Page 14 - ESPC Magazine - August 2021

THE PROPERTY MARKET

THE PROPERTY MARKET

The House Price Report: July 2021

KEY POINTS The property market continued its upward
trend during May, June, and July 2021, as buyers
flocked to secure homes across Edinburgh, Anstruther
the Lothians, Fife, and the Borders.
£275,623 The average selling price rose to £275,623 –
up 7.6% from the same time in 2020.
The market remains highly competitive, with “With more homes coming to market, and
average
selling price Homes in East Fife saw the biggest jump 34.9% of properties going to a closing date. more sales than in 2020, and faster sales
in average selling prices, with properties at that, we can safely say that demand is
surging 26.1% to £268,017. This area was As demand continues to outstrip supply, continuing across the market in all areas, for
closely followed by West Lothian, with a properties achieved an average of 105.3% buyers and sellers at all stages. The trend for
Between May to July 2021, the average 23.4% increase taking the average selling of Home Report valuation in the period of three-bedroom family homes in the popular
selling price of homes in Edinburgh, the price to £241,521. May-July 2021, 2.3% points more than in suburbs of Edinburgh, and the surrounding
Lothians, Fife and the Borders rose 7.6% May-July 2020. commuter-friendly towns of East Fife, East
year-on-year, to £275,623. High levels of activity were in place from Lothian and Midlothian, continues to rise as
both buyers and sellers, with increases The desirable towns of East Lothian were the buyers seek more space to call their own.
in both property listings and sales. New most competitive, with properties selling for
listings were up by 61.5% year-on-year, an average 108.9% of Home Report valuation “For buyers looking to start their property
105.3% while sales increased by 234.8% in – higher than anywhere else in Edinburgh, the journey, now could be a great time to consider
comparison to the same period in 2020. Lothians, Fife, and the Borders. buying a home in Leith or Dunfermline,
average percentage However, given that lockdown restrictions where there are plenty of fantastic, affordable
of Home Report were in place for much of May-July 2020, Paul Hilton, CEO of ESPC, commented: “It’s options available and less competition for
valuation comparing these figures to 2019 gives a been another busy quarter for the property buyers to secure their ideal home.
achieved
more balanced overview, with an increase market, with sustained growth across many
of 10.6%. areas, including in the average selling prices of “If you are considering buying or selling in
property, and the amount over Home Report any of these areas, get in touch with your
Buyers were bidding more competitively, valuation that buyers are willing to pay. local ESPC solicitor estate agent today.”
as properties achieved an average of The race to secure a purchase intensified
105.3% of their Home Report valuations. in the period May-July 2021, with sales
times decreasing as the market grew
more competitive. The median sales time
across Edinburgh, the Lothians, Fife and
the Borders is now just 14 days – eight days
14 days quicker than the same period in 2020. 160 Over 606,000
median time Demand for homes outside of the city solicitor estate 1,700 property alert
to sell centre continued to rise at pace, with agents emails
properties in East Lothian, Midlothian and
West Fife & Kinross all selling in a median
time of 12 days. The biggest shift is in the
Homes also sold more quickly during Borders, however, where homes are selling ready to help you buy properties for sale sent during July
May-July 2021, with a median selling 75 days faster than they did last year, now and sell homes with My ESPC
time of just 14 days – eight days faster taking just 16 days to go under offer.
than last year.
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