Page 11 - ESPC Property Market Report - Mar-Aug 2023

MIDLOTHIAN Midlothian market saw increasing Buyers paid less over valuation, but

listings and sales across the board Midlothian still outperformed many

In a clear indication of a booming local market other areas
in Midlothian, new property listings rose by As with all the areas featured in this report, homes in
26.3% annually, coinciding with an 8.8% increase Midlothian saw a decline in the amount over a property’s
in sales volumes. Home Report valuation prospective buyers were willing to
pay. During September 2023-February 2024, Midlothian
Dalkeith offered the highest number of properties achieved an average of 102.5% of their Home
properties for sale, with new listings rising 52.6% Report valuation, which is 3.2 percentage points less than
year-on-year. This was followed by Penicuik, the previous year. However, Midlothian homes were still
where insertions rose 24.6%, Bonnyrigg (which in high demand, as this figure was the second-highest
recorded a 2.7% decrease in new listings), premium recorded across all ESPC regions, with only East
Gorebridge (up 16.7%) and Loanhead, which Lothian attracting a higher premium.
declined 2.9%.

Buyers paid the highest premium to live in
Bonnyrigg was in high demand with buyers, Newtongrange, as homes here attracted 104.7% of their
Property recording the largest volume of property sales,
listings rose with levels rising 24% compared to the same Home Report valuation on average.
26.3% time last year.
year-on-year across 83.8% of homes for sale in Midlothian sold for at least
The average property Midlothian. their Home Report valuation, down from 93.2% the
selling price in Three-bedroom houses in Pencuik sold in the previous year, signalling how sellers’ expectations
Midlothian rose 2.1% highest volumes across Midlothian, with levels have changed and how much the market has shifted
year-on-year to up 29.6% year-on-year, showing how in-demand in favour of buyers who are no longer expected to pay
£259,851 this area was with family buyers. significantly over valuation to secure a property.

Midlothian Average selling prices rise as
properties took Properties took longer to sell overall,
22 days buyers seek affordable alternative but were still among the fastest across
options to the Capital all regions
to sell, six days slower
than the previous The average property selling price in Midlothian Homes in Midlothian took a median time of 22 days to
year
rose 2.1% annually during September-February, go under offer, which is six days slower than the previous
to £259,851, making it a fantastic and more year. However, this selling time is still among the fastest
affordable alternative to Edinburgh. across all ESPC regions, showing that Midlothian remains

Sales volumes across in high demand with buyers who feel the need to act
Midlothian rose Buyers in Roslin was the most expensive area of swiftly, even with more options available to them.
8.8% Midlothian paid Midlothian to buy a home, with an average

annually during 102.5% selling price of £374,958. At the other end of Family homes were clearly popular: three-bedroom
September – February of the Home Report the scale, Mayfield was the most affordable, houses in Gorebridge and Penicuik were the fastest-selling
valuation on recording an average selling price of £147,336 properties, taking just 14 days to go under offer.
average during this period.
22.8% of homes for sale in Midlothian had a closing
Two-bedroom flats in Dalkeith were the most date set, down from 29.1% the previous year. Loanhead
affordable property type in Midlothian, selling attracted the most serious buyer interest overall, with 38%
for £149,286 on average. of properties for sale in this locale setting a closing date.

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