Page 16 - ESPC Magazine - September2021

THE PROPERTY MARKET
HOUSE PRICE REPORT: AUGUST 2021
Prices rise and selling times fall as buyer demand intensifies across the property market
June-August 2021 saw average property
selling prices increase in many areas, with
KEY POINTS suburban areas and larger properties
continuing to experience a rise in buyer
demand. During this time, the average
property selling price in Edinburgh,
£276,703 the Lothians, Fife and the Borders was
£276,703, a 5.8% increase on the same
average period in 2020.
selling price
West Fife & Kinross experienced the
highest overall increase in average
selling prices, rising 8.6% year-on-year
During June-August 2021, the average selling to £197,920, with Dunfermline’s average
price of homes in Edinburgh, the Lothians, property selling price rising 15% on 2020’s
Fife and the Borders rose 5.8% year-on-year, figures, to £203,628.
to £276,703
Two-bedroom flats in Dunfermline were
the most affordable property type, at
106% £112,682 on average.
average percentage Demand continued to outweigh supply,
of Home Report meaning buyers bid, on average, 106% of
valuation Home Report valuation in order to secure
achieved their chosen property. Buyers paid more
over Home Report valuation in East Lothian
than anywhere else; properties here
Properties achieved an average of 106% attained 109.2% of Home Report valuation
of their Home Report valuation, up 3% points on average, up 7.3% points on 2020.
on 2020, as buyers bid more competitively.
Sales times decreased during June-August
2021, with the median time for a property
to go under offer dropping to 14 days
14 days across Edinburgh, the Lothians, Fife and
the Borders – eight days quicker than last
median time year. Properties in West Fife & Kinross
to sell were the fastest-selling overall, taking just
10 days to go under offer: a 50% decrease
on 2020’s figures.
Homes sold more quickly during this time,
with the median selling time of 14 days, eight Homes in the Borders sold 72 days faster
days quicker than 2020. than the same time in 2020, taking just
13 days to go under offer, while East Fife
16 ESPC.COM
properties reported a median sales time of 12 Paul Hilton, CEO of ESPC, commented:
days (68 days faster than 2020). This indicates “Although the picture largely looks the same
across the property market during June to
strong buyer demand, as buyers search for
homes away from the cities, with more space August this year, we are starting to see some
to accommodate changing lifestyles and changes come into play. Average sales prices
better proximity to green spaces or coastline. are continuing to rise in many areas, particularly
in coastal and countryside locations.
36.7% of homes went to a closing date during
June-August 2021, up from 26.6% in 2020, as “As the volume of properties coming to
buyer demand intensified. market begins to return to the levels we saw
pre-pandemic, we are still seeing higher levels
The volume of property sales increased of activity from buyers, which will mean that
137.5% year-on-year, however, as lockdown buyer demand will continue to outweigh
restrictions were still in place for much of June the supply of properties available. This, in
2020, it gives us a fairer comparison to look at turn, may affect average selling prices in the
2019’s figures for the same period, showing a
months to come, and we may see an increase
13.18% increase. in both the number of homes going to closing
dates, and the amount over Home Report
The number of properties coming to market valuation that buyers are willing to pay.
declined 5.8% across Edinburgh, the Lothians,
Fife and the Borders. This is potentially a sign “If you are considering buying or selling, get
that the post-lockdown demand is beginning in touch with your local ESPC solicitor estate
to slow. agent today.”
160 Over 550,000
4,400
solicitor estate property alert
agents
emails
ready to help you buy properties for sale sent during August
and sell homes with My ESPC
ESPC.COM 17