Page 16 - June 2023

THE PROPERTY MARKET

The House Price Report: May 2023 140 Over 690,000

We take a closer look at how the property market performed in March-May solicitor estate agents 2,000 My ESPC emails
2023 and discuss how the post-pandemic market is continuing to rebalance. ready to help you buy homes for sale sent during May
and sell homes

n last month’s House Price Report, we The City of Edinburgh saw property prices
revealed that selling prices in Edinburgh, fall by 1.8% to £289,213.
Ithe Lothians, Fife and the Borders Most areas have reported a decline in overall ten days slower annually and three days
experienced a small decline for the first time In March-May 2023, new property listings sales volumes: 9.1% in the City of Edinburgh, slower than March-May 2019.
in a number of years. In March-May 2023, in Edinburgh, the Lothians, Fife and the 14.6% in the Borders, 20.3% in West Fife and
there was a marginal selling price increase Borders were down by 3.7% year-on-year Kinross and 4.9% in West Lothian. Paul Hilton, CEO of ESPC, says: “As we are
of 0.4%, taking the new figure to £274,162. as sellers stayed in their properties longer enter the summer months, we are continuing
before deciding to move home. However, East Fife, East Lothian and to see clear signs that the market is cooling
Midlothian bucked this trend with a and returning to more normal levels last
However, this still shows the housing
market is continuing to calm and activity The biggest increases in listings were respective 26.2%, 2% and 1% increase seen in 2019 before the disruption of the
is returning to 2019 levels. In March-May recorded in Fettes (up 77.8%), Kirkliston (an in sales volumes compared to the same pandemic.
2019 (which can be used to compare to the increase of 57.1%) and Shandon which saw period last year.
pre-pandemic norms) the average selling a rise of 45.5%. “There have been reductions in sales
price was £246,065, highlighting that high In March-May 2023, 78% of properties sold volumes and slower speed of sale recorded
demand for properties has pushed up Overall property sales volumes across for their Home Report valuation or higher, meaning sellers are being more cautious
prices over the last few years. Edinburgh, the Lothians, Fife and the with the average property achieving 102.9% and buyers are taking affordability into
Borders reduced by 7.5% annually as of Home Report valuation at sale. If we account – this is also reflected in properties
compare this to March-May 2019, 76.7%
not going a significant amount over Home
West Fife and Kinross recorded the highest homeowners waited to see how the of properties sold for their Home Report Report value.
price increase over the past three months market panned out before listing a property valuation or higher, while the average
with the average selling price rising 12.1% for sale. property achieved 103% of Home Report
annually to £214,902. “However, the market is still performing well
valuation at sale, showing that the market is with demand particularly high in Midlothian
returning to nearer to pre-pandemic norms. and West Fife and Kinross as buyers
continue the trend of seeking larger more
Properties in the City of Edinburgh achieved
Key points £274,162 102.9% of their valuations on average – a the Capital.
affordable homes with an easy commute to
decline of 4.1 percentage points annually.
average selling price

“As we enter a more balanced phase for
the market, it really is more important than
The median selling time cooled slightly
The average selling price increased by 0.4% year-on-year to £274,162.
when we compare year-on-year average –
the median time to sell now sits at 24 days, ever to work with your ESPC solicitor estate
agent when buying or selling.”
102.9% 24 days
average percentage of Home median time to sell
Report valuation achieved
On average, buyers paid 102.9% The median selling time for properties
of Home Report valuation, down was 24 days, continuing the trend
4.5% annually. we’ve seen recently of selling times
returning to pre-Covid norms.

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