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THE PROPERTY MARKET


             The House Price Report: June 2023

        We reveal how the property market reacted to the financial climate during
                                 April-June 2023.



           etween  April  and  June  2023,  average   Buyers paid an average of 103.3% of Home
           property selling prices across Edinburgh,   Report  valuation,  down  from  108.3%
      Bthe Lothians, Fife and the Borders   last year, again hinting that buyers are
       increased 0.2% year-on-year, to £280,286.   seriously considering affordability. Fewer
       This marginal increase shows that while there   homes went to a closing date - 27.6%,   Musselburgh’s  sales  volume  increased  13.8%;
       are still healthy levels of buyers, they are   down from 37.9%.                      combined with a rise of 10.2% in the average   140
       becoming  more  cautious  with  affordability,                                       selling price, Musselburgh clearly continues to
       and are looking to secure a home closer to   The volume of properties selling during   be a very popular choice.             solicitor estate agents
       its Home Report valuation. 79.3% of homes   April-June  2023  decreased  12.9%  year-on-                                     ready to help you buy and sell homes.
       sold between April and June achieved their   year,  while  the  number  of  new  properties   Post-pandemic, Dunfermline experienced an
       Home  Report  valuation  or  higher,  down  13   coming to the market declined 3.3%.  intense period of popularity. However, this   Over
       percentage points from April-June 2022.                                              ‘boom’ has been slowing, with sellers more   2,000
                                                                                            active than buyers. During April-June, sales
                                          Leith saw the highest volume of properties                                                homes for sale.
       Edinburgh properties had the highest   selling,  with  two-bedroom  flats  being     volumes  declined  31%,  while  more  properties
       average selling price of £299,164, down 0.9%   the most popular, followed by one-beds,   were listed for sale than anywhere else, up 2%   680,000
       year-on-year, while East Lothian homes   suggesting  Leith  remains  a  first-time   overall year-on-year.
       experienced the biggest increase in average   buyer hotspot.                                                                 My ESPC emails sent during June.
       selling prices, rising 5.7% to £296,869.                                             During April-June, median selling times
                                                                                            increased by seven days, to 20 days. This could
                                                                                            be due to the financial climate, meaning buyers
                                                                                            take longer to secure their mortgages, or to
                                                                                            there being more homes on the market for   bidding more carefully to ensure long-term
                                                                                            buyers, allowing them to take a more relaxed
                                                                                                                                 affordability.
         Key points  £280,286                                                               approach.                            “However, there is still plenty to be positive
                                                                                            Paul Hilton, CEO, ESPC, commented: “In a
                                                                                                                                 about. Areas offering excellent commuter links,
              average selling price
                                                                                            typically busier time for the property market,
                                                                                                                                 such as Musselburgh, and more affordable
              The average selling price increased by 0.2% year-on-year to £280,286.
                                                                                            the most recent figures show clear signs that
                                                                                                                                 to prove popular with quick selling times and
                                                                                            the post-pandemic property boom is slowing,   areas, such as Leith and Dunfermline, continue
                                                                                            and adjustments are being made for increasing   good volumes of sales overall, and average
                                                                                            costs and other economic changes.    selling prices continue to perform well generally,
              103.3%                         20 days                                                                             with increases in many areas.
              average percentage of Home     median time to sell                            “With smaller increases in average property
              Report valuation achieved                                                     selling prices, slower selling times and a   “It’s an interesting time for the property market,
                                                                                            decrease in the amount that buyers are willing   and so it’s more important than ever that
              On average, buyers paid 103.3% of   The median selling time for
              Home Report valuation, down 5   properties was 20 days, seven days            to pay over Home Report valuation, we can see   buyers and sellers work with ESPC solicitor
              percentage points.             slower than April-June 2022.                   that the current financial climate is making an   estate agents, to secure up-to-date insights and
                                                                                            impact on the property market. Buyers and   advice across the local market to help them at
                                                                                            sellers alike are more cautious, and buyers are   this all-important stage of their lives.”
   16  |  espc.com                                                                                                                                             espc.com  |  17
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