Page 14 - December 2023

THE PROPERTY MARKET

The House Price Report: November 2023 properties closer to the valuation figure, with
successful bids averaging 101%.
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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.”
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