Rise in Properties Coming to Market in East Central Scotland
There has been a significant increase in the number of properties coming to market in east central Scotland which is a positive sign for buyers. From August to October 2018 there was a marked increase of 10.9% in the number of properties coming to market compared to the same period last year, according to the ESPC. In Edinburgh specifically there was a 5.6% increase compared to last year.
Between August and October 2018, the average selling price across east central Scotland rose to £246,927 compared to £232,814, which was a 6.1% increase. In Edinburgh, the average selling price was £267,451, which was a 6.8% increase compared to the same period last year. The number of homes sold during this period decreased by 0.4% annually, a less pronounced decrease than in previous months. The median selling time of properties over the past three months was 20 days, which is one day slower than last year. Within Edinburgh this figure was 19 days, one day slower than last year.
ESPC’s Business Analyst, Jamie Fraser-Davidson, said: “It is encouraging to see a 10.9% increase in the number of properties coming to market over the last three months. This is a positive sign for buyers and indicates sellers’ confidence in the current market conditions, likely due to the continued trends of increasing average selling prices, short selling times and properties exceeding their Home Report valuation. As we get further into the winter months and closer to Brexit, it will be interesting to monitor the impact on both sellers’ confidence and buyer demand.”
Average Price of Property in Scotland Up 5.8% on Previous Year
The latest publication of the monthly UK House Price Index (September 2018) shows that the average price of a property in Scotland in September 2018 was £152,961 – an increase of 5.8% on September in the previous year and a decrease of 0.1% when compared to the previous month. This compares to a UK average of £232,554, which was an increase of 3.5% on September in the previous year and no change (0.0%) when compared to the previous month.
Average price increases were recorded in the majority (27) of Scotland’s local authorities in September 2018, when comparing prices with the previous year. The biggest price increases were in West Dunbartonshire and Glasgow City, where average prices increased by 11.9% to £109,828 and 10.4% to £137,507 respectively. The largest decreases were recorded in Aberdeen City and Scottish Borders, where average prices fell by 4.4% to £161,439 and 2.7% to £151,200 respectively.
Properties Across Scotland Selling for an Average of £16k More Than Asking Price
According to the latest quarterly Scottish House Price Report (July – September 2018), published by s1homes.com, properties across Scotland are selling for an average of £16,000 more than their asking price, almost £7,000 more compared to the previous quarter. The average selling price has increased this quarter by 3% to £181,572 while the average asking price has slightly decreased by 0.7% to £165,635.
Glasgow and Edinburgh continue to be hot spots, with selling prices increasing quarterly. In Glasgow/Dunbartonshire, properties are selling at £40,000 above their asking price, a significant increase of almost £18,000 from the previous quarter. In Edinburgh, properties are selling on average for £28,000 more than their asking price, up from £23,000 last quarter.
UK Housing Market: Properties in Edinburgh and Glasgow Sell Fastest
Homeowners in Edinburgh and Glasgow will see their homes sell fastest in the UK, spending 39 and 48 days on the market respectively, according to the latest Post Office Money and Centre for Economics and Business Research report (City Rate of Sale Report 2018). Glasgow’s market also remains particularly competitive with the fastest house price growth of major UK cities. While properties in both cities remain relatively affordable when compared to the rest of the UK, both have also seen strong population growth which has increased demand for houses in areas with an undersupply of homes.
In the UK it takes on average 102 days to sell a property. Properties in Blackpool and London take the longest to sell, on average 131 and 126 days respectively. The report, using the latest available data from Home.co.uk and the Land Registry House Price Index, looks at the average time it takes for a property to sell in 35 major cities across the UK. Overall the amount of time sellers had to wait before receiving an offer was one week more, increasing from 96 days in 2017.
From Our Point of View
October, November and the beginning of December have seen a continued strong market for our property sellers’ properties, with demand remaining high and continuing to outstrip supply of new properties coming to the market. This of course has the effect of generating Closing Dates, driving competition between buyers and ensuring that properties are selling quickly and for good prices across the board. Whilst the Edinburgh market remains the most buoyant, we are seeing good demand for properties in other parts of Scotland too.
The number of properties coming to the market at this time of year always decreases. However, this actually means that Winter is a fantastic time for property sellers. This is particularly so in the current market where buyers have had a tough year trying to find and secure the purchase of their ideal home: they don’t stop looking for properties just because the nights are drawing in!
Whilst all types of properties will sell well at this time of year, if you have a well-presented, cozy flat or house it will particularly stand out from the crowd. So, if you have an open fire or stoves, fire them up and give your potential buyers a glimpse of the sort of comfort they could enjoy if they buy your home.
We’re Here to Help
If you are thinking of selling your home or investment property, get in touch with us by calling 0345 646 0208 (Option 1) or by emailing [email protected] to organise a free valuation of your home or to get a full, transparent breakdown of the costs of selling your home.
You can also now instantly book a free valuation appointment, online, by following this link.