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High demand is ‘fuelling strong competition’ for property in Edinburgh

Despite economic uncertainty since last year’s Brexit vote and the recent tax rises heaped onto buy-to-let landlords, demand for property in Edinburgh remains strong, helping to fuel an increase in buyer activity and drive up sales, according to Galbraith.

The independent Scottish property consultancy’s office at George Street in Edinburgh city centre saw an increase in the number of viewings of 11% in Q1 2017 compared to the previous quarter.

However, despite this surge in prospective buyer activity, demand continues to outstrip the supply of homes coming onto the Edinburgh and the Lothians’ property markets.

James Carnegy-Arbuthnott, residential sales consultant at the Galbraith Edinburgh office, said: “Central Edinburgh property is traditionally very resilient to outside forces. Despite the upcoming national election, Brexit, and a possible Indyref 2, demand for flats and houses priced up to £750,000 is high and sellers should not be worried about marketing their homes.

“High demand is fuelling strong competition and closing dates for offers are not unusual with prices often exceeding home report values.”

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