Page 17 - July 2023

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.”
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