Page 14 - November 2023
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          The House Price Report: October 2023

           We look at what’s been happening in the local property market over
                               the last three months.

           he average selling price of property in   Flats in Dunfermline were the most affordable,
           Edinburgh, the Lothians, Fife and the   with one-bedroom flats selling for £114,655 on
       TBorders was £275,762 during August-  average, and two-bedroom flats coming in at
       October 2023: a decline of 7.4% annually.   £128,465.
       In  the  current  financial  climate,  this  is  not
                                                                                                                                          Credit: Julietphotography /
       unexpected, as buyers bid less over Home   Properties for sale across Edinburgh, the
       Report valuation to secure properties.  Lothians, Fife and the Borders achieved 103%
                                           of their Home Report valuation on average,       23.5% of properties went to a closing date
       The biggest change was recorded in East   4.5  percentage  points  lower  year-on-year.   during August-October 2023, down from 33%
       Lothian, where a 14% annual drop meant the   This is a continuation of a trend we have seen   the same time last year; an indication of how   160
       new average selling price was £268,152. While   in recent months, with buyers increasingly   balanced the market has become.  solicitor estate agents
       this  figure  may  appear  alarming,  it’s  more   keen to secure their next home for a fair price.
       likely due to an increase in smaller properties                                                                              ready to help you buy and sell homes
       selling in the area, than a reduction in the   Throughout August-October 2023, properties   Higher availability of smaller properties   Over
       actual value of property.           took 21 days to go under offer, six days longer   meant  that  one  and  two-bedroom  flats  were   2,500
                                                                                            particularly popular with buyers. One- and
                                           than last year.
                                                                                            two-bedroom flats in Leith sold in the highest
       In Edinburgh, the City Centre recorded a                                             volume,  while  one-bedroom  flats  in  Gorgie   homes for sale
       decline of 15%, meaning  the new average   Properties in West Lothian took the longest   were also high on the list.
       selling price was £304,771. This is again most   to sell, with a median time of 38 days – 19                                 700,000
       likely due to a rise of smaller properties   days slower than the same time last year. In   What does it all mean for the property   My ESPC emails sent during October
       on the market; with the recent changes   contrast, homes in West Fife & Kinross flew off
       in legislation surrounding short-term lets,   the market in less than half this time, taking   market?
       many landlords have opted to sell.  just 16 days.                                    Paul Hilton, CEO of ESPC, said: “The property
                                                                                            market has been the subject of much scrutiny
                                                                                            in recent months, and across Edinburgh, the   looking to enter the market, with many more
                                                                                            Lothians, Fife and the Borders, we’re seeing   options available to them, resulting in less-
         Key points  average selling price                                                  stabilise following several years of frenzied   a  home  for  a more reasonable  price. Sellers
                                                                                            much to analyse. The market is continuing to
                                                                                                                                 competitive bidding and the chance to secure
                                                                                            activity, while the financial climate has of course
                                                                                                                                 shouldn’t be disheartened by this; more buyers
                                                                                            had  a  significant  impact  on  the  prospects  of
                                                                                                                                 coming to the market can only be good news.
              Prices declined 7.4% annually during August-October 2023.
                                                                                            buyers looking to enter the market or scale up
                                                                                            to larger properties. However, with the Bank of   “Once again, the data highlights that each
                                                                                                                                 individual property sale is truly unique, and
              103%                           21 days                                        England’s decision to pause interest rates once   therefore, it remains essential to consider
                                                                                            again, we have good reason to be optimistic   pricing strategy carefully. Choosing to work with
              average percentage of Home     median time to sell                            that buyers will regain confidence, and perhaps   an expert ESPC solicitor estate agent can make
              Report valuation achieved                                                     we  will  see  positive  repercussions  of  this   all the difference to sellers; research shows
              4.5 percentage points lower than   Six days slower than the same time         decision in the months to come.      ESPC solicitor estate agents achieved 3% more
              last year, but indicative of the   last year.                                                                      over the Home Report valuation compared
              current market.                                                               “The influx of smaller properties coming to the   to non-ESPC agents, which could make a big
                                                                                            market  is  positive  news  for  first-time  buyers   difference for your next home.”
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