The Edinburgh Solicitors’ Property Centre (ESPC) reported today that the average selling price of homes in Edinburgh and surrounding areas rose by 8.1% year on year to £269,542.
During the last quarter of 2020 there were almost 40% more properties sold than in the same period in 2019, and most homes sold in 18 days compared to 22 days in the previous year. Overall 54.8% more properties were placed on the market for sale in the quarter than in the previous year.
Two bedroom flats in Portobello and Joppa increased by 15.5% with an average selling price of £273,591, and the average Home Report valuation of these homes increased by 20.1% in the three months to December 2020.
Although the average selling price of New Town Properties of the same size decreased in the same period the ESPC say it is due to lower value properties listed in the area.
In Midlothian prices rose by 10.6% and in East Lothian the sales prices rose by 6.3%.
Paul Hilton, CEO of ESPC, said: “ The end of 2020 saw higher selling prices, faster selling times and far more homes coming to market in Edinburgh, the Lothians, Fife and the Borders compared to the end of 2019. Homes are generally continuing to sell well but there’s also a good choice of properties on the market.
“The Scottish Government has confirmed that house moves and associated activities, including property viewings, can go ahead under the new lockdown restrictions provided they can be carried out safely. However, they continue to advise that those under level four restrictions may wish to postpone house moves and related activities if possible.
“Public health and safety is of the utmost importance at this time. I would advise those interested in buying or selling a property in 2021 to seek expert advice from a solicitor to find out about market conditions and get up-to-date information about the latest guidance on COVID-19 and house moves.”