Edinburgh property sales drop by 10pc

The number of property sales in Edinburgh during 2018’s third quarter is more than 10 percent lower than the figures for the previous year. However, house prices in the area have grown steadily and an influx of new builds over the coming years should see a boom in sales.

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The drop in sales is thought to reflect a drop in available properties, as opposed to uncertainty in the market. Many new build homes around Edinburgh will come on to the market in the coming months, and it is thought that this will boost the number of sales, increasing the overall amount over the full 12 months

Number crunching

The numbers have been provided by the Registrars of Scotland and show that between July and September 2018, there was an 11. 3 percent decrease in sales when compared to the figures for the same period the previous year. As a result, Glasgow has overtaken Edinburgh in terms of sales volume, having decreased by only 0.2 percent when comparing the third quarters of 2017 and 2018. In total, 3349 homes were sold in Glasgow during this time period, whilst only 3127 were sold in Edinburgh. Despite the decrease in sales, higher property prices in Edinburgh means that the total value of sales during this period remained higher in the capital, coming in at well over £800 million, compared to just over £550 million in Glasgow. This value was still a decrease in Edinburgh, as sales values have dropped by 8.3 percent.

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In much of the UK, a stagnation in prices has been experienced, as well as fewer sales. In Berkshire, house prices have been dropping at the fastest rate in a decade, making it an ideal time to move to the area. Those looking for the best value conveyancing solicitors Reading has to offer should consider a firm such as  https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-Reading, who offer fixed fees.

Whilst Brexit may cause further uncertainty and a lack of confidence for buyers and sellers alike, property experts, SPC Scotland, are confident that the added stock and steady prices will keep the market stable and mean that the Scottish property market can weather Brexit. However, as with everywhere in the UK, more new houses will need to be built to keep up with growing levels of demand.