Page 15 - May 2023
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THE PROPERTY MARKET


 The House Price Report: April 2023

 We take a closer look at how the property market performed in February-April
 2023 and discuss how the market is rebalancing after a busy three years.


 he period of February to April 2023   onward buyers, shouldn’t be discouraged by
 shows clear signs that the housing   this slight overall average decline.
 Tmarket in Edinburgh, the Lothians,
 Fife and the Borders is continuing to calm,   In addition to changing house prices, new
 following years of high demand and high   property listings in Edinburgh, the Lothians,   Leith
 price growth.  Fife and the Borders were down by 3.7%
 year-on-year as some homeowners have
 For  the  first  time  in  a  number  of  years,   adopted a more cautious approach to   40% and 4% increase of property sales
 selling prices recorded a small decline when   selling their home.   compared to the same period last year.    140
 compared annually. The average selling price
 of property across Edinburgh, the Lothians,   There was an increase in listings in some   In February-April 2023, 76.6% of properties   solicitor estate agents
 Fife and the Borders fell by 1.1% year-on-year,   of ESPC’s traditionally popular areas.   sold for their Home Report valuation or higher,   ready to help you buy and sell homes
 now standing at £267,679.   Dunfermline saw a rise of 23.8%, whilst listings   with the average property achieving 102.7% of
 in Corstorphine increased by 22.6% and new   Home Report valuation at sale – highlighting   Over
 However, this is substantially higher than   property listings rose by 10.5% in Leith.    that buyers in Edinburgh, the Lothians, Fife, and   2,000
 the same period in 2019, when the average   the Borders are keen to secure their next home   homes for sale
 selling price was £242,840 (relevant as this   Overall property sales volumes across   but  are  reacting  to  wider  market  influences
 was the last year before the Covid boom).   Edinburgh, the Lothians, Fife and the Borders   including higher interest rates.
 Many sellers will be experiencing equity gains   reduced by 8.6% annually. However, both   600,000
 within their property over this time and, as   East Fife and Midlothian had a respective   This is very similar to the data recorded in the   My ESPC emails sent during April
        same period in 2019 when 75.2% of properties
        sold for their Home Report valuation or higher,
        and property sales achieved 102.7% of Home
 Key points  £267,679  that the reported year-on-year figures are likely   with rising interest rates and the cost-of-living
        Report valuation on average at sale. We can see
                                             crisis, this led to buyers acting with caution, but
        more natural market restabilisation
 average selling price
                                             the housing market is still performing strongly
 The average selling price fell by 1.1% year-on-year to £267,679.
        The median time for properties to go under
        offer was 28 days. This is 12 days slower than   despite speculation to the contrary.
        last year, however only two days slower than in   “The levelling off of house prices and the
 102.7%  28 days  February-April 2019 once again highlighting the   slightly slower median selling times is a sign the
        natural readjustment of the market.    market is rebalancing and activity is returning to
 average percentage of Home   median time to sell   2019 levels. Properties are still selling well and
 Report valuation achieved
        Paul Hilton, CEO of ESPC, said: “The period of   most are attracting a premium.
 On average, buyers paid 102.7%    The median selling time for properties   February-April 2023 has seen the property
 of Home Report valuation.  was 28 days, continuing the trend   market continue to rebalance after an   “As we enter a more balanced phase for the
 we’ve seen recently of selling times   unprecedented period which led to low housing   market, it really is more important than ever
 returning to pre-Covid norms.    stock and high demand, as well as high selling   to work with your ESPC solicitor estate agent
        prices and incredibly quick selling times. Coupled   when buying or selling.”

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