The number of homes sold in Edinburgh early in 2012 has been well ahead of levels seen in recent years and this trend continued into May. Through the first five months of the year the number of sales recorded in the Capital has been at its highest level since 2008 and almost 13% higher than was recorded during the same period in 2011. Across the rest of Lothians the number of homes selling is also well ahead of last year’s levels with completed sales rising by more than 18%.
Commenting on the results David Marshall, business analyst with ESPC, said: “The Stamp Duty holiday which meant first time buyers buying homes in the £125,000 to £250,000 bracket didn’t have to pay the tax finished at the end of March but this hasn’t adversely affected the number of homes selling in the local market. Whilst the saving it offered was certainly appreciated by those who benefitted, the holiday didn’t stimulate a huge number of sales from people who wouldn’t have been looking to buy anyway.
“Market conditions this year are more favourable for sellers than was the case early last year but overall the balance of power still lies in favour buyers. Around 70% of properties sold are being secured for less than their Home Report valuation with the average selling price standing at around 5% below valuation in most areas. This year sellers have shown a greater willingness to accept slightly lower offers on their current property and of course when they then come to buy they can look to recoup any money lost here by negotiating a discount on their new home.”
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