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Conclusions of the Year End Review 2009 Edinburgh Housing Market Monitoring Report

There was a period of stabilisation in the Edinburgh residential property market towards the end of 2009. Volumes remained around 420 – 440 a month towards the end of 2009 after a fall over 2008. Prices rose slightly after falls in 2008. New mortgages approves have been rising, albeit they are at a historically low level.

However, affordability of property is at a low. In the region of six times the annual pay of a single full-time worker. Demand for local authority City of Edinburgh housing is high, around 139 bids for every property available is received. 2 bedroom local authority City of Edinburgh properties are particularly in demand.

Unemployment has almost doubled between the start of 2008 and the end of 2009 and there is historically low level of vacancies advertised.

It is unlikely that there will be an improvement in affordability of residential property in the city. There is a fundamental lack of supply of housing stock. What will affect the housing market in the coming year is the level of income growth, the unemployment rate and the levels of bank lending. Demand for property in Edinburgh is there, as demonstrated by the pressures on social housing, it is the purchasing power of that demand that will affect the housing market.

To read the Report in full www.edinburgh.gov.uk/housing marketmonitoringreport

Source: www.edinburgh.gov.uk

Extract from 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.

David Marshall business analyst with ESPC concluded: “On one hand, we are likely to see a continuation of increasing demand from buyers as lending restrictions are eased somewhat and confidence continues to return to the market. Offsetting this however is the prospect of a rise in unemployment during 2010 coupled with the likelihood of an increase in interest rates over the medium term. There will be some fluctuation from month-to-month, but broadly speaking the outlook is that homes values will be broadly unchanged over the next 12 months as compared to 2009 levels.” To read full report visit www.espc.com

Source: www.espc.com

Surveyors report continued rise in house prices

House prices across the UK have risen for the fourth straight month according to the Royal Institution of Chartered Surveyors (RICS). The net balance of surveyors reporting rising rather than falling house prices over the preceding three months rose to 35% in November – the strongest reading since November 2006.

The rise in prices was fuelled by a continued excess of demand from buyers over supply of properties to the market. Although new instructions from sellers rose for the sixth consecutive month, the rate of increase continued to trail behind the increase in new enquiries from buyers. Expectations for future price growth also remained positive. A net balance of 28% of surveyors expected prices to rise rather than fall over the next three months.

David Marshall, business analyst with ESPC, commented: “The results of the most recent survey from RICS are in line with recent trends. Although activity is picking up across the board there continues to be an excess of demand over supply and this has resulted in house prices inching upwards in recent months. As we move into the new year we are likely to see a further increase in activity while prices remain broadly unchanged on recent levels.”

Source: www.espc.com

Scotland Least Affected by 2008 Price Slowdown

The Nationwide Building Society has predicted that house prices in the UK will stall next year as the market witnesses a “significant slowdown”. (more…)

Scottish Property Investment

The average price of a Scottish home increased to £138,655 during the first quarter of 2007, illustrating a 22.4% growth compared to the same period a year ago. This pushes property price inflation to more than double the UK average of 11.1%. Edinburgh property remains the most expensive in the country. (more…)

Investing in Edinburgh Property?

Recent figures reveal that house prices in Scotland increased by almost 7% over the past quarter. Lloyds TSB Scotland also revealed that some of the biggest rises have been observed in the east coast cities, with an 18.2% increase in Aberdeen, 15% in Edinburgh, and 7.4% in Dundee. (more…)

Good start to the year for Edinburgh Property

Figures released recently by Edinburgh Solicitors’ Property Centre (ESPC) show that the property market in East Central Scotland continues its upward trend, with no indication of slowing down in the foreseeable future. (more…)

Outside Edinburgh

During 2006 Scottish country house prices continued to rise with the prevalent increases being observed at top end of the market. (more…)

UK Interest Rate Rise

With the recent rise in UK interest rates, BruceRae are of the opinion that now is a good time to buy an investment property in Edinburgh. (more…)

Property prices in Edinburgh continue to rise

Latest figures from Edinburgh Solicitors’ Property Centre (ESPC) reveal that the Edinburgh property market remains one of the most buoyant in the UK. (more…)