ESPC: Little change in the Edinburgh housing market

The number of homes on the market came down slightly over the summer but is still higher than would normally be seen at this time of year. At the same time the number of people looking to buy is still significantly lower than pre-credit crunch
levels allowing buyers to enjoy more success in negotiations. 68% of Fixed Price properties sold in East Central Scotland over the last three months were secured for less than the asking price, up from 56% during the same period last year.

David Marshall, business analyst with ESPC commented: “There has been little change in the market over the last few months. House prices rose in 2010 but are now starting to ease back meaning home values in most areas are now back in line with levels we were seeing two years ago.

“The market is most challenging for sellers of smaller properties, with low demand from first time buyers and buy-to-let investors meaning those wanting to secure a quick sale at this end of the market will probably have to be willing to accept a lower offer than they might have hoped.

“Trends so far this year have been in line with projections with prices easing back towards 2009. In months ahead this is likely to continue meaning we can expect to see house prices in most areas to remain between 3 and 5% lower than levels seen towards the end of last year.”

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