Property revival in midlothian

Property sales are on the increase in Midlothian
Property sales are on the increase in Midlothian

Midlothian experienced an above-average rise in the number of properties sold in the county in the last few months of 2013.

The latest figures from the Registers of Scotland reveal that in the third quarter there was a 38.8 per cent rise on the same period in 2012. The Scottish increase was by 26.1 per cent.

The total volume of sales for October to December of the financial year 2013/14 was 433 - compared with 312 in the same period the year before. The average price of property in Midlothian for this quarter was £172,748 - compared to the national average of £159,670.

The average price of a detached property in Midlothian in the third quarter was £256,033 - a rise of 3.9 per cent on the same period in 2012.

In total, 115 detached homes were sold compared to 80 in the same months a year before.

The average price of a semi-detached Midlothian home was £165,869 - compared with £150,472 on the third quarter in 2012 (10.2 per cent rise).

The number of semi-detached homes sold was 89 - the same as in the second quarter of 2013/14 and 34 more than third quarter in 2012/13.

Terraced house prices in Midlothian experienced a 4.5 per cent fall comparing third quarters. The price stood at £135,388 for the final three months of 2013 compared to £141,726 in 2012.

However, the number of terraced properties sold rose by 65 to 165 comparing third quarters in 2012 and 2013.

There was a slight fall in the average price of flats across the county. The October to December 2013 price was £99,635 - 2.9 per cent lower than the same period in 2012.

Fewer flats were sold over - 64 in the third quarter compared with 77 in the same period in 2012.

The Registers of Scotland’s quarterly report showed thatEast Renfrewshire was the most expensive place to buy in Scotland, with an average price of £222,906, a rise of 4.8 per cent.

The City of Edinburgh had the highest number of sales with 2,951 properties changing hands, up 35 per cent, followed by Glasgow with 2,569, up 24.8 per cent.

Neighbouring East Lothian recorded the highest percentage rise in price, jumping 14.9 per cent to £209,566, compared to the same period last year when the average cost was £182,330.

Registers of Scotland’s Director of Commercial Services, Kenny Crawford said: “The Scottish property market is definitely showing signs of improvement and renewed optimism, possibly partially fuelled by an influx of first time buyers thanks to schemes such as Help To Buy.

“All property types showed an increase in average house price, the biggest being in detached properties, up 2.2 per cent, with this type showing the biggest increase in sales volumes of 26.3 per cent, followed by terraced properties up 26 per cent.”