The Edinburgh Property Market in 2013

The property market in Edinburgh has made a strong comeback in the last six months and we have turned a corner and returned to a stronger market. Closing dates for offers are back and many properties sell within days of coming on the market, with most now selling above their home report value. Following the credit crunch it seemed closing dates were a thing of the past, however, the majority of the properties which I have submitted offers on for clients are at a closing date.

Prices in some areas are also returning to those we were seeing pre-recession, and there seems to ba a rush to get on the property market before prices run away again.

For the period of April to June 2013 the average house price in Edinburgh was £212,895, which was a 3.4% drop in the annual average, but a 4% rise on the quarter. A total of 2,259 properties were sold in the same period*. Between May and July, the Edinburgh Solicitors Property Centre (ESPC) recorded a 24.1% rise in the annual sales for property bringing the market to the highest level since 2008. There was also a rise of 5.1% in the number of properties coming onto the market.

Claire Scott, Property Executive at Boyd Solicitors, has commented that whilst there has been a general rise in the number of properties coming onto the market, there are still shortages in many areas which have resulted in a high demand for these homes when they appear on the market. Purchasers in such areas are often paying over the Home Report valuation by a substantial amount. We are quickly running out of stock and family homes selling in the region of £250,000 to £500,000 are particularly scarce.

Lending is also back to a far more sensible level than we have previously seen and we are delighted to see a rush of first time buyers coming back to the market who are eager to get a foot on the property ladder whilst prices are still reasonable.

Mark Hendrie, Partner, Boyd Solicitors

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