Upturn in activity in Edinburgh despite fall in house prices

Whilst house prices are lower than they were a year ago there has been a sharp increase in the number of homes selling. During the first two months of the year almost 900 sales were recorded – 18% higher than a year ago and the highest level since 2008.

David Marshall, business analyst with ESPC commented: “Although prices are lower than they were a year ago we’ve
seen a lot more sales being completed than in recent years. Interestingly, this doesn’t appear to have been caused by a rush of activity from first-time buyers looking to beat the deadline for the Stamp Duty exemption. In fact, properties in the affected £125,000 to £250,000 bracket actually account for a lower percentage of sales than they did at the start of 2011. Instead what we’re seeing is that sellers today are increasingly willing to accept offers below Home Report valuation and this has helped a number of sales to reach completion. “It’s important to note, of course, that sales are still some way below what would have been considered normal levels prior to the credit crunch but the upturn in activity we’ve seen so far this year is certainly positive news for those looking to move home.”

Have your say on this story using the comment section below