Page 14 - December 2023
P. 14


         The House Price Report: November 2023                                              properties  closer  to  the  valuation  figure,  with
                                                                                            successful bids averaging 101%.
           We look at what’s been happening in the local property market over               The median time for properties to go under   solicitor estate agents
                               the last three months.                                       offer  was  21  days,  five  days  slower  than  the
                                                                                            same time last year. Properties are staying on   ready to help you buy and sell homes
                                                                                            the market for slightly longer than in recent
           he average property selling price of   The most affordable property was one-                                            Over
           property dropped 6.6% year-on-year   bedroom  flats  in  Dunfermline,  which     years, while buyers take time to make informed   2,400
       Tduring September-November 2023,   reported an average selling price of £101,525.    offers, based on increasing stock levels and
                                                                                            higher consideration for  affordability in the
       to £273,348. This brings the average closer   If we compare this to the most affordable                                     homes for sale
       to 2021’s figures after an extensive period of   property  in  Edinburgh  (a  one-bed  flat  in   current financial climate.
       high selling prices.               Gorgie, costing £147,239), we can see how                                                623,000
                                          much value Dunfermline offers.                    Sellers in West Fife and Kinross accepted
                                                                                            offers the fastest, in a median time of just 18   My ESPC emails sent during November
       Lower average selling prices were most
       noticeable across East Lothian and the   After several years of buyers paying a      days, while two- and three-bedroom houses in
       Scottish Borders, where average prices   high  premium  above  the  valuation  figure,   Dunfermline went under offer in 13 days.
       were around  17%  lower.  However,  we  can   the current market saw buyers securing
       clearly see the reasons why prices appear to   properties closer to the Home Report   Two-bedroom flats in Bonnington went under   “Average selling prices have declined, which
       have dramatically dropped. In East Lothian,   valuation. Following the trend seen    offer the quickest, taking just 11 days. This was   may mean good news for buyers but can
       there was a sharp increase in the number   throughout much of 2023, the average      closely followed by two-bedroom houses in   be alarming for homeowners. Therefore, it’s
       of properties selling priced within the LBTT   percent of Home Report valuation attained   Corstorphine, at 12 days.      important  to  look  at the context,  with one
       Band One bracket of £145,000-£250,000.   was 4.2 percentage points lower annually, at                                     reason  being  an  influx  of  smaller  properties
       This trend was mirrored in the Borders, with   102.6% on average.                    Across  Edinburgh,  the  Lothians,  Fife  and  the   coming to the market – so we want to reassure
       more homes there selling within the lower                                            Borders, properties  coming  to the  market   homeowners that there hasn’t been a dramatic
       LBTT bands. This data emphasises that the   Buyers in East Fife, East Lothian and    increased 3.1% annually. With some stabilisation   drop in the value of property overall.
       impact on average selling prices is more due   Midlothian paid the highest premium, with   around interest rates and inflation, it’s clear to
       to the types of properties selling, rather than   an average of 103%. By contrast, buyers   see that homeowners are still keen to move.  “There is much to be positive about for buyers,
       substantial price drops.           in the Borders and West Lothian secured                                                with lower prices in certain regions, fewer closing
                                                                                            Properties spent slightly longer on the market   dates reducing the expectation of bidding a
                                                                                            as  buyers  considered  their  options.  This  is   high premium, and slightly slower selling times
                                                                                            reflected  in  the  figures,  with  property  sales   allowing for more considered decision making,
         Key points  £273,348                                                               21.4% of properties for sale went to a closing   “With the Bank of England’s recent decision
                                                                                            down 11.8% year-over-year.
                                                                                                                                 as well as more options to choose from.
              average selling price
                                                                                            date, down from 31.2% year-on-year, signalling
                                                                                                                                 to  pause  interest rates, the market is picking
                                                                                            that  sellers  are  keen  to  accept  a  good  offer
              Prices declined 6.6% annually during September-November 2023.
                                                                                            and move quickly, rather than hold out for the
                                                                                                                                 – a clear sign of increasing buyer and seller
                                                                                            potential of a bidding war.          up with more properties being listed for sale
                                                                                                                                 confidence.  As  hopes  rise  that  the  interest
              102.6%                          21 days                                       What does it mean for the property market?  rates will see a gradual decline in the months to
                                                                                                                                 come, we look forward to seeing how this could
              average percentage of Home      median time to sell                           Paul Hilton, CEO of ESPC, commented: “The last   positively impact the market in 2024.
              Report valuation achieved                                                     three months present a mixed bag for the local
                                                                                            market, with much variation in the figures, but   “If you’re thinking of buying or selling a
              4.2 percentage points lower than   Five days slower than the same
              last year, but indicative of the   time last year.                            we can see how this boils down to demand for   property in Edinburgh, the Lothians, Fife or
              current market.                                                               certain property types, and the buyers currently   the Borders, contact your local ESPC solicitor
                                                                                            in the market.                       estate agent today.”
   14  |                                                                                                                                     |  15
   9   10   11   12   13   14   15   16   17   18   19