The property market across Edinburgh, the Lothians and Fife continues to display positive signs, according to ESPC, with February 2015 seeing a 16% increase in house sales compared to the previous year, and seller activity increasing by 13%.

In addition, the average house price in Edinburgh increased 15% annually for the three months to February 2015, and now stands at £216,021. Homes are also selling more quickly, probably as a result of increased buyer competition says ESPC, with the median selling time falling by 12%

The percentage of homes that were sold at a price that achieved their Home Report valuation has also increased, rising from 60% during the three months to February 2014 to 69% over the same period in 2015.

“We have continued to see an increased volume of new listings with an asking price of over £300,000 marketed this month, with sellers hoping to attract buyers looking to take advantage of a lower tax bill,” said Paul Hilton, ESPC CEO. “We expect to see this percentage increase start to slow next month with the change becoming more imminent and therefore allowing less time for a sale to settle before the changes are implemented.”

“Buyers must have their sale settled before 1st April to pay tax under the current Stamp Duty regime,” he explained. “Any sales which are settled after this date will pay tax under the new LBTT regime. Properties sold for over £333,000 will pay less tax before 1st April 2015.”

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