Page 17 - February 2022

THE PROPERTY MARKET

The House Price Report: January 2022

Average selling prices and demand continues to rise in out-of-town areas.

he average selling price of property in Despite a quieter period for the market,
Edinburgh, the Lothians, Fife and the properties continued to attain well over
TBorders experienced a modest 2.3% their Home Report valuations, with buyers
rise during November 2021-January 2022, paying 106% on average. All regions within
taking the new average to £271,131. Edinburgh, the Lothians, Fife and the
Borders saw an increase in the amount
Homes in West Lothian saw the biggest over Home Report valuation paid, signifying Despite November-January typically being a
increase, as a 37.5% increase meant the strong demand. calmer time for the property market, homes 150
new average selling price was £292,394, sold two days quicker year-on-year, with a solicitor estate agents
compared to £212,426 twelve months prior. 35% of properties went to a closing date, median selling time of 17 days. Buyers in West ready to help you buy and sell homes
which is likely to have contributed to this. Fife and Kinross were the fastest, with homes
going under offer in just twelve days.
Overall, Edinburgh’s average selling price Over
rose 1.5%, to £286,147. However, there Buyers paid the most over Home Report 1200
were variations within the capital - the city valuation for homes in East Fife and East The fastest-selling property type overall was
centre saw prices decrease 5%, while the Lothian; both of these areas saw an increase three-bedroom houses in the Midlothian town homes for sale
south western suburbs experienced a 17% of 6.4 percentage points in comparison to of Gorebridge, where median selling times 500,000
increase, to £400,816. November-January 2020/21. On average, dropped to just seven days.
properties in East Fife attained 108% of My ESPC emails sent during January
The most affordable property type was two- Home Report valuation, while East Lothian Sales volumes across Edinburgh, the Lothians,
bedroom flats in Galashiels, with an average homes achieved 110%. Fife and the Borders were down 22% year-on-
selling price of £82,553. year during November-January, as the market
cooled in comparison to the exceptional levels the market was affected by lockdowns and
of activity seen in the previous year, thanks to heightened competition.
pent-up buyer demand. These levels are more “The market has seen lower sales volumes
Key points £271,131 the end of 2019. overall, and modest price increases on the
in line with the pre-pandemic figures seen at
whole, but we’ve seen a clear separation in
average selling price
Leith had the highest volume of property sales,
the level of demand for family homes in the
The average property selling price rose 2.3% to £271,131 across Edinburgh, the
Lothians, Fife and the Borders during November 2021-January 2022. with two-bedroom flats leading the charge – suburbs versus city-centre properties, with
homes in Edinburgh’s South West and West
however levels were down 18% year-on-year.
The level of new properties being listed for sale Lothian becoming particularly sought-after.
was also lower, with figures 11% lower than the
106% 17 days same time last year. “Overall, Edinburgh’s market has seen signs
of slowing down over this period, but out-of-
average percentage of Home median time to sell town areas across the Lothians, Fife and the
Report valuation achieved Paul Hilton, CEO of ESPC, said: “The three
months of November-January are typically a Borders have remained popular even during
On average, buyers paid 106% The median selling time for slower period for the property market, but the the typically quieter months.
of Home Report valuation, up properties in Edinburgh, the Lothians, market across Edinburgh, the Lothians, Fife
2.8 percentage points. Fife and the Borders fell to 17 days, and the Borders has remained buoyant on “If you are thinking of buying or selling in
two days quicker than in 2020. the whole. There have been positive signs of Edinburgh, the Lothians, Fife or the Borders,
growth in comparison to the year before, when contact your local ESPC agent today.”

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