The first few months of the year across Edinburgh’s property market were characterized by the same trio of trends that are being seen throughout the U.K.: high demand, low supply and rising prices, according to a report Thursday from Knight Frank.
Annual price gains reached 6.8% in the Scottish capital city in March; and in the first quarter, values rose 2.2%, marking the strongest first-quarter performance in three years, the estate agency and property consultant said.
“It’s very much a sellers’ market at present. We have high demand and low supply, which I expect to continue over the next few months,” said Edward Douglas-Home, head of Scottish residential at Knight Frank, in the report.
“Family homes with gardens remain the hot ticket. One such property that we sold recently attracted 80 viewings over two weeks and multiple bids,” he added.
The number of offers accepted on homes on the market in Edinburgh were up 80% in the first three months of the year compared to the typical five-year average.
Completed sales were up, too, increasing 51% over the same time.
The prime suburban market—predominately Victorian-era homes outside the city centre—was particularly popular among buyers.
But with housing supply limited as a result of recent lockdowns and sellers holding back there are “more buyers chasing fewer houses,” the report said, noting that in March there were 21.4 new prospective buyers for each new property to hit the market across Scotland.
Trailing behind the capital city in price gains is the wider Scottish prime market, another report from Knight Frank revealed.
Though facing a similar imbalance between supply and demand as Edinburgh, Scotland’s prime market saw values rise 0.1% in the 12 months to March after peaking at 0.8% in December 2020, according to the data.
Article Source: Mansion Global