Page 7 - ESPC Premier Living Spring Summer 2020

Sales and Purchases at Coulters Property,
said: “Ten years ago we were still in the
throes of a recession and the top end of
the market was hit hard. Just as the market
started to recover, the change from stamp
duty to LBTT was significant and resulted
in much higher costs when buying.
“The introduction of ADS was
another consideration for those who
were in a position to buy before selling
who suddenly had to find an extra
four per cent (raised from three per
cent in January 2019) to do so.
“In more recent years, I would say
the general uncertainty in the market
was around a possible referendum and
Brexit and the impact this would have
on the property market and prices.
“Collectively this has all resulted
in a shortage of properties coming
to the market but those that do
have seen strong sale prices.”

ESPC MOVES INTO THE 2020S
Over the decade, ESPC and our
member solicitor estate agents have:
• Listed more than 100,000
properties for sale across Edinburgh,
Lothians, Fife and the Borders
• Sold more than £19 billion worth of
residential property across Edinburgh,
Lothians, Fife and the Borders
• Served almost one billion pageviews to
property hunters and sellers on ESPC.com
• Provided a wealth of content on
espc.com which buyers and sellers
have spent over 1,300 years’
worth of time looking at.

Paul Hilton, CEO of ESPC, commented:
“The past decade has seen significant
changes to the property market in
Edinburgh, the Lothians, Fife and the
Borders. Entering the 2010s not long after
the financial crash, there were initially signs
of recovery which stalled shortly after.
“Since then we have seen many
growth in average selling prices, with a 63 WHAT HAPPENED IN THE fluctuations in terms of demand and
per cent increase over the ten-year period. PREMIER PROPERTY MARKET? supply, impacted by several factors,
Over the course of ten years, transaction from tax changes to political turbulence
HOMES SELLING FASTER IN activity at the higher end of the market has to extreme weather conditions.
EDINBURGH, THE LOTHIANS, grown. Looking at the premier property “After a decade of change at ESPC, we
FIFE AND THE BORDERS market in 2019 compared to 2010, the will continue looking for ways to benefit
The median time to sell homes in number of new homes coming to market buyer, sellers, landlords and tenants
Edinburgh, the Lothians and Fife decreased has increased by 45 per cent. Meanwhile, by adding innovative new features to
by 49 days, from 71 to 22 days. Most the volume of premier property sales our website, running a range of useful
regions within Edinburgh, the Lothians, has increased by 145 per cent. free events and providing free property
Fife and the Borders saw significant Premier properties are also selling faster, advice to those who require it.”
decreases in the average number of days with the median time for a property to be
taken to sell homes. Edinburgh West placed under offer having reduced from
ended the decade with the quickest time 57 days in 2010 to 36 days in 2019. All data relates to residential property
to sell, with properties going under offer Commenting on how the premier listings on ESPC.com, and their
in a median time of just 17 days, down property market has changed over the subsequent sales, from January
from 81 days at the start of the decade. past decade, Denise McKenzie, Head of 2010 to December 2019.

ESPC Premier Living 7