May From the Agent’s Point of View
Commenting on the month’s property news and statistics, MOV8 Real Estate’s Managing Director, Robert Carroll, stated:
“May has seen a significant upswing in property market activity. After an unseasonably quiet April caused by a late Easter holiday, we have seen property sales numbers as a proportion of stock increasing significantly through May 2019.
“After a couple of years where supply of fresh properties coming to the market for sale has not kept pace with buyer demand, it has been great to see a record number of seller instructions too. Our record of 42 new seller instructions in the first week of May is our highest number since early 2017. This is a great sign for property buyers who will have more properties to choose from as we come into summer.
“The uncertainty surrounding Brexit does not seem to be having any effect on the appetite of private property buyers in Scotland and we are seeing no negative effects in terms of property prices nor time to sell. With longer days and better weather, we are optimistic of a great summer ahead for Scotland’s property buyers and sellers.”
House Prices in Scotland up by 3.3%
The latest statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in March 2019 was £149,461 – an increase of 3.3% on March in the previous year. Comparing with the previous month, house prices in Scotland rose by 1.9% between February 2019 and March 2019. The UK average house price was £226,798, which was an increase of 1.4% on March in the previous year and a decrease of 0.2% on the previous month.
The volume of residential sales in Scotland in January 2019 was 6,516 – an increase of 10.3% on the original provisional estimate for January 2018. This compares with decreases of 1.7% in England and 6.0% in Northern Ireland (Quarter 1 – 2019), and an increase of 0.6% in Wales.
Commenting on the release, Business Development Director at Registers of Scotland, Kenny Crawford, said: “Average prices in Scotland continued their upward trend in March, having increased each month since April 2016, when compared with the same month of the previous year.”
Average price increases were recorded in the majority (21) of local authorities, when comparing prices with the previous year. The biggest price increases were in Midlothian and Perth and Kinross where average prices increased by 12.2% to £193,728 and 11.6% to £193,849 respectively. The largest decreases were recorded in Aberdeen City and Aberdeenshire, where average prices fell by 7.0% to £148,236 and 6.1% to £179,215 respectively.
Increase in Average Sales Volumes and Selling Prices in East Central Scotland
Between February and April 2019 there was a 3% year-on-year increase in the number of properties coming to market in east central Scotland and a 1.1% increase in Edinburgh, according to the ESPC. In east central Scotland, there was an 8% increase in sales volume compared to last year, while in Edinburgh there was a 12.9% increase.
During this three month period the average selling price of properties in east central Scotland was £245,208 compared to £235,954 last year, which was a 3.9% increase. In Edinburgh, the average selling price during this period rose by 1.9% to £261,713.
Outwith the capital, from February to April 2019, properties in West Lothian saw a significant increase in average selling prices, rising by 16.9% to £227,111. East Lothian properties also saw a 12.3% increase in average selling prices, while the average selling price of Dunfermline properties increased by 6.4%. Properties in the Scottish Borders saw a 5.1% decrease in average selling prices – this is due to a greater proportion of larger homes being sold last year.
The median time to sell in east central Scotland was 26 days during these three months, which was four days slower than last year. In Edinburgh, the median selling time was 22 days, which was three days slower than last year.
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 instantly book a free valuation appointment online by following this link.
If you are looking to buy a property as a home or investment, please call 0345 646 0208 (Option 2) or email [email protected] and we will be happy to help.