EdinbuRgh
PulsE
attainable,” says Faisal Choudhry from number of properties sold in edinburgh (recorded by ESPC)
Savills’ research department.
2007
The average Edinburgh house price has 1200 2008
fallen by 6.8 per cent annually in the first
2009
1000
three months of 2009, according to
800
statistics released at the beginning of April
by the ESPC. In the East Central Scotland
600
region the fall was 7.2 per cent. The
400
average price of a home in Edinburgh is
200
now £195,895. For the month of March
0
alone, the average house price was
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
£194,683, a year-on-year decrease of 12.6
per cent. For the region, the average selling ESPC has backed up the view that selling remained stable over the last six months,”
price is now £180,545. By comparison, the prices in Edinburgh were holding steady. said Mr Smith. “In Edinburgh, this has seen
Halifax House Price Index saw the average ESPC chief executive Ron Smith still sees the average figure sit somewhere between
UK house price fall annually by 17.5 per reason to be positive, “Even though the £192,000 and £200,000. Buyers are
cent to £157,326 in the first three months volume of sales is still down, there is some continuing to benefit from their stronger
of 2009, while Nationwide recorded a fall leveling off in the last three months and we position as only one in five properties is
of 16.5 per cent to £149,709. are starting to see signs of more stability in achieving its fixed price.”
The ESPC also reported sales volumes property prices,” he says. Monthly and Property group ELPG has also put out
down by almost half from 1606 to 818, but quarterly figures continue to show year-on- an upbeat statement reporting more than
Edinburgh’s property market may be year falls in house prices, but Ron Smith 40 property sales through its Spring Sales
finding its feet again. Nationwide’s figures remains guardedly optimistic about the initiative, with a total value worth in excess
say prices were up almost one per cent in direction of the market. “It’s important to of £6.5 million. Under the initiative,
March; the average is now £150,946. note that the average house price has launched earlier this year, prospective
The 0.9 per cent increase was described buyers can compare reduced house values
as a ‘surprise bounce’ and the group with the previous prices set for the
warned against drawing early conclusions properties last year. ELPG report that some
that the market has changed across the individual firms have carried out 13
country. Some local agents however have property sales each in just one week.
seen recent sales figures doubling those of More sellers are also choosing to market
January and February. their home at an ‘offers around’ price,
Warners report that it carried out 29 rather than ‘offers overs’ or ‘fixed price,’
private property sales in March, together which is helping to attract buyers.
worth more than £5 million – including, Angus Macpherson, partner at ELPG
for the first time in 2009, two consecutive
£285,000
member firm Drummond Miller says,
weeks when property sales hit double “The fact that we are seeing weekly sales in
figures – and that property sales in the 4 beds? Above, flats at Easter Dalry Rigg double figures at some ELPG firms is a
Lothians are showing signs of recovery. Below, Wester Coates Gardens, (sold s t c ) clear sign that there is still high demand for
property in Edinburgh and the Lothians,
and that the market has not ground to a
halt.” Julia Scott, Director of RE/MAX
Property Services adds, “The majority of
vendors have now lowered their
expectations in line with the falling prices
– as a result of constant media reports
surrounding the current economic climate
and advice from us. With the introduction
of Home Reports, the buyer now has
access to a survey detailing the value of the
property, so there is less debate about how
much a property is worth.”
One of Scotland’s leading property
consultants predicts a recovery of house
prices by the end of the year after reporting
a surge of interest from buyers in the last
few months. Rettie & Co, said the fall in
house prices appeared to be bottoming
out. It reported a 68 per cent increase in
new buyers registering and a rise of 62 per
£1.8 MILLION
cent in the number of viewings.
PROPERTYdrum JULY-AUGUST 2009 29
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