Page 12 - February 2023

THE PROPERTY MARKET

The House Price Report: January 2023 Borders increased by 5.6% year-on-year to
£284,614 in November 2022-January 2023. 140
We take a closer look at how the property market performed in
The City of Edinburgh saw average property solicitor estate agents
January 2023 and consider the impact of recent interest rate rises. selling prices rise to £302,073. Following high ready to help you buy and sell homes
demand for properties in the past year, one
he period of November 2022-January Between November 2022 and January 2023, and two-bedroom properties were popular with Over
2023 was a challenging period in the new property listings in Edinburgh, the Edinburgh buyers. 2000
Tproperty market due to changes to Lothians, Fife, and the Borders were down by homes for sale
the financial market, the rising cost of living 4% year-on-year. Many out-of-town areas saw rises in average
and the energy crisis. selling prices, with two-bed flats in Joppa and 520,000
There was a significant rise in new property Portobello increasing to £304,460 and three-
On 2 February, the Bank of England listings in areas beside the sea - South bedroom houses in South Queensferry and My ESPC emails sent during January
announced a rise in interest rates by half a Queensferry, Portobello and Musselburgh. Dalmeny rising to £312,458.
percentage point to 4% which will increase
mortgage payments for homeowners on Sales volumes across Edinburgh, the In November 2022-January 2023, 85% of
tracker mortgages who will pay about £49 Lothians, Fife and the Borders reduced by properties sold for their Home Report valuation However, as the latest ESPC data shows, the
more a month. Those on standard variable 15.7% annually. Comparing property sales in or higher, with the average property achieving market in Edinburgh, the Lothians, Fife and the
rate mortgages face a £31 increase. November 2019-January 2020 to November 105% of Home Report valuation at sale. If we Borders is robust with strong competition for
properties and 84.9% of properties selling for
2022-January 2023 we see comparable compare this to the last ‘normal’ year before their Home Report valuation or higher.”
The impact of this remains to be seen but numbers of properties, highlighting that the the pandemic, in November 2019-January
there is evidence that the market is returning market is returning to pre-pandemic levels 2020, when properties achieved 102% of Home
to pre-pandemic norms. We continue to see after two years of very high demand. Report valuation at sale – sellers should get “We are seeing noticeable demand for areas
strong interest in home buying and selling some reassurance that the market is continuing in Edinburgh that are popular with a range of
with quick selling times and high levels of The average selling price of property across to perform well. buyers. Abbeyhill and Meadowbank have seen
the Home Report valuation being achieved. Edinburgh, the Lothians, Fife, and the considerable demand from first-time buyers
while South Queensferry and Dalmeny are
East Lothian properties attained the most popular with those looking for family homes.”
over Home Report valuation, with properties
achieving 107% of their valuations on average. “The market appears to be returning to pre-
Key points £284,614 Properties in the City of Edinburgh achieved balanced market for buyers and sellers alike.”

pandemic volumes, which should result in a more
105% of their Home Report valuation on
average selling price
average.
The average selling price rose 5.6% year-on-year to £284,614
The median time for properties to go under
offer was 19 days, two days slower than the
105% 19 days previous year. Comparing this to the same
period in 2019, homes went under offer in 23
average percentage of Home median time to sell days in November 2019-January 2020, showing
Report valuation achieved activity levels are now very close to those
before the pandemic.
On average, buyers paid 105% of The median selling time for
Home Report valuation, down 1% properties was 19 days, two days Paul Hilton, CEO of ESPC, said: “The past three
annually slower than the previous year
months should have been turbulent for the
property market due to rising interest rates, the
cost-of-living crisis and increasing energy bills.

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