Page 6 - ESPC Property Market Report - Mar-Aug 2023
P. 6
New property
Properties had a
Homes achieved listings rose by median selling time of
EDINBURGH 102.15% 10.1% 24 days,
of their Home Report year-on-year
valuation on average, five days slower than
the previous year
down 3.2 percentage
points During September
The average property 2023 – February 2024,
selling price was sales volumes declined
£290,445, 4.4% annually
a reduction of 3.7%
year-on-year
One-bedroom flats in first-time buyer hotspots were
especially popular; in Leith, sales volumes of this
property type increased 11.7%, while in Gorgie, levels
were up by a significant margin of 29%.
81.3% of homes that came onto the market were listed
Average selling prices in Edinburgh Cramond, Barnton and Cammo experienced an Buyers keen to live in the trendy East of the city for ‘offers over’ their valuation price, up from 77.7%
declined overall, but first-time buyer increase of 9.1%, meaning the average selling price of paid the highest premium overall, bidding an the previous year, indicating that sellers had good
this property type was £456,704. average of 102.8%. Despite this being the highest confidence in the market despite rising competition.
hotspots performed well
figure paid, this is still 2.3 percentage points less
The average selling price of property in Edinburgh Edinburgh’s most affordable property type was than the previous year. Homes took longer to sell, but
declined 3.7% annually during September 2023 – one-bedroom flats in first-time buyer-friendly Gorgie,
February 2024, to £290,445. which sold for £148,486 on average. Other first-time 74% of properties for sale sold for at least moved quickly in the East of the city
buyer hotspots were Oxgangs, Sighthill, Stenhouse their Home Report valuation, but by contrast, Properties in Edinburgh had a median selling time
In the City Centre, the average selling price and Saughton, where properties were snapped up 85.9% achieved this during September 2022 – of 24 days during September-February, which is five
decreased by 6.2%, to £310,974. By contrast, the under the LBTT threshold of £175,000. February 2023. days slower year-on-year. With more competition on
growing popularity of the neighbourhoods on the the market, this is not unexpected, as buyers were
Eastern side of the city was reflected in their average Buyers in Edinburgh paid less over Buyers found themselves with a able to spend more time considering their options.
selling price, which increased 1.7% to £264,477. The Alongside this, a 6% drop in the level of closing dates
the Home Report valuation wealth of property options
sought-after South West of Edinburgh continued to set contributed to extended selling times.
be in high demand with househunters, as property Continuing the trend that we’ve seen in recent Edinburgh buyers were presented with a vast array
selling prices here surged 13.5%, taking the new months, Edinburgh buyers paid less over the of options during this period, with the market In line with much of the report, buyers were
average to £335,069. Home Report valuation to secure properties during boosted by a 10.1% rise in property insertions. This especially keen to secure homes in the fashionable
September-February. On average, properties contrasted with a 4.4% decline in sales volumes neighbourhoods in Edinburgh East, as properties here
However, the most expensive area of Edinburgh achieved 102.1% of their Home Report valuation, during the same time, suggesting that there were took just 19 days to go under offer. Specifically, one-
to buy a home was the South, where the average which is 3.2 percentage points less than the same more properties in the market than able buyers, bedroom flats around the Easter Road area flew off
property price was £336,908. time the previous year. meaning buyers had a huge amount of choice. the market in only ten days, which is half the median
selling time they had last year, showing just how in-
One-bedroom flats around the Polwarth, Shandon All areas of Edinburgh experienced a reduction in Leith remained an area in high demand, with the demand this locale is with first-time buyers.
and Tollcross areas proved popular, with prices the amount of Home Report valuation paid, but the highest number of new property listings. Two-
rising by 7.3% year-on-year to £210,986, hinting at biggest shift was seen in the North West, where a 4.8 bedroom flats here were the biggest sellers overall, By contrast, properties in the City Centre and the
increasing demand from first-time buyers searching percentage point decline meant buyers paid 100.4% and increased in popularity with keen buyers too, North West of the city were the slowest, with a median
for a home close to the city centre but at a more of the Home Report valuation. as sales volumes rose by 2.4% annually. selling time of 34 days.
budget-friendly price. Three-bedroom houses in
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