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