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ESPC House Price Report Q4 2009

Overall trend of incremental improvement in the housing market continues!

  • An increase in the proportion of larger properties selling helps fuel a 12.8% annual rise in the average house price in Edinburgh.
  • Rate of increase also higher as comparison is against market lows recorded during Q4 2008.
  • Average house price in Edinburgh increased annually during each of the last five months of 2009.
  • Over 1,300 property sales were recorded in Edinburgh during the last three months of 2009 – an increase of 57% on the same period in 2008.
  • 45% of properties sold at Fixed Price achieved the asking price during Q4 2009 compared with 26% in Q4 2008. Prices during 2009 were supported by low interest rates and a shortage of supply of homes to the market.
  • 2010 expected to see home values remain flat, whilst the number of homes selling will increase compared to 2009.

The average house price in Edinburgh showed an annual rise of almost 13% during the last three months of 2009. A 12.8% increase took the average selling price of a property in the Capital from £193,354 to £218,043. The rate of increase was inflated due to a rise in the proportion of larger homes selling. However, looking at like-for-like sales (ie, sales of properties of similar size and type) reveals that the recent trend of modest rises in home values had continued. The number of properties sold in the Capital showed a significant increase on the record lows recorded toward the end of 2008. Over 1,300 homes were sold in Edinburgh between October and December in 2009 – a 57% rise on the 825 sales that were completed during the same period in 2008.

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Posted on Friday, 08 January 2010 under Website