Page 5 - ESPC Property Market Report - Mar-Aug 2023

Buyers paid less over the Home Report
AREA OVERVIEW valuation to secure a home Homes took longer to sell,

but some areas moved at
On average, buyers in Edinburgh, the Lothians, Fife and the

New property Borders paid 102% of a property’s Home Report valuation, a faster rate than last year
listings rose by which is 3.5 percentage points less than the same time last year. Homes in Edinburgh, the Lothians,
10.4% This demonstrates clearly how the impact of more properties Fife and the Borders took six days
Homes took becoming available has lessened the pressure on buyers and longer to sell during this period
The average property 24 days also lowered sellers’ expectations, with buyers less likely to bid compared to the same time the
selling price across to go under offer, high premiums in order to secure properties. previous year, with a median selling
Edinburgh, the Lothians, which was six days
Fife and the Borders was slower than the All regions experienced a decline in the amount over valuation time of 24 days.
£272,096 previous year Buyers paid an paid by buyers, however, buyers bid the least for homes in
average of One-bedroom flats around the
Borders, paying 100.3% on average, which is 4 percentage points Easter Road area, and three-
102% of less annually. This was closely followed by West Lothian, where
Home Report valuation, homes achieved 100.9% of their Home Report valuation on bedroom houses in Rosyth were the
down 3.5 percentage quickest selling properties, taking just
Sales volumes average, down 4.1 percentage points.
points ten days to go under offer. This is ten
declined 1.3% days and 11 days faster year-on-year
annually Buyers paid the biggest premium to live in East Lothian, bidding respectively.
102.9% on average. However, this is down 5.1 percentage points on
the previous year, meaning that East Lothian has been the worst 20.3% of properties for sale during
affected, while remaining the area that attracts the highest bids. this time went to a closing date,
The average selling price of property down from 27.9% the previous year.
declined across much of the market Listings increased significantly while sales
slowed
Over the period of September 2023 – February
2024, the average selling price of property in New property listings rose significantly across Edinburgh, the
Edinburgh, the Lothians, Fife and the Borders was Lothians, Fife and the Borders during this period, by a margin
£272,096. This is 4.6% less than the same time of 10.4%. This was countered with a decline in sales volumes of
the previous year, showing the impact of more 1.3%, indicating that currently there may be more homes on the
challenging financial conditions alongside a healthy market than available buyers, meaning that househunters can
increase in properties becoming available, lessening enjoy a luxury of choice missing from the market in recent years.
competition from buyers.
Dunfermline had the highest volume of property listings and
The City of Edinburgh was the most expensive place insertions, up 13% and down 6% respectively.
to buy a property, with an average selling price of
£290,445, although this is 3.7% less year-on-year. In terms of property listings, Dunfermline was followed by Leith,
The Borders was the most affordable place to buy where volumes rose 7.4%; Corstorphine, up 15.9%; Musselburgh,
a home, with properties selling for £208,987 on down 5.3%; and Liberton, up 35.3%.
average – 9.4% less than the same time last year.
When it comes to property sales, Dunfermline was followed
West Lothian experienced the biggest increase in once again by Leith, where sales volumes had a 2.9% increase;
property selling prices, as the average rose 8.1% Corstorphine, with a 15.3% increase; Musselburgh, up 9.3%; and
to £246,181. Bonnyrigg, up 24%.

One-bedroom flats in Galashiels were the most Two-bedroom flats in fashionable Leith were the biggest sellers
affordable property type, selling for an average overall, with sales volumes continuing to rise by 2.4%.
price of £62,045. March-August 2022.

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