Page 15 - April 2023

THE PROPERTY MARKET

The House Price Report: March 2023
140 Over 690,000
We take a closer look at how the property market performed in the first
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quarter of 2023 and consider the impact of changes to the financial market.
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he first quarter of 2023 saw the 11th listings increasing in South Queensferry (a
consecutive rise in interest rates, by 37% increase), Newington (rising by 27%),
Ta quarter of a percentage point to Dunfermline (26.7%), Leith (17.4%) and
4.25% in an attempt to slow rising inflation. Corstorphine (up by 9.8%). By way of context, in January-March 2019, which The median selling time cooled slightly when
It follows months of upheaval since the mini- can be used to compare to the pre-pandemic we compare year-on-year average – the
budget in September coupled with the rising In terms of property sales, volumes across norms, the average house price was £236,876, median time to sell now sits at 28 days, nine
cost of living but the housing market is still Edinburgh, the Lothians, Fife and the Borders highlighting that high demand for properties days slower annually and one day slower than
performing well with plenty of interest in reduced by 13.1% annually. has pushed up prices. January-March 2019.
quality homes, albeit at a calmer pace than
we’ve seen in previous years where demand ESPC data for the first quarter of 2023 shows Midlothian recorded the highest price increase In January-March 2023, homes went under offer
significantly outweighed supply. that properties are taking slightly longer to over the past three months with the average the fastest in East Lothian in a median time of
sell as buyers adopt a slightly more cautious selling price rising 16.1% annually to £263,437. 25 days, nine days slower year-on-year.
In January-March 2023, new property listings approach.
in Edinburgh, the Lothians, Fife and the The City of Edinburgh saw average property The City of Edinburgh also saw properties take
Borders were down by 2.6% year-on-year as The average selling price of property selling prices rise 0.9% to £286,108. longer to go under offer at 29 days, eight days
homeowners waited to see how the market across Edinburgh, the Lothians, Fife, and slower annually.
panned out before listing a property for sale. the Borders increased by 1% year-on-year There was high demand for three-bedroom
to £270,284, despite continued reports of houses in Blackhall, Davidsons Mains and Paul Hilton, CEO of ESPC, explains: “The post-
However, lots of ESPC areas saw an market uncertainty. Silverknowes where the price of this property pandemic era has seen an incredibly buoyant
increase in popularity with new property type increased by 25.4% year-on-year to property market with a distinct lack of housing
£476,495. stock, coupled with high selling prices and quick
selling times.
In January-March 2023, 76.9% of properties
Key points £270,284 sold for their Home Report valuation or higher, “However, in the first quarter of 2023, we are
seeing clear signs that the market is cooling and
with the average property achieving 102.8% of
returning to more normal levels last seen in 2019.
Home Report valuation at sale. If we compare
average selling price
this to January-March 2019, 72.7% of properties
The average selling price rose 1% year-on-year to £270,284
sold for their Home Report valuation or higher,
rates increases, we can see that buyers are
while the average property achieved 102.4% “Due to the cost-of-living crisis and interest
of Home Report valuation at sale, showing taking affordability into account reflected
102.8% 28 days that the market is returning to nearer to pre- in a slightly slower speed of sale and some
pandemic norms. reduction in sales volumes.
average percentage of Home median time to sell
Report valuation achieved
East Lothian properties attained the most “There has been continued interest in out-of-
On average, buyers paid 102.8% The median selling time for over Home Report valuation, with properties town areas such as South Queensferry and
of Home Report valuation, down properties was 28 days, nine days achieving 104.3% of their valuations on Dunfermline which are popular with first-time
2.8% annually slower than the previous year average – 3.5 percentage points lower year- buyers who are seeking homes with more space
on-year. and good transport links to the city centre.”

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