Navigating Edinburgh’s property market has become a fine art – with more properties available, and longer timelines to seal a deal, we’re definitely in a ‘sticky’ season. This buyers’ market is stretching the process from listing to keys-in-hand, with savvy price adjustments and patient negotiations becoming the name of the game. Here’s the lowdown:
RISING STOCK ON THE MARKET
October 2024 saw an 11% increase in available properties compared to the same month last year. There are over 3,300 homes for sale on Rightmove across Edinburgh and the Lothians, making this a competitive landscape for sellers.
PRICE DROPS ON THE RISE
Price adjustments are becoming routine, with 18% more properties reducing their asking prices compared to last year. Sellers are realistic about what’s required to get that ‘sold’ sign up.
SALES STILL FLOWING IN
Despite more homes on offer, sales agreed in the past three months are up 25% over 2023, keeping activity high. Buyers are seizing opportunities, but they’re also picking and choosing – hence the price cuts.
NEW LISTINGS KEEP COMING
Monthly new listings are tracking 12% above 2023 levels. We expect new listings to taper off in November and then sharply dip as we hit December.
PREMIUMS AND TIMEFRAMES
The average premium over home report valuations in Edinburgh is holding at just under 3%, with a time-to-sell averaging about 22 days. Extended mortgage approvals and a rise in “subject-to-sale” offers are nudging completion times to around 10-12 weeks.
If you’re buying or selling in Edinburgh, it’s time to adopt a smart strategy and stay agile. With more properties on the market, a well-timed price adjustment, or better still, being realistic with the price from day 1, might be the key to standing out and locking in a successful sale before the end of the year.