Edinburgh comes out top in number of sales as the average house price increases
As Scotland’s house prices continue to increase, all the signs are pointing to the fact that this really is a great time to sell.
And in Edinburgh, in particular, strong demand coupled with a shortage of houses being listed for sale has seen the capital’s housing market surge forward.
The latest Registers of Scotland (RoS) monthly report for September tell us that Edinburgh’s recorded the largest number of residential sales in Scotland.
Average prices in the capital jumped by almost 2% compared with September 2015, the RoS report also revealed.
Across Scotland, the percentage increases in average house prices have been showing steady growth, with month-on-month increases in every month this year apart from February. Average prices have been steadily increasing on a year-on-year basis, too, with only one drop in average price being recorded in the last three years. This was in March of this year.
The statistics from the RoS also show there is no indication of a drop in buyer activity. The volume of residential sales in Scotland in July 2016 was 9,108 – 11.8 per cent higher than July 2014 and 19.6 per cent higher than July 2013.
What does this all indicate though? Well, it provides strong evidence that the number of properties in Edinburgh versus the demand is still not evenly matched – that brings with it a return to closing dates and competition. When that happens in a property market, house prices are going to continue to rise.
For anyone thinking about selling the advice seems overwhelming. If you have a good property, there is every likelihood it will sell quickly and go for over the Home Report value.
We’d even suggest sellers are not dissuaded by the thought that no one wants to buy in December. The market is hot – we would not be surprised to see properties continue to sell right up to Christmas Eve.
And the advice for those wanting to buy: with property prices continuing to rise, the wise investment may well be to invest now rather than have to buy later at a premium. Indeed, the pointers suggest that prices will only continue rise over the next six months, so putting off that purchase now could cost you in the short-term.
Get in touch with Gibson Kerr and discuss selling or buying a property contact us on 0131 226 9167 or visit the property section of our website.