Page 9 - ESPC Property Market Report - Mar-Aug 2023

Sales volumes
EAST LOTHIAN The average selling price across East Lothian

of East Lothian homes decreased
during September- Homes had a median 11%
February was selling time of year-on-year
£271,417 21 days,

five days slower than the
same time last year

Insertions stayed
Properties for sale in much the same,
East Lothian achieved with a slight
102.9% 0.2%
of Home Report annual decrease
valuation on average

Sales volumes dropped but Average selling prices dropped
Musselburgh remained a property overall across East Lothian
hotspot The average selling price of East Lothian property

The volume of properties for sale across East was £271,417 during September 2023 – February Homes took longer to sell, but Buyers paid less for properties, but
Lothian decreased by 11% year-on-year during the 2024 – an annual decline of 11.9%, the largest regional East Lothian was among the East Lothian still attracted a premium
six months of September 2023-February 2024, while drop in prices seen throughout ESPC’s market areas. fastest-selling regions 78.7% of homes for sale in East Lothian sold for at
new property listings remained much the same, with However, despite this headline appearing alarming, Properties for sale in East Lothian had a median least their Home Report valuation during September-
a slight 0.2% annual decrease. This means that there a dive into our data reveals several reasons for this selling time of 21 days during September – February, down from 91% the previous year, signalling
were plenty of options on the market for prospective drop. Higher interest in more traditionally affordable February, which is five days slower than the the changing climate of the property market in this
buyers and hot competition for sellers. areas such as Musselburgh and Tranent, coupled with same time the previous year. However, East area, and showing how clearly sellers’ expectations have
lower sales volumes in the typically pricier locations
Lothian remained among the fastest-selling adjusted in line with buyers’ affordability requirements.
Musselburgh remained a property hotspot, continuing of North Berwick and Dunbar, as well as a boom in areas overall, with only homes in West Fife &
its streak as a highly popular destination for first-time flat sales versus houses across the region, means that Kinross moving faster. East Lothian experienced a dramatic drop of 5.1
and family buyers alike. It boasted the highest sales the average sales price of East Lothian homes was percentage points in the amount over Home Report
volume, as well as the largest number of properties affected largely by higher numbers of lower-priced East Linton and Prestonpans were the areas valuation that buyers were prepared to pay during
coming onto the market, up 9.3% and down 5.3% properties selling, rather than a drop in the overall where homes sold quickest overall, with a median this time. Buyers bid an average of 102.9% of Home
respectively. Two-bedroom flats in Musselburgh were value of homes in the region. selling time of 16 days for both. Report valuation, a stark contrast to recent years when
the biggest sellers across East Lothian, however the properties attracted as much as 110.4% of the valuation
sales volume for this property type was down 6.1% Prestonpans was the most affordable area of East However, examining specific property types, two- figure, and a clear indicator of how much the market
year-on-year, hinting that a slowing in the market for Lothian to buy a home, with properties here selling bedroom houses in Musselburgh were the fastest has moved on.
this location may be yet to come. for £221,824 on average. to sell, going under offer in just 11 days.
All of ESPC’s core areas saw a drop in the amount
In terms of sales volumes, Musselburgh was followed By contrast, Gullane was the most expensive area 19.6% of homes for sale in East Lothian went to over valuation that buyers were willing to bid, but
by Tranent, Haddington, Prestonpans (where sales to buy property, with an average selling price of a closing date, down from 34.9% the previous East Lothian was the worst affected, likely due to it
volumes rose 36.1% year-on-year) and North Berwick, £456,921. This was followed by Longniddry, where year, indicating the impact of more homes on attracting the highest percentage over valuation in
where sales volumes dropped 29.8%. homes sold for £387,613 on average, and North the market and the difficult climate for buyers. recent years. However, despite all of this, East Lothian
Berwick, with an average selling price of £380,606.
Longniddry was the area with the highest still attained the highest premium compared to other
If we examine the levels of properties coming onto demand, as 40% of homes for sale here went to ESPC markets, showing that even in a cooler market,
the market, Haddington came in second place, Two-bedroom flats in Tranent were the most affordable a closing date. buyers will still pay a higher premium to purchase a
followed by Tranent, Dunbar and North Berwick. property type, selling for £147,550 on average. home in this sought-after corner of the country.

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