Edinburgh property outperforms UK

Edinburgh’s housing market continues to buck trends being experienced elsewhere in the UK as new statistics reveal that nearly 80% of properties sold for above their Home Report valuation over the last three months.

The latest figures from Warners Solicitors & Estate Agents show that during the period from May to July the average property price was £213,784 - 6.6% higher than the same period in 2016 (£200,471).

This compares to figures from Halifax showing UK-wide growth slowed considerably to just 2.1% in the same period.

David Marshall, Operations Director at Warners Solicitors & Estate Agents, said: “With demand in the market still strong and supply limited, it is probably not surprising that most metrics show that the market is favouring sellers and prices are continuing to surge.

“During the three months from May to July, almost 80% of properties sold through Warners achieved a price that was in excess of their Home Report valuation. A year ago that figure stood at a comparatively modest 60%.”

Picture: an Edinburgh flat on sale with Zoopla for offers over £210,000

Fewer than 14% of properties sold for less than their Home Report valuation between May and July, down almost 25% compared to the same period last year - indicating strength throughout the market.

The average premium that properties are selling for, over and above their Home Report valuation, stands at 6.5%, which based on the mean valuation for properties sold in the last three months means buyers are paying an average premium of over £13,200 above valuation to secure a property.

Despite these figures, there is still evidence of changing conditions in the market that could swing the scales in favour of buyers in the coming months.

Picture: Edinburgh flat, Zoopla

A lengthening in the time properties spend on the market combined with other factors could make it easier for first time buyers to land a rung on the coveted property ladder.

David added: “The average time taken for a property to sell has increased from 15 days earlier in the year to 20 days more recently, and whilst this is still very quick by historic standards, it does reflect the fact that the market has eased somewhat as the year has progressed.

“In large part this has been because we have started to see more properties coming onto the market in 2017.

"During the seven months of the year Warners has brought over 500 properties for sale to the market, a rise of 20% over levels seen in 2016.”

An increase in homes coming onto the market means a greater balance between supply and demand which should help to ease competition between buyers for properties which could stop property prices being driven up dramatically.