Growth & Stability Return To The Edinburgh Property Market
The Edinburgh property market has continued to see healthy growth according to CKD Galbraith.
The office in Edinburgh city centre has reported an increase in property sales and a rise in the number of high quality houses coming to the market during the third quarter (Q3 July to September 2015).
CKD Galbraith’s research shows a promising picture for the Edinburgh property market and for the Scottish market as a whole, which experienced many changes during the first six months of 2015 including a new stamp duty system and the General Election. However, the third quarter’s figures for the capital city and surrounding areas reflect the growth and stability that the property market is now benefitting from.
CKD Galbraith’s Edinburgh office statistics from the third quarter show:
- The number of properties sold during this period in Edinburgh was up 38% compared to the same period in 2014
- The number of properties on the market also increase by 10% compared to the same quarter of last year
- 55% of buyers were national, 27% local and 18% international
- The average sale price for the third quarter was £684,022
- 55% of completed sales were to cash buyers
Jamie McNeill, Head of Residential at CKD Galbraith’s Edinburgh office, said
The Edinburgh property market has witnessed a return of buyer and seller confidence during the third quarter, with an increase in the number of properties coming to the market. We have also experienced a return in the sale of high end family homes and townhouses in excess of £750,000, a positive trend that we expect to increase throughout the remainder of the year.
The market for good quality property at a range of prices is still strong in Edinburgh with a high percentage going to closing dates. A recent example of this is 24 Thorburn Road in Colinton which appeared on the market in October for offers over £795,000 and was sold by the Edinburgh team after only one week! The property was sold at a closing date achieving 10% over the asking price and 5% over the Home Report value. Generally the market is very buoyant with good quality properties selling quickly so very encouraging signs for the final months of year and moving into 2016.