• STV
  • MySTV

Sellers return to 'offers over' as house prices in east rise

ESPC revealed its latest market figures on Thursday, saying the number of houses sold rose by 42%.

House prices fall to 2007 levels
© STV

The number of houses sold in the east of Scotland has risen by 42.5% over the last year.

ESPC revealed its latest market figures on Thursday, detailing the number of homes sold in the three months to October.

The number of homes being put on the market also increased during that period by 14.9%.

The estate agents group said the number of homes being advertised as offers over has gone up, with 44% of those on the market over the last three months being marketed like this.

At the same time last year, 33% of properties were offers over with many sellers going for fixed price instead.

Before the credit crunch, homes were sold for an average of 25-30% over the offers over price. At the moment, properties are going for 4-5% over the asking price.

The average house price in Edinburgh has increased from £204,698 to £208,886 in the last year and those in East Lothian have gone from £196,157 to £207,201.

ESPC said despite the increase in homes being sold, it is still a buyers' market. In Edinburgh, 58% of homes were sold for less than the Home Report valuation. In the rest of the Lothians this figure was 71% and in Fife it was 73%.

David Marshall, from ESPC, said: "There’s been a lot of discussion recently about the upturn in the housing market and while it’s certainly true that conditions are more favourable for sellers than has been the case for some time, it’s important to keep things in perspective.

"The number of homes selling has risen significantly but this improvement comes from a low base and sales are still about 25-30% below peak levels. As a result, while prices are higher than they were a year ago in some areas, the rate of growth is typically below CPI inflation at around 2%.

"Where larger increases have been observed these generally serve to offset falls witnessed at this stage a year ago. For example, in East Lothian the average house price has risen by 5.6% annually but this came on the back of a 4.5% decline last year.

"For sellers coming to the market today the best advice is to be realistic when setting the asking price. The likelihood of a property achieving its valuation drops substantially the longer it spends on the market so you don’t want to risk deterring potential buyers early on with a price that is too high."

One account. All of STV.

This field is required. That doesn't look like a valid e-mail format, please check. That e-mail's already in our system. Please try again.
ShowHide
Forgot password?
This field is required. This must be at least 6 characters long. Did you enter your details correctly?
If you've forgotten your details then use the 'Forgot password?' link.
Need to reset your password?

We'll send a link to reset your password to

We've sent you details on how to reset your password

Please check your email and follow the instructions.

Forgotten your email address?

Have you forgotten the email address that you previously joined with? Don't worry, by emailing enquiries@stv.tv we can help.

One account. All of STV.

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
This must be at least 6 characters long.
ShowHide
This field is required. This must be at least 6 characters long.
You must be over 16 to join STV.
This field is required. This doesn't appear to be a valid date
We need this to check that you live in an STV region.
This field is required. This doesn't appear to be a valid postcode
Would you like us to email you about our great shows and services from time to time?
We'll only send emails we think you'll like (see example) based on information you have supplied and shows you have watched on STV Player. For details on emails and advertising, see our STV & You page.
Would you like to receive emails from the Scottish Children's Lottery about draws, instant games and competitions?
We support the Scottish Children's Lottery (SCL), which is managed by our colleagues at STV ELM Ltd. You can find out more about the SCL on its website, including its Privacy Policy.

By continuing you agree to our Terms of Use, and understand our Privacy and Cookie Policies.

Upload Profile Picture

Please make sure your image is under 2mb in size and a valid JPG, PNG or GIF.

Are you sure?

Unfortunately, you'll be unable to access our premium content. We’ll be sorry to see you go, but if you change your mind you can rejoin us at any time.

Please verify your STV account

Please verify your STV account using the email we sent you. If you have lost the email, we can send you another one, just click the button below.

Thanks

We've sent you a new verification email.
Please check your email and follow the instructions to verify your account.

Welcome to STV
Thanks for joining us.

Oops!

Sorry, you must be at least 12 years old to place a vote for your Real Hero.

Please review our Voting Terms of Use for more information.

Oops!

Sorry! It seems that you are using a browser that is incompatible with our voting service.

To register your vote please copy the below URL in to your regular mobile browser. We recommend Google Chrome, or Safari.

http://shows.stv.tv/real-heroes/voting

Oops!

Sorry, you seem to have already voted in this category.

Thanks for voting

Now share your vote with friends on your social network

Share on twitter Share on facebook

Cast your vote

Please register or sign in to continue.

Cast your vote

This field is required. This doesn't appear to be a valid date

Cast your vote

Please fill out this form to cast your vote. As you are under 16 years old you will not create an STV account. Why do we need these details?

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
This field is required. That doesn't look like a valid e-mail format, please check.
Location This field is required.
Parental Consent This field is required.

That's you. All that's left is to click the 'Submit Vote' button below. By doing so, you confirm that you and your parent or guardian have read and accept our Voting Terms of Use, Privacy Policy and Cookie policy, and that the details you have entered are correct. We'll look after them as carefully as if they were our own.