Page 17 - October 2023

THE PROPERTY MARKET

The House Price Report: September 2023

We reveal the latest housing market data across Edinburgh, the Lothians,
Fife and the Borders.

he average property selling price in of the Home Report valuation buyers paid.
Edinburgh, the Lothians, Fife and the During July-September 2023, homes attained
TBorders declined 5% year-on-year 104% of their Home Report valuation on
during July-September 2023, taking the new average, down 4% percentage points annually. In Edinburgh, homes in the East of the
average to £281,513. In line with previous city (spanning popular areas such as Leith, 140
months, the current financial climate and 80% of properties for sale sold for at least Abbeyhill, Portobello and Joppa) were the
the uncertainty surrounding the mortgages their Home Report valuation, down from fastest to sell, going under offer in a median solicitor estate agents
market, the figures may also be affected by 92% last year. time of 18 days. ready to help you buy and sell homes
a traditionally lower period of activity across
the summer months. 26% of homes for sale across Edinburgh, the Following on from the extraordinary levels of Over
Lothians, Fife and the Borders had a closing activity recorded in both 2021 and 2022, it is not 2,500
Edinburgh’s average selling price was date set, down from 35%. a surprise to see that both sales volumes and
£298,495: an annual decrease of 5%. insertions have declined during July-September homes for sale
2023, as the market settles and there is less
The median selling time was 20 days during
Average selling prices overall may be July-September 2023, six days slower than movement from buyers and sellers. 694,400
affected by the increased prevalence of the same time last year. All areas were slower
homes listed for a fixed price (levels of which to sell, but West Lothian was the slowest, Overall, sales volumes declined 16% year-on- My ESPC emails sent during September
have risen 29% annually). with a median selling time of 38 days. year, while new property listings were down 3%.
Properties in West Fife went under offer in
In line with trends seen in previous months, just 14 days, making this the quickest-selling What does it all mean for the property
properties have seen a decline in the amount region during this period. market?
Paul Hilton, CEO of ESPC, said: “July-September “While demand has slowed overall, and we
2023 has clearly been a slower time for the understand this may be a concern for property
Scottish property market, particularly as we owners, we should look at the positives.
Key points £281,513 activity we have seen over the two or three buyers, with an increase in fixed price homes,
The market is more accessible to first-time
are making comparisons to the extraordinary
decreases in the amount over Home Report
previous summers. While some of these
average selling price
figures may appear concerning, it is important
valuation buyers are expected to bid and
to remember that the property prices and
The average selling price fell 5% year-on-year to £281,513.
demand are not falling as such, rather the number of closing dates set, meaning
the market is more accessible for those with
returning to a more normal base level. lower budgets. While recent years were great
104% 20 days “The impact of the current financial climate has for sellers, the market was extremely tricky
for buyers and there are many positives to be
average percentage of Home median time to sell clearly been felt, with many buyers and sellers found in that evening out.
Report valuation achieved cautious about affordability, mortgages and
finances overall. With the recent stay in interest “If you’re thinking of buying or selling a
On average, buyers paid 104% of The median selling time for
Home Report valuation, down 4 properties was 20 days, six days rates, perhaps we may see this reflected in the property in Edinburgh, the Lothians, Fife or
percentage points. slower than 2022. data from next month onwards, as buyers may the Borders, contact your local ESPC solicitor
feel more positive about their prospects. estate agent today.”
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