Edinburgh Housing Market Struggles to Keep Pace With Buyer Demand
Throughout the summer, the picture in the local market has been very similar to that which we have seen over the last 18 months. The number of people looking to buy is exceeding the number of homes for sale and as a result, the balance of power in the market lies firmly in favour of sellers at present.
At Warners, the properties we advertise are spending an average of less than three weeks on the market before going under offer. Although there are always exceptions, in the majority of cases, properties coming onto the market just now are attracting multiple notes of interest. This allows sellers to set a closing date where buyers will be motivated to submit their best offer and as a result in most cases properties are achieving prices that are equal to or above their Home Report valuation.
This is borne out by the figures we saw in ESPC’s recent House Price Report which showed that over 70% of homes sold in the three months to July met or exceeded the Home Report valuation. That’s up from a little over 60% a year ago. ESPC’s report also revealed that this excess of demand over supply had seen the average house price across Edinburgh rise by more than 8% annually, from £222,312 a year ago to £240,440 this year.