Page 15 - January 2024

THE PROPERTY MARKET
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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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