Page 12 - ESPC Property Market Report - Mar-Aug 2023
P. 12
WEST LOTHIAN The average selling
price for property in
West Lothian was
£246,181
Buyers paid less of the Home Report - an 8.1% increase
annually
valuation as options broadened
Buyers in West Lothian paid, on average, 100.9%
of a property’s Home Report valuation, which is West Lothian
4.1 percentage points less than the same time properties achieved
last year. 100.9%
on the Home Report
66.3% of homes in the region sold for at least valuation on
their Home Report valuation, down from 89% in average
the same time last year, and 94.6% in the year
prior to that. As we have seen in many regions
covered throughout this report, this is a familiar
scenario across the board, as rising levels of The sales
properties coming onto the market have impacted volume rose by
the pressure on buyers to bid wildly above 18.5%
valuation, and sellers’ expectations have shifted to compared to the
accommodate lower bids in order to secure a sale. previous year
Homes took a
median time of
Househunters looking for a home in Bathgate 31 days
could secure a bargain, as homes here sold for
to sell
Average selling prices rose Sales and insertions both increased 97.7% of the Home Report valuation on average.
significantly across West Lothian substantially
Properties took longer to sell, with
West Lothian experienced a significant rise in There was a significant rise in both new property
more options on the market New
its average selling price during September 2023 listings and property sales across West Lothian during property listings
– February 2024, with the average rising 8.1% September-February, indicating a thriving local market. The property market in West Lothian moved at a aligned with sales
year-on-year to £246,181. This is the biggest price New property listings rose 18.8% year-on-year, and sales slower pace during September-February, as homes volumes, rising
increase recorded across all regions in this report, volumes closely aligned with this, increasing 18.5%. took a median time of 31 days to go under offer. 18.8%
highlighting a strong demand for family homes This is 15 days slower than the same time last year-on-year
in the area compared to recent years. With its Livingston recorded the highest number of homes year, which, when combined with a higher volume
affordability compared to Edinburgh alongside coming onto the market, followed by East Calder, of homes on the market, indicates that buyers
its excellent commuter links, West Lothian is Winchburgh, Linlithgow and Broxburn. are taking more time to consider their options
becoming an increasingly strong contender with carefully and are under less pressure to act quickly
those looking to find an affordable family home Interestingly, only some of these areas then achieved to secure a home.
close to the Capital, with strong schooling and the highest sales volumes: Livingston was once again
excellent local amenities nearby. in pole position, followed by Bathgate, East Calder, This is reflected in the level of closing dates set:
Winchburgh and Uphall Station. 11.9% of homes for sale in the region went to
Livingston was the most affordable area of West closing, down from 31.5% the previous year.
Lothian to buy a home, with properties here Three-bedroom houses in Livingston were the most
selling for £191,560 on average. East Calder was popular property purchases, and they significantly East Calder recorded the highest demand from
the most expensive location, with an average increased in popularity when compared to the same househunters, with 25% of properties for sale in
selling price of £299,496. time the previous year, with sales volumes up by 42.9%. this area setting a closing date.
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