Page 14 - January 2024
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                                                                                              140                                2,300           330,000
         The House Price Report: December 2023                                                solicitor estate agents            homes           My ESPC emails
                                                                                              ready to help you buy and sell homes  for sale     sent during December
             We look at what’s been happening in the local property market
                             over the last three months.
                                                                                            the  need  to  pay  increased  upfront  costs.   Property sales were down slightly year-on-year,
                                                                                            A  mortgage  offer  will  likely  only  cover   dropping by 2.5%.
           he  average  selling  price  of  property   West Lothian bucked the trend, with average   the  value  stipulated  in  a  property’s  Home
           across  Edinburgh,  the  Lothians,  Fife   property  prices  in  this  region  rising  15%     Report,  with  buyers  required  to  pay  the
       Tand  the  Borders  was  £272,187  during   to £243,761.                             additional  difference  directly.  Having  an   20% of properties for sale went to a closing date.
       October-December  2023  –  6%  down  on  the                                         offer accepted that’s closer to the Home
       same  time  last  year.  However,  a  closer  look   In  terms  of  affordability,  one-bedroom  flats  in   Report valuation could allow buyers to pay   What does it all mean for the housing
       at ESPC data reveals that this decline is more   Gorgie  were  Edinburgh’s  cheapest,  selling  for   more  into  their  mortgage  deposit  upfront,   market?
       likely due to a shift in buying patterns, with a   an  average  of  £145,707.  However,  buyers  got   potentially giving them the option to secure   Paul  Hilton,  CEO  of  ESPC,  said:  “The  final
       substantial turn in the market towards lower-  much more for their money by moving out of   a better mortgage deal.       quarter of 2023 showed a marked change in the
       priced properties.                   town: two-bedroom flats in Hawick recorded an                                        property market across Edinburgh, the Lothians,
                                            average  selling  price  of  £78,445  while  two-bed   The median time for a seller to accept  an   Fife  and  the  Borders,  which  indicates  that  we
       East  Lothian  recorded  the  largest  drop  in   flats in Galashiels were also affordable at £94,573.   offer  on  a  property  was  22  days,  five  days   could  be  entering  a  new  phase.  We’ve  seen
       selling  prices,  with  figures  down  17.5%  year-                                  slower year-on-year. This reflects that buyers   a  real  shift  towards  lower-priced  properties,
       on-year,  meaning  the  new  average  was   In  line  with  the  trends  seen  throughout   are now able to take longer to consider their   hinting at an influx of buyers coming into the
       £267,578.  Similarly,  property  prices  in  the   the  second  half  of  2023,  buyers  paid  closer   options  than  in  recent  years.  The  market   market – which can only be positive news. The
       Scottish Borders experienced a decline of 12%   to  the  Home  Report  valuation  to  secure   across the region remains fast, with many   figures this month show huge increases in the
       - however, close analysis shows that a boom   properties  during  October-December.  The   offers accepted in just three weeks.  volumes  of  one-  and  two-bedroom  flats  sold,
       in more affordable property has affected the   average percentage of Home Report valuation                                with reductions in the volumes of larger houses,
       figures in these areas.              achieved  was  102%,  3.7  percentage  points   Properties in East Fife took the longest time   emphasising  that  while  the  headline  figure  is
                                            lower than the same time in 2022.               to sell, staying on the market for 33 days. By   one of falling property prices, this is more likely
       Edinburgh’s housing market was more stable,                                          contrast, homes in West Fife and Kinross sold   due to this increase in more affordable homes
       with  prices  declining  by  4%  year-on-year,   This is great news for buyers, allowing them to   the  fastest,  going  under  offer  in  a  median   being snapped up.
       meaning  the  Capital’s  average  selling  price   make clear pricing decisions with consultation   time of just 20 days.
       was £294,085.                        from their solicitor estate agent, and avoiding                                      “Post-Covid,  we  saw  a  significant  increase  in
                                                                                                                                 buyers searching for long-term family homes,
                                                                                            Throughout  October-December  2023,  flats   with  three-  and  four-bedroom  properties
                                                                                            (particularly  one-  and  two-beds)  proved   proving  incredibly  popular;  however,  October
         Key points  £272,187                                                               flats in Leith sold in the highest volumes, up   sales of flats for the whole of 2023, while our
                                                                                            incredibly  popular.  One-  and  two-bedroom
                                                                                                                                 2023  presented  us  with  the  biggest  spike  in
                                                                                            23% and 7% respectively year-on-year. One-
              average selling price
                                                                                                                                 data also shows that demand for one-bedroom
                                                                                            bedroom  flats  in  Gorgie  were  also  hugely
                                                                                                                                 properties soared, while four-bedroom homes
              Prices declined 6% annually during October-December 2023.
                                                                                            popular, with sales increasing 44% annually.
                                                                                                                                 experienced  a  dip.  With  the  recent  pauses
                                                                                                                                 in  interest  rates  and  the  subsequent  cuts  to
                                                                                            During October-December 2023, the volume   mortgage rates, perhaps we are beginning to
              102%                            22 days                                       of  properties  coming  onto  the  market   see the return of first-time buyers to the local
                                                                                            increased  by  just  under  7%,  meaning  that   market in higher numbers.
              average percentage of Home      median time to sell                           buyers have more options available.
              Report valuation achieved
                                                                                                                                 “If  you’re  thinking  of  buying  or  selling  a
              3.7 percentage points lower than   Five days slower than the same time        81%  of  sellers  marketed  their  properties  at   property in Edinburgh, the Lothians, Fife or the
              last year, is good news for buyers.  last year.                               ‘offers  over’,  achieving  an  average  of  7%   Borders, contact your local ESPC solicitor estate
                                                                                            above their asking price.            agent today.”
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