Page 7 - ESPC Magazine Nov 2020

THE PROPERTY MARKET

HOUSE PRICE REPORT OCTOBER 2020

Statistics from the past three months show the market remains busy.

From August to October 2020, the average
KEY POINTS property selling price in Edinburgh, the
Lothians, Fife and the Borders was £270,983,
a 7.9% increase compared to last year.
Properties in the Scottish Borders
experienced a notable increase in average
£270,983 selling price, rising by 20.6% year-on-year to
£249,373.
average
selling price
Properties in West Fife & Kinross saw a
14.3% increase, while properties in
Midlothian saw a 9.5% increase. Properties in
From August to October 2020, the average
property selling price in Edinburgh, the East Lothian and West Lothian experienced
Lothians, Fife and the Borders was £270,983, a 7.5% and 7.8% increase in average selling
up 7.9% compared to last year. price, respectively.
property to progress from under offer to sold, the highest percentage of Home Report
In Edinburgh, the average property selling so there was a slight delay in sales volume valuation at 109.4%.
price rose by 6.2% year-on-year to £289,510. catching up to last year after property market
44.4% Within the capital, three bedroom houses restrictions were relaxed. Paul Hilton, CEO of ESPC, said: “Over the past
in Liberton and Gilmerton saw an 18.5% three months, the Scottish property market
increase in
homes coming increase in average property selling price. The top selling properties by sales volume has remained exceptionally busy for this time
to market However, two bedroom flats in New Town over the last three months were three of year. We are still seeing far more homes
and West End saw a reasonable bedroom houses in Dunfermline and one coming to market, along with high competition
year-on-year decrease in average property bedroom flats in Leith. for many of those properties.
selling price, dropping by 14.7%.
Over the past three months, the number of There has been a decrease in selling time for “Properties in the Borders have seen a
homes coming to market in these areas The number of homes coming to market is properties in Edinburgh, the Lothians, Fife significant jump in average selling price
rose by 44.4%year-on-year.
still significantly up compared to last year, and the Borders compared to last year. The year-on-year, and this could be a result of
which is good news for buyers. Over the median time for a property to be placed under lockdown restrictions and changes in daily
past three months the number of new offer over the last three months is 18 days routines encouraging people to consider a
18 listings in these areas is up 44.4% compared to 21 days last year. Homes in East home in the country. However, we are still
year-on-year. The districts with the greatest Fife have seen a significant decrease in selling seeing strong competition for properties in
days for property volume of new listings are Dunfermline, time, with the median time for them to be Edinburgh, suggesting that many people
to be placed Leith and Corstorphine. placed under offer now at 33 days compared continue to recognise the benefits of city life.
under offer to 55 days the previous year.
The volume of property sales in Edinburgh, “While activity is generally much higher than
the Lothians, Fife and the Borders over the From August to October 2020, the average usual for this time of year, we are seeing some
The median time for properties to be placed past three months is down 5.6%. However, percentage of Home Report valuation month-on-month cooling in certain activities
under offer in Edinburgh, the Lothians, Fife this decrease is concentrated in August. achieved in Edinburgh, the Lothians, Fife and such as viewing requests and Home Report
and the Borders over the past three months September and October have seen the Borders was 104.1% compared to 103% downloads. However, this is to be expected as
was 18 days, three days faster than last year. significant year-on-year increases in sales. last year. One bedroom flats in Leith Walk, we approach a typically quieter time of year
This is likely due to the time it takes for a Easter Road, Pilrig and Bonnington achieved for the property market.”
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