A new survey has shown that property sales in Edinburgh are among the fastest in the UK. The report, which is based on data from property website Zoopla, revealed that sales in Edinburgh are fourth fastest across the whole of the country.
The fact that properties are selling quickly in the Capital will come as no surprise to anybody who has been keeping an eye on the local market. As we have reported on several occasions over the last year, Edinburgh is in the midst of the strongest sellers market in almost a decade. Buyer demand is high but there is a shortage of properties coming onto the market. In many cases properties that are well-marketed are attracting a large amount of interest allowing sellers to set a quick closing date and attract offers in excess of the Home Report valuation.
In fact at Warners, our average selling time so far this year is even quicker than the figure of 32 days quoted by Zoopla. Among the over 130 properties sold by Warners in Edinburgh so far this year the average selling time stands at just 15 days, with these properties achieving a price that is 7% above their Home Report valuation.
This is obviously great news for sellers, but for those who are looking to buy it’s clearly a tough market. There is some good news for buyers however as we are now starting to see some improvement in the supply of properties coming onto the market. The number of properties that Warners has brought to the market so far this year is up by almost 20% annually, with more sellers willing to take advantage of the market conditions and get their home up for sale.
Moving forward this will help to bring more balance to the market but the reality is that even with this improvement in supply, conditions will continue to favour sellers in the coming months.
If you are thinking of buying or selling a property, feel free to contact us on 0131 667 0232. One of our team will be delighted to help you with any questions you might have about the current market, the buying and selling process in Scotland, and how Warners can help you to get the best possible result from your sale or purchase.