Page 12 - December 2022

THE PROPERTY MARKET
140 Over 605,000
The House Price Report: November 2022 solicitor estate agents 2000 My ESPC emails
ready to help you buy homes for sale sent during
We take a closer look at how the property market performed over the last and sell homes November
three months, and consider the recent changes in the financial landscape.

he period of September-November three months with buyers taking advantage areas to £306,347. More modest increases were Looking at Edinburgh specifically, homes sold
2022 takes in most of the recent of more affordable homes within easy reach seen in Portobello and Joppa which saw a rise the fastest in the North West of the city with a
Tsignificant changes in the financial of the Capital. The average selling price for of 13.1%, bringing the new average selling price median selling time of 14 days.
market – a 0.75% increase in the Bank of homes in East Fife was £319,633, an increase to £290,409.
England base rate to 3%, the increasing of 25.2% annually, while property in West Paul Hilton, CEO of ESPC, explains: “There were
cost-of-living and rising energy bills – giving Lothian had an average selling price of Properties attained an average of 106.9% of significant changes to the financial markets
us some initial indication of how this has £251,735, up 13.3% year-on-year. their Home Report valuations at sale – 0.2 and politically in the period of September-
impacted the property market. percentage points higher than the same period November 2022.
The City of Edinburgh saw average property last year. Considering that 89.7% of properties
Over the past three months, sales volumes selling prices rise 7.8% annually to £308,868. sold for at least their Home Report valuation, “Despite this, activity levels for this time of
across Edinburgh, the Lothians, Fife and the Following a period of high demand for this further highlights the competitive nature year are very close to those seen in 2019,
Borders reduced by 7.1% annually, while new properties in the past year, two-bedroom that is still prevalent in the property market in which was really the last year of normality
property listings were down 2.3%. flats continued to be particularly popular Edinburgh, the Lothians, Fife, and the Borders. before the pandemic, so this should provide
with Edinburgh buyers. some reassurance to buyers that the market is
Buyers were still keen to secure their next East Lothian properties attained the most continuing to perform well despite speculation
home during this time period with the Many popular areas in the City of Edinburgh over Home Report valuation, with properties to the contrary.
average selling price across Edinburgh, the saw significant rises in average selling prices. achieving 109.5% of their valuations on average
Lothians, Fife and the Borders increasing by The average selling price of one-bedroom – 1.5% lower year-on-year. “We are seeing continued interest in property
8.8% year-on-year to £294,419. flats in Abbeyhill and Meadowbank increased across all ESPC areas, with noticeable interest
by 17.3% to £189,175. South Queensferry This was followed by East Fife and Midlothian in suburbs and rural locations popular with
East Fife and West Lothian recorded some and Dalmeny saw a similar increase (17%), where the percentage of Home Report young families and professionals who want
of the highest price increases over the last bringing the average selling price in these valuation attained was 108.1% and 107.2% to live somewhere with easy access to the
(decreases of 1.7% and 0.2% respectively). Capital. Edinburgh continues to be a desirable
place to live with buyers paying over Home
Key points £294,419 desirable place to live with the area experiencing “For those homeowners considering a move
Report value to secure their dream home.
The City of Edinburgh continued to be a
the biggest percentage change in Home Report
average selling price
next year, this side of Christmas still remains
valuation with an increase of 0.9% taking the
The average property selling price rose 8.8% year-on-year to £294,419
new average to 106.6%.
an optimum time to talk to one of our ESPC
Solicitor Estate Agents about your sale.
The median time for properties to go under offer
106.9% 16 days was 16 days, one day slower than the previous “Securing a buyer in the early part of 2023 puts
year but still quicker than the pre-Covid norm. you in a very strong buying position for the
average percentage of Home median time to sell spring market.
Report valuation achieved
Homes went under offer the fastest in West Fife
On average, buyers paid 106.9% The median selling time for and Kinross, in a median time of 12 days (one day “ESPC solicitor estate agents are up to date with
of Home Report valuation, up 0.2 properties was 16 days, one day slower annually). Meanwhile, properties in East what is currently happening in the local market
percentage points annually slower than the previous year Lothian also performed strongly, with a median and have the skills and expertise to provide the
time of 13 days for an offer to be accepted. guidance and support you need.”

12 | espc.com espc.com | 13