Page 17 - August 2023

THE PROPERTY MARKET

The House Price Report: July 2023
140 2,000 650,000

We examine the latest facts and figures from the property market solicitor estate agents homes My ESPC emails
ready to help you buy and sell homes for sale sent during July
throughout May-July 2023.

uring May-July 2023, the average selling For first-time buyers, areas including
price of property across Edinburgh, the Musselburgh, Gorgie and Dunfermline offered Less properties were sold during May-July 2023; reduction in the amount that buyers are bidding
DLothians, Fife and the Borders held a variety of property types selling on average the figures show a 10% decrease in comparison over Home Report is aligned with this. It’s clear
steady, with a marginal increase of 0.4% taking for less than the LBTT threshold price of to the same time last year, which we could to see that the market is holding well and while
the average to £287,820. This shows that the £175,000. attribute to the cost-of-living crisis and/or the frenzy of the past few years has slowed, the
property market overall has retained composure mortgage rates making it more difficult for market is still performing very well overall.
during a year of turbulent economics. 80% of properties sold for at least their Home buyers to secure a property purchase.
Report valuation, which is strong news for “It’s a positive sign that there are still areas
East Lothian and Midlothian property prices sellers, however this figure is down from 93% at The number of properties listed for sale held available for first-time buyers to secure homes
increased slightly by around 2%, taking the the same time last year, when the market was steady too – a marginal 1% decrease in the under the LBTT threshold, and that there is
averages there to £289,387 and £256,027 very competitive. volumes shows that there are still plenty of strong sales data for one- and two-bedroom
respectively. available homes, and potentially more sellers in flats in areas like Leith, Dunfermline and Gorgie.
Homes achieved on average 103.8% of their the market than buyers at the current time. This We want to see more first-time buyers in the
By contrast, West Lothian experienced the Home Report valuation during this period. This means some good news for buyers, who have market, and when you look past the headlines,
largest decrease in average selling price, with is 4.8 percentage points less than the same more options and more buying power, and could and dive into the data, there is still much to
a dip of 8% in comparison to May-July 2022, time last year; however, we would expect to see take more time to decide on their future home, be positive about for those beginning their
meaning the average sat at £242,323. this as buyers are more cautious. coinciding with a slowing in median selling times property journey, including the increase in
– 19 days, six days slower than last year. the availability of fixed-price listings, meaning
buyers can avoid the dreaded ‘double deposit’.
In Edinburgh, different areas saw different In sharp contrast to previous years, more
circumstances – the city centre experienced properties were listed for a fixed price – our One-bedroom flats in Leith sold in the highest
a 6% decrease in the average selling price data shows a 62% increase in the volume of volumes, increasing 25% year-on-year; this “If you’re thinking about buying or selling a home
(taking it to £341,185), however the South West’s properties listed this way. hints at more first-time buyers in the market or in Edinburgh, the Lothians, Fife or the Borders,
average selling prices rose 7% to £380,382. investors looking to secure a property in one of contact your local ESPC solicitor estate agent.”
the city’s hotspots, or to maximise on the impact
of the new tram extension launched in June.
There was also a reduction in the percentage of
Key points £287,820 from 38% the year before.
properties going to a closing date: 29%, down

average selling price
Paul Hilton, CEO of ESPC, said: “The start of
The average selling price increased by 0.4% year-on-year to £287,820.
summer is traditionally a quieter period for the
property market, and along with the current
financial climate, the figures from ESPC’s latest
103.8% 19 days House Price Report are not unexpected.
average percentage of Home median time to sell
Report valuation achieved “We would expect to see buyers behaving more
cautiously, and considering their bids even more
On average, buyers paid 103.8% of The median selling time for carefully than before, so the data showing a
Home Report valuation, down 4.8 properties was 19 days, six days steadying of the average selling price, as well as
percentage points. slower than 2022. slower selling times, fewer closing dates and a

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