Page 17 - June 2022

THE PROPERTY MARKET

The House Price Report: May 2022

We take a look at the housing market across Edinburgh, the Lothians, Fife and the Borders
over the past three months.

t’s been a busy three months in the an annual increase of 6% compared to
property market with plenty of buyer March to May 2021.
Iinterest resulting in an increase in
the average selling price of properties Evidence continues to suggest that the pace
in Edinburgh, the Lothians, Fife and the of both sales and new listings is returning
Borders. to levels more typically seen pre-pandemic.
Sales volumes reduced 17% annually, whilst
Between March and May 2022, the average new listings in Edinburgh, the Lothians, Fife
selling price in these areas was £274,309, a and the Borders were down 6% over the last
5% increase on the same period in 2021. three months compared to the same period
last year. There was a notable increase in new insertions
Homes in East Fife saw the highest price of properties in Leith over the last three 140
increase with the popularity of living in this Key locations within the Borders have months, whilst Bonnyrigg in Midlothian and
stunning area continuing to grow. West proven particularly popular with noticeable Portobello in Edinburgh also saw a notable solicitor estate agents
Lothian has also witnessed a significant increases in sales volumes in Hawick and increase in new property listings. ready to help you buy and sell homes
increase in the average selling price, with Jedburgh. Within Edinburgh, the suburb of
an average selling price of £255,171 – an East Craigs saw a strong increase in sales Buyers and sellers were still very active during Over
increase of 13% annually. The average volumes with an average selling price of March to May 2022, with properties selling 1300
selling price within Edinburgh was £295,979, £255,576. very quickly. The median time for an offer to
be accepted in the region is now just 14 days, homes for sale
a reduction of seven days from last year.
Properties in West Lothian sold the fastest, 650,000
going under offer in just 11 days, eight days My ESPC emails sent during May
Key points £274,309 the Borders and City of Edinburgh both went levelling off which is encouraging for the long
quicker than last year. Meanwhile properties in
under offer at a median time of 14 days, 13 and
average selling price
12 days quicker than the same time last year.
The average property selling price rose 5% year-on-year to £274,309.
Alongside buying quickly, buyers were also term sustainability of the market.
prepared to pay significantly over the Home Three bed family homes have dominated the
Report valuation, with properties attaining data this month, highlighting that home buyers
107.4% 14 days 107% of their valuations on average, up four may still be looking for additional space to
percentage points annually. accommodate a post-covid lifestyle. This is a
average percentage of Home median time to sell trend that we’ve been witnessing for the past
Report valuation achieved
Paul Hilton, CEO of ESPC, said: “This has been few months and one that is likely to continue
On average, buyers paid 107% The median selling time for a very active three months in the property over the next few months.
of Home Report valuation, up properties was 14 days, seven days market, where we continue to see strong
4 percentage points. faster than last year. evidence of high buyer demand driving up If you are thinking of buying or selling a home
prices and speeding up the market. We are in Edinburgh, the Lothians, Fife or the Borders,
seeing that the volume of listings and sales are get in touch with your local ESPC agent today.”

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