December 2009 Comment
What a year?
As the year closes out figures to end November show that Edinburgh sales volumes were down by over 26% on 2008 figures (November to November).
In a market notable for the greater proportion of “fixed price” or “offers in the region of” as opposed to the more common Scottish “offers over” it is positive to note that more sellers are achieving their fixed price expectation (43% according to ESPC). Partly, this is due to increased competition for good property but also to property arriving on the market realistically priced in the first instance.
From November 2008 to November 2009 the average Edinburgh property price has jumped almost 18%. However, with the average Edinburgh property valued at around £225,000, it is easy to see that in a thin market where turnover is less than half of that in a more “normal” year, this statistic might be relatively meaningless. Activity at the top end of the market, while adding proportionately little in transaction numbers does push the average price up considerably.
It has without doubt been a good year (or perhaps half year) for those operating in Edinburgh prime property. Cash buyers, many from overseas, have sought out and acquired some exceptional homes at prices which will surely represent a sound decision in the years to come. 2010 will surely offer more opportunities of this nature for those willing to get beneath the surface of the market (particularly with the help of a good buyers agent!)
Looking back to the November market comment, I firmly believe 2010 will see some market falls for reasons I won’t repeat here. This re-pricing, however, will present good opportunities to buy for those looking to secure a family home or investment property in Edinburgh and the surrounding areas.
