a backdrop of an average increase of 5.3% in property prices, for all property types, across East Central Scotland.
If you are looking for advice about buying a home, please do get in touch with us by calling 0345 646 0208 (Option 4) and one of the experts in our Conveyancing Department will talk you through the process and help you to get the best deal on your purchase.
If you’re thinking of selling and would like a free valuation or a transparent breakdown of the costs of selling your home, just call us on 0345 646 0208 (Option 1) or email [email protected] and someone from our Valuation Department will be delighted to help.