As with other areas of the UK, house prices in Edinburgh are always changing and have seen significant changes in the last 10 years.
Whether you have a property in Edinburgh that you’re looking to sell or are looking at moving to the area, you may be interested in how Edinburgh house prices have changed and other information relating to property prices.
In this article, we’ll guide you through a summary of the Edinburgh property market, including the average sold price based on different property types, how prices have changed in recent years, the average sale time for an Edinburgh property, plus information on asking prices and estate agent fees.
Edinburgh Market Summary
In the below sections, we’ve conducted a market summary of the Edinburgh housing market. Take a look at each subsection to gain further understanding of this topic.
Average sold price
We’ve broken this data down into property types in the sections below, including flats, terraced houses, semi-detached houses and detached houses – data is taken as of September 2023.
The average sold price for a house in Edinburgh is £261,000.
When comparing data year on year, this is an increase of 0.4%.
Terraced houses in Edinburgh have an average sale price of £299,000.
These figures have increased by 5.9% when comparing data over the last 12 months.
Sold prices for semi-detached homes in Edinburgh sit at an average of £313,000.
This is an increase of 2.1% when comparing data year on year.
For a detached house in Edinburgh, you can expect to pay an average of £480,000.
This figure has increased by 1.2% when comparing data over the last 12 months.
How have prices changed?
House prices have certainly changed over the last 12 months as we’ve seen via the above data. They’ve changed further when comparing prices over the last 5 and 10 years, which we’ll analyse below.
In comparison with current average house prices in Edinburgh sitting at £299,164, 5 years ago in 2018 house prices were £261,193, showing that house prices have increased by 14.5% over the last 5 years.
An even larger increase can be seen when comparing prices to 10 years ago, with property prices sitting at an average of £205,173 in September 2013. This is a 45% increase when comparing property prices in Edinburgh in September 2013 vs. September 2023.
Average sale time
In terms of sale time, properties in Edinburgh have a fairly fast average sale time.
Houses sold the fastest in the east and west of Edinburgh, with a median selling time of just 18 days.
Flats tend to sell more quickly than other property types, with average sale times of around 12 – 13 days for flats in Leith and Morningside.
Asking price change
Sometimes the asking price for a property in Edinburgh is different from the final sale price – if a property is particularly popular it may sell for more, however, if a house has been on the market for a long time or the seller wants to guarantee a quick sale the asking price may be lowered.
Are properties achieving the asking price?
A survey based on an Edinburgh estate agent found that the average Edinburgh property is achieving 10.2% over the asking price.
When looking at this in further detail, 10% of properties sold in Edinburgh achieved in excess of 20% over the asking price. This shows that the demand for properties in Edinburgh is high and that it could be said that the market is currently favouring sellers.
How often are agents having to reduce their original valuation?
According to the same local Edinburgh estate agent mentioned above, fewer than 3% of properties sold for less than the valuation/asking price.
It’s critically important that estate agents value a property accurately from the very start, to avoid wasting time by reducing the asking price at a later date. Here at We Buy Any Home, we pride ourselves on providing our customers with accurate valuations – you won’t be misled with an inflated valuation that will result in a lengthy sale process when choosing to work with us.
Average estate agent fee
Estate agent fees are generally expensive, and Edinburgh estate agents are no different.
Many estate agent fees are commission-based in Scotland and tend to be between 1% – 3.5% of the total property price. Based on the average Edinburgh property price of £299,164, this would put estate agent fees at between £2,991 – £10,470.
How We Buy Any Home can help you sell your home
If you have an Edinburgh flat that you’re looking to sell and are keen to avoid hefty estate agent fees, look no further than We Buy Any Home.
We have many years of experience helping Edinburgh flat owners sell their properties, ensuring both a quick sale and a good property price. As the UK’s biggest online cash buyer of properties, we are highly familiar with the Edinburgh property market which helps us to achieve great results for our customers.
Our process involves you requesting a free cash offer for your property via our website before a member of our team comes back to you within 24 hours with a price and information on the next steps. If you’re happy with our offer, you’ll be appointed a solicitor and property surveyor (at our expense) to work on your behalf over the course of the sale.
Get your free cash offer today and you could receive the funds from your Edinburgh flat sale in as little as 7 days!