ESPC has released figures today showing that house prices in Edinburgh city centre rose by 5.7% to £267,249 in the last quarter of 2018.
The ESPC has an office in George Street, but sells houses across East Central Scotland, and prices rose in every area compared with the same period in 2017.
In South Queensferry for example the average price of a three bedroom house rose from £199,161 to £200,028 but in Blackhall/Davidson’s Mains, Silverknowes, Cramond, Barnton and Cammo the average price of a three bedroom house rose by 23.5% from £324,671 to £401,131.
Typically houses were selling for a little more than the Home Report valuation and selling in around 22 days, although flats in Portobello and Joppa were sold in an average of 13 days. There were more houses put up for sale in the last months of 2018 which is good news for those wanting to buy.
Jamie Fraser-Davidson, Business Analyst at ESPC, said: “At the start of 2018, the east central Scotland property market was limited by the shortage of properties coming to market so it is encouraging to see a significant upswing in the number of new listings in the final few months of the year – this is a good sign for buyers. At the same time, average selling prices are continuing to rise at a steady pace which is positive news for sellers.
“Although it’s still unclear exactly what 2019 will bring in terms of changes to the UK housing market, particularly considering the uncertainty of Brexit, the east central Scotland property market ended 2018 in a strong position and appears set to face the challenges of the upcoming months.”