In the first quarter of 2020, the average selling price in Edinburgh, the Lothians, Fife and the Borders was £240,689, a 1.6% increase on the previous year.
The number of houses being put up for sale has gone down by 8.4% year on year, although homes sold during the period were usually under offer within 27 days.
The volume of residential sales in the area has reduced by 9.2%, and it will surprise no-one that most of that decline was concentrated in the final two weeks of March.
But average selling prices have remained relatively steady. In the city the average selling price was £258,685 up 2% from last year.
Jamie Fraser-Davidson, Business Analyst at ESPC, said: “In the first quarter of 2020, there has been reasonably significant decreases in property sales volume and the number of homes coming to market in Edinburgh, the Lothians, Fife and the Borders.
“These declines were concentrated in the last fortnight of March, caused by the COVID-19 outbreak in the UK and resultant social distancing measures.
“However, during this three month period, average property selling prices and the average percentage of property valuation achieved have remained relatively steady compared to last year.”
Paul Hilton, CEO of ESPC, said: “As expected, the current social distancing measures have impacted the volume of property sales and number of homes coming to market. Prior to the last two weeks of March, we were seeing a strong start to the year, both in terms of sales and instructions.
“We expect overall market activity to be much lower than usual for this time of year while these measures are in place. However, since the commencement of social distancing and the daily restrictions on everyday lives, some of our agents are still reporting that they are receiving offers on properties, often over the Home Report valuation. This indicates that confidence remains in what has historically been a very resilient marketplace.”
Craig Forster, Partner at McDougall McQueen, said: “In the last two weeks , despite the temporary closure of many of our branches as a result of the social distancing measures imposed, our teams , who are operating remotely, have continued to receive and make a number of offers for properties throughout Edinburgh and the Lothians. Last week we received seven offers for seven different properties in one day alone.”
Founding Editor of The Edinburgh Reporter.
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