By Real estate buyers & sellers at Edinburgh, the capital city of Scotland, celebrated a busy start for the year of 2019. Reports acquired from the Scotland-based property dealers named Warners Solicitors & Estate Agent has confirmed that Edinburgh is the new hot locale to hunt for exclusive properties. The months from January to June showcased an increase in the real estate activity in the area as compared to last year in the same months. Not just that, Edinburgh saw the highest sales of homes since the year 2008.
Warners’ Report for Edinburgh Sales
In the initial 6 months for the year 2019, Warners introduced 550+ homes to the real estate market to be sold at good prices. This marked an increase of more than 23 percent as compared to the properties introduced for sale in the year 2018.
- The total number of property transactions increased sharply with estate agents managing to sell 500+ homes just in the initial 6 months of the year 2019. This was a remarkable increase in sales amounting to 26.5 percent as compared to 2018’s first half.
- The Brexit decision could have massively manipulated the current status of the real estate properties. However, the delay of the decision to the month of October has brought back the lost pace for property sales. In short, there has been a steady balance in the supply & demand chain.
- Things are looking good not just for the sellers but also for the buyers. This year, the buyers are as confident when it comes to selling out their very own homes. This is due to the increasing number of house hunters who are trying to fix their purchase before listing their home in the market.
- During the times when the real estate market was rather subdued, buyers were primarily focused on securing sales of their personal properties as opposed to looking forward for a purchase.
- The same sales ratio is predicted for the 2nd half of the year with numbers higher than the past years.
- Premium Buyers now have to pay a premium that is much lower than the ones reported in previous years. Average premium being paid by home buyers for valuation of a home report is current 3.4 percent. This is down from a significant 6.9 percent during the initial three months for the previous year.
- Latest figures provided by ESPC show that the average prices for a house in Edinburgh increased by 1.8 percent for the 1st quarter. However, one & two-bedroom apartments in popular localities of Edinburgh have seen increase in prices.
- The inflation level being experienced currently is comparatively more sustainable over a longer term making it the perfect news for real estate market health.
Changing Property Prices for 2019
The price growth for Edinburgh properties located in prime areas saw a significant moderation during 2019’s first quarter. Political uncertainty was one among the major factors affecting the prices of properties in Edinburgh.
- Prices for Edinburgh’s prime properties are still going up by a mark of 7.6 percent annually. This is down from a mark of 10.6 percent noted towards 2018’s end. In short, it is yet the fastest evolving cities in all of Europe.
- Demand is continually outstripping supplies for properties in Edinburgh. This has led to an increased demand for the family homes that have increased in value by 9.2 percent year by year. The prices for apartments are high by 5.1 percent year after year.
- Most noted is the slowed activity among the discretionary purchasers which includes landlords & second-home buyers. As of now, they are waiting for better clarity with regards to the impact of pending Brexit decision on the European economy.
- It also needs to be noted that the overall property listings in the capital were around 5 percent lower for the initial 3 months of 2019 as compared to a similar period for the year 2018. This figure was about 22 percent below the number noted during the initial quarter of the year 2017.
Bottom Line
While political uncertainty continues to prevail, Edinburgh is the new market for investors to put their money in. The real estate market for this capital city is flourishing better than ever and a similar trend can be seen for the latter half of the year.
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