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Property Market Showing Positive Signs of Growth

Published: 01/12/2020

While this year has been difficult for many people and businesses to navigate, it seems that the property market in Scotland has bounced back successfully.
When comparing the most recent 3 months with the same time last year there are positive signs showing that the property market has started flourishing.

Average percentage of valuations

The average percentage of valuations during the last three months in Edinburgh was 104.9% compared to 104.5% last year.
Two bedroom flats in Portobello and Joppa achieved 106.7% of Home Report valuation on average, up 0.5% compared to last year.

Newly listed properties

In Edinburgh there was a 55.5% increase in Edinburgh homes coming to market compared to the previous year.

House selling times in Edinburgh

In Edinburgh, the average time for a property to be placed under offer over the last three months was 17 days, four days faster than last year.
While properties saw the average selling times reduced to 16 days, three days faster than last year.

Property sales

From September to November 2020, the volume of property sales in Edinburgh, the Lothians, Fife and the Borders increased by 31.6% compared to the previous year. This sharp increase reflects how busy the market has been in recent months.

In Edinburgh, the property selling price rose to £287,250, a 7.7% increase compared to last year. Two bedroom flats in Portobello and Joppa saw an increase of 13.1% compared to last year, but two bedroom flats in the New Town and the West End saw a 9.6% decrease.

Over the last three months, the average valuation of two bedroom flats in the New Town and the West End has reduced by 4.8% in comparison to last year, so lower value properties on the market is a likely factor in this price decrease.

Property market summary

•    From September to November 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders rose by 9% year-on-year to £268,923.
•    Between September and November 2020, the volume of property sales in Edinburgh, the Lothians, Fife and the Borders increased by 31.6% compared to last year.The number of homes coming to market during this period in these areas rose by 42.1% year-on-year.
•    Across Edinburgh, the Lothians, Fife and the Borders, the median time for a property to be placed under offer over the past three months was 17 days, four days faster than last year.
Over the past three months, the average property selling price in Edinburgh, the Lothians, Fife and the Borders has risen 9% year-on-year to £268,923.