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Scottish house sales at the highest level since 2008

From Property Talk Live on April 17, 2014

An increase in the first three months of 2014, across Edinburgh, the Lothians and Fife means that property sales in the area were at their highest level for the first quarter since 2008.

Figures released by ESPC show that demand in the property market in East Central Scotland continued to heat up during the January to March 2014. The total number of sales recorded across Edinburgh, the Lothian’s and Fife rose by 56.9% on an annual basis.   The number of homes coming onto the market also rose, with the recent strengthening in demand tempting many sellers to test the market.

During the first quarter the number of residential homes brought to the market for sale was 18.9% higher than during the same period a year ago.   Whilst activity among buyers and sellers continued to show substantial improvement, at this stage house price growth has remained modest in most areas. In Edinburgh the average house price rose by 1.1% annually to £195,531. Midlothian and West Lothian saw annual growth of 0.5% and 0.8% respectively.

Commenting on the results David Marshall, business development manager for ESPC said:

“We’re continuing to see a real improvement in the number of properties changing hands which is obviously great news for anybody looking to move home.

“At this stage house price inflation in most areas is comparatively low. Although there are some areas where sharper increases have been observed, these generally offset falls witnessed at the start of 2013. For example, the 13.3% increase in the average price of a one bed flat in Gorgie and Dalry followed a decline of 8.7% last year.

“Similarly, in areas where prices have fallen this most commonly came on the back of a rise in price early last year. The 13.7% decline in East Lothian, for example, largely offset a 12.1% annual rise during the first quarter of 2013.”

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Source: Property Talk Live