Support, Advice and Experience within the Property Market

Scottish property market reaches 7 year high

From Property Talk Live on November 25, 2014

Latest figures released by ESPC reveal that across Edinburgh, the Lothians and Fife, housing market activity has reached its highest level since 2007.

Between August and October the leading property marketing company in East Central Scotland observed a 13% rise in the number of homes sold. Seller activity also improved with the number of homes coming onto the market increasing by just over 10% annually.
With the number of homes changing hands on the rise, selling times have shortened substantially. In the last three months the median selling time throughout the region stood at six and a half weeks, down from nine weeks during the same period a year ago and from 12 weeks in 2012.

There has also been a notable improvement in the number of sellers whose properties achieve their Home Report valuation. Within Edinburgh, 60% of homes sold over the last three months achieved a selling price equal to or in excess of their original Home Report valuation. During the same three month period last year that figure stood at 41% of homes sold. Across the rest of the Lothians and Fife 36% of properties sold during the last three months achieved their Home Report valuation compared to 28% a year ago.

Commenting on the results David Marshall, Business Development Manager with ESPC said:

“We’ve seen a steady upturn improvement in the property since the middle of 2013 and that trend has continued into October with the number of sales and new instructions both higher than was the case a year ago. The level of activity we saw between August and October was the highest we’ve seen during that period since 2007 and this has led to properties selling more quickly and more sellers achieving their properties Home Report valuation.

“As has been the case in recent months, house prices are rising in most areas. Generally, where prices have risen more quickly this has been due to a rise in the number of larger properties selling but as we move forward it will be important that the number of homes coming onto the market continues to improve to avoid a situation where demand exceed supply for a prolonged period.”

Have your say on this story using the comment section below

Source: Property Talk Live