Since December 90% of Edinburgh homes have sold for more, with the report concluding that conditions aren’t particularly favourable for buyers at the moment.
Nine in 10 Edinburgh homes are selling above the valuation provided in the home report, data from an estate agent based in the city indicates.
Warners Solicitors and Estate Agents data shows that since December 90% of Edinburgh homes have sold for more than the valuation, as the agent concluded that conditions aren’t particularly favourable for buyers at the moment.
David Marshall, operations director with Warners, said: “The property market in Edinburgh and the Lothians remains challenging for buyers, and in particular those who are looking to get onto the property ladder.
“Take the example of a first-time buyer looking to buy a one-bedroom flat in Edinburgh valued at £130,000.
“As properties are achieving an average premium of 6.7% above their valuation, on average, we can expect this flat to sell for £8,710 more than its valuation.
“For many that presents a hurdle that is difficult to overcome without turning to the ‘Bank of Mum and Dad’ for assistance, if that is an option open to them.”
New listings through the estate agent have risen by 10% annually, with strong conditions tempting more sellers to put their house on the market.
Marshall added: “The improvement in the supply of properties to the market will help to ease pressure on buyers over the medium term.
“We are also seeing signs that the property market south of the border has started to slow down somewhat and it is likely that this will have a knock-on effect to the local market as we move forward.
“At this stage we continue to expect there to be greater balance between supply and demand as we move forward in 2018 and this will help to moderate some of the high premiums we are currently seeing in the months ahead.”
