Page 14 - November 2023

THE PROPERTY MARKET

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 / Shutterstock.com
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
£275,762
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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