Sales soar by 25 per cent as city property market lifted

Published on Friday 6 November 2009 10:07

THERE was a further boost for Edinburgh's embattled property market today with the news that sales have soared by 25 per cent.

More than 2,100 homes were sold between July and September, and the average price is also up by 4.9 per cent, according to the latest authoritative figures from Registers of Scotland.

Although prices are still lower than the same period last year, property experts say it is further evidence of the market recovering. They say buyers are cautiously optimistic and are regaining confidence.

The figures show that the average house in Edinburgh cost 208,221, compared with 198, 449 just three months earlier. This is 7.9 per cent lower than in the same period last year.

House prices in East Lothian have risen by 12.5 per cent in three months, one of the largest rises in Scotland. Prices in Midlothian and West Lothian also rose, by 7.8 per cent and 6.4 per cent respectively. Registers of Scotland compiles data from all properties sold across the country.

Scott Brown, an estate agency partner at Warners, said the market was gradually recovering. Sellers are also returning to asking for "offers over", rather than a fixed price. He said: "There is certainly a lot more confidence now. People are treading sensibly and cautiously, and we are seeing a gradual improvement. We're now selling around 15 or 16 properties a week, compared to five or six at the worst point.

"Lending is also a little better, although the criteria are still tighter than they used to be."

The new figures show that semi-detached properties in Edinburgh have risen by the greatest amount, and are up by 12.5 per cent in three months. Flats have increased by 5.7 per cent, and detached properties rose 5.5 per cent. But terraced houses fell by 6.9 per cent in price.

Homes in the Capital are still the most expensive in Scotland, compared with a national average of 154,453.

Sheenagh Adams, the Keeper of the Registers of Scotland, said: "These figures show improvements in the market although we received fewer transactions than the same period last year."