SEPTEMBER 10, 2014 | BY A & S Property
Scottish house sales improve, despite UK slow down
As a property growth decline has been well documented across the summer months, the latest figures from ESPC’s House Price Report show a high number of homes sold in Scotland – particularly in the East Central Scottish market including locations such as Edinburgh, the Lothains and Fife.
Between June and August this year, the number of homes sold across Edinburgh, the Lothians and Fife rose by 13% annually, the report found.
Commenting on the results, David Marshall, Business Development Manager at ESPC said: “The number of homes being bought and sold across Edinburgh, the Lothians and Fife started to rise significantly just over a year ago, and since then annual growth has often stood at 30 – 40%.”
“With market activity having improved over the last year, we are continuing to see more sellers being tempted back. The number of homes coming onto the market between June and August was up by 19% on the same period a year ago. This means that while earlier in the year demand was rising much more quickly than supply, there is now a healthier balance and this should help to ensure that house price inflation does not increase sharply as we move forward.”
The improvement in market activity and favourable conditions have reflected in the shortening of selling times north of the border as between June and August, the median selling time stood at five weeks, according to ESPC, down from eight weeks during the same period last year.
Moreover, the percentage of sales where properties achieved a selling price equal to or in excess of their original Home Report valuation has increased, 66.8% of homes sold in Edinburgh between June and August met or exceeded their valuation, up from 41.8% in 2013. Across the rest of the Lothians, 42.3% of homes achieved their Home Report valuation, compared to 25.7% last year.
“Overall the picture of steady improvement in the market has continued throughout the summer months. Activity has risen among both buyers and sellers while selling times have come down substantially,” Marshall added.
Concluding: “In most areas prices are rising but inflation is typically relatively modest at around 3%. Although sharper shifts in price have been observed in some areas, where larger increases have occurred, these have generally offset falls during the same period last year and vice versa.”