Page 15 - December 2023
P. 15


 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.”
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