Page 36 - June 2022

PROPERTY NEWS

HOW HAS THE PROPERTY MARKET
CHANGED SINCE MARCH 2020?
The property market has seen some significant
changes since March 2020, with a two-year
period of activity unlike anything seen in
recent times. The market slowed to an almost
complete stop during Spring 2020, but the
resulting pent-up demand saw the market
explode into a hive of activity that continued
from Summer 2020 through to late 2021, as
changing lifestyles and priorities saw buyers
and sellers alike keen to take action.

CHANGES IN AVERAGE SELLING PRICE
AND OFFERS OVER HOME REPORT
The average selling price for property in
Edinburgh, the Lothians, Fife and the Borders
in March 2020 was £242,299. In May 2022, this prices, excellent transport links and proximity to sought-after central Edinburgh location, close
figure was £274,309. both city and countryside, has proven popular to green spaces and Edinburgh University.
with many first-time buyers, or second-steppers
In March 2020, properties achieved, on average, searching for a home with more more indoor or WHAT ARE THE MOST POPULAR TYPES
102.4% of their Home Report valuation. With outdoor space. OF PROPERTY?
higher demand and rising competition, this Two-bedroom flats and three-bedroom houses
figure had risen by 4.9 percentage points in May Leith was the second-most popular area to buy have been especially popular with buyers post-
2022, with buyers paying 107.4% on average of and sell property during this time. Popular with pandemic.
the Home Report valuation. property investors and first-time buyers, trendy
Leith offers more affordable property close to Two-bedroom flats in Leith have been
WERE MORE CLOSING DATES SET? Edinburgh city centre. consistently popular, perhaps due to their
Rising demand and limited supply of properties affordability allowing first-time buyers to
has seen the level of closing dates set increase Corstorphine was the third-most popular purchase a property that accommodates
over the period of March 2020 – May 2022. place to buy and sell property, and has been home working, or to buy for the longer term.
especially in demand with family buyers, due
In March 2020, 24.6% of properties for sale in to its proximity to the city centre and excellent Leith’s one-bedroom flats have also been very
Edinburgh, the Lothians, Fife and the Borders schooling options. popular, again with their affordability (one-
went to a closing date, rising to 28.8% by May bedroom flats in Leith are priced under the
2021. In May 2022, the rate of closing dates Musselburgh was the fourth most-popular LBTT threshold, averaging £166,770) meaning
rose to 35.7%. place for buyers and sellers from June 2021 - that more first-time buyers could step into the
May 2022. Offering excellent schooling and property market.
WHERE ARE THE MOST POPULAR transport links and more affordable property Three-bedroom houses in Dunfermline were
AREAS TO BUY AND SELL PROPERTY prices, plus access to the coast and countryside, the third-most popular purchase from June
POST-PANDEMIC? Musselburgh has seen its popularity soar since 2021 - May 2022, as more buyers sought larger
The most popular area to buy and sell property the outbreak of the pandemic. family homes with outdoor space.
recently is Dunfermline, which has consistently
seen the highest volumes of listings and sales The fifth most-popular place to buy and sell Two-bedroom flats in Corstorphine, Newington
throughout Edinburgh, the Lothians, Fife and property was Newington. Popular with families, and Dunfermline have also been very popular
the Borders. Dunfermline, with its lower property students and investors, Newington enjoys a property purchases.

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