Page 17 - ESPC Magazine Oct 2020

THE PROPERTY MARKET

HOUSE PRICE REPORT SEPTEMBER 2020

In our first House Price Report since March, we look at various useful statistics to paint a picture
of the Edinburgh, Lothians, Fife and Borders property market post-lockdown.

From 1st July to 30th September 2020,
KEY POINTS the average selling price in Edinburgh, the
Lothians, Fife and the Borders was £266,149,
up 5.2% compared to the same period last
year. This is also an increase compared to
the first quarter of the year, during which the
£266,149 average selling price was £240,689.

average
selling price In Edinburgh, the average selling price
rose by 3% year-on-year to £283,453.
Properties in the Borders and East Lothian
experienced the greatest year-on-year
From July to September 2020, the average
property selling price in Edinburgh, the increases in average selling price, up
Lothians, Fife and the Borders was £266,149, up 16.2% and 15.4% respectively. Properties in
5.2% compared to the same period last year. Midlothian saw an increase of 7.9%, while On average, properties in Edinburgh, the ESPC agents have reported being
properties in West Fife & Kinross saw an Lothians, Fife and the Borders achieved exceptionally busy with enquiries from
increase of 8.8%. 103.6% of Home Report valuation compared buyers and sellers.
to 103.2%. 83.6% of properties in these areas
48.2% The past three months has seen a were sold for at least Home Report valuation “Properties are selling well, with the average
significant spike in the number of homes compared to 77.7% last year. selling price up compared to last year and the
increase in
homes coming coming to market, up 48.2% year-on-year. first quarter of 2020. The increases in average
to market In Edinburgh, there has been a 55.9% The median selling time of properties in selling price are particularly notable in the
increase. This is to be expected due to Edinburgh, the Lothians, Fife and the Scottish Borders and East Lothian.
lockdown restrictions preventing homes Borders was 21 days, the same as last year.
coming to market during the spring months, In Edinburgh, it was 19 days, also the same “October brings the end of the furlough
The number of homes coming to market in which would normally be a busy time of year as last year. Properties in West Fife & Kinross scheme and the First Home Fund is also
these areas during the last three months for the property market. saw the greatest reduction in selling time, at closing to applications for this year, although
was up 48.2%.
21 days compared to 27 days last year. it will be reopened next year. The First Home
However, in the past three months there Fund has been useful for many first time
has been a 32.3% drop in sales volume. The top selling property in terms of volume buyers who might have struggled to save
21 This appears to be because of the sales and was three bedroom houses in Dunfermline, enough for the higher deposits currently
followed by two bedroom flats in Leith and
required by lenders. This could therefore
mortgage process taking longer than usual,
days for property due to the high volumes of activity after one bedroom flats in Leith. Dunfermline and impact the demand levels for property,
to be placed lockdown. Over the past three months, Leith were also the areas with the greatest resulting in a drop in activity.
under offer there has been a year-on-year uplift in the volume of new homes coming to market.
number of homes placed under offer. “However, based on the high levels of activity
Paul Hilton, CEO of ESPC, said: “It’s been we have seen in recent months and what’s
The median number of days it took Out of the homes brought to market, 88.1% three months since restrictions were relaxed happened in the past, the Edinburgh and
for properties in these areas to be placed were marketed as “offers over” compared on the Scottish property market, and it’s fair wider Scottish property market appears in a
under offer was 21, the same as last year. to just 80.7% last year, which indicates to say activity has surged during that time. relatively stable position to tackle the
confidence in current market conditions There has been a significant uplift in the economic uncertainties of the next quarter.”
from agents and sellers. number of homes coming to market while

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