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Premier PROPERTY

ASK THE EXPER T
MARKET UPDATE

What’s been happening Edinburgh’s New
in the premier property Town is one of the
top districts for
market in Edinburgh, premier properties

the Lothians, Fife
and the Borders?

FROM the delay of the initial Brexit
date to the resignation of Theresa May
(and subsequent appointment of Boris
Johnson as Prime Minister in July), the
first six months of 2019 was a turbulent
time in British politics. However, has
this political uncertainty impacted the
premier property market in Edinburgh,
the Lothians, Fife and the Borders?
Here’s an update on what happened in
the market over the first half of 2019.

KEY STATISTICS
Over the first six months of 2019, the
average selling price of properties over
£500,000 in Edinburgh, the Lothians,
Fife and the Borders was £659,797, to put premier homes on the market. average selling prices of £614,370,
which was a 3.8 per cent increase However, the year-on-year increase in £626,403 and £678,892 respectively.
on the same period in 2018. The properties coming to market is far less
average percentage of Home Report pronounced than the increase over the LOOKING TO THE FUTURE
valuation achieved was 105 per cent last six months of 2018, suggesting So, what can we expect from the
compared to 106.4 per cent last year. sellers are less confident, possibly as a premier property market towards the
During this period, the median result of ongoing political uncertainty. end of 2019 and start of 2020?
selling time of these properties was The increase in homes over £500,000 Jamie Fraser-Davidson, Business Analyst at
27 days, which was three days slower coming to market is partially also caused ESPC, said: “The premier property market in
than last year, but significantly faster by rising selling prices. The high demand Edinburgh, the Lothians, Fife and the Borders
than two years ago – in 2017 the along with a shortage of supply has resulted is had a strong start to 2019, with the first
median selling time was 41 days. in selling prices increasing significantly six months of 2019 showing rising selling
There was a significant increase in in Edinburgh and the surrounding areas, prices, more properties coming to market
sales volume, with the number of with homes frequently exceeding Home and an increase in sales volume. We are also
premier property sales rising by Report valuation. This has resulted in the still seeing relatively short selling times.
11.6 per cent compared to last year. This average Home Report valuation increasing “It is possible that ongoing political
is due to an increase in the number of which, in turn, pushes up asking prices, uncertainty is leading sellers to be more
premier properties coming to market – and has resulted in a greater proportion cautious, resulting in a cooling in the
the number of premier property listings of properties over £500,000 in Edinburgh, number of properties coming to market.
over the first six months of 2019 was the Lothians, Fife and the Borders. However, buyer demand for higher value
up 8.3 per cent. In the last six months homes remains strong and we expect this
of 2018, the number of listings had TOP DISTRICTS FOR to continue, which will hopefully lead to
increased by 28.9 per cent year-on-year. PREMIER PROPERTIES increased seller confidence as we approach
During the first half of 2019, the the end of the year and early 2020.”
REASONS FOR THE INCREASE IN districts with the greatest volume
PREMIER PROPERTY LISTINGS of premier property sales were New p
At ESPC we
There are a couple of potential reasons Town, Newington and North Berwick. offer free advice
for the increase in properties over The average selling prices of premier every day of the
£500,000 coming to market. In recent properties in these areas were £682,348, week at our George
years, in Edinburgh and some of the £653,061 and £657,037 respectively. Street Property
surrounding areas, lack of property This is quite different to the same Information Centre.
Call 0131 624 8000
coupled with high demand resulted in a period last year, when the top three or go to espc.com
sellers’ market with rising selling prices. areas for premier properties sales were to find out more.
This likely provided sellers with confidence West End, Trinity and New Town, with

48 ESPC Premier Living