Page 10 - ESPC Property Market Report - Mar-Aug 2023

MIDLOTHIAN

Average property selling prices under offer in just 14 days – however this is three
increased in Midlothian days slower than the same time last year.

The average selling price of property in As seen across much of the wider market, fewer
Midlothian experienced an annual increase of sellers set closing dates for their properties during
3.4% during March-August 2023; the new average March-August 2023. 24.9% of Midlothian homes
selling price for the region is now £259,749. went to a closing date, down from 39.1% last
year, showing how much the market has cooled
The increasingly popular town of Gorebridge in recent months. Properties in the village of
was the most affordable area in Midlothian, Danderhall were in the highest demand, with 40%
with property selling for £232,922 on average. of homes for sale here going to a closing date.
Meanwhile, the historic village of Roslin was the
most expensive place to purchase a home, with Sales volumes declined overall, but
an average selling price of £303,823.
family homes still proved popular

Two-bedroom flats in first-time buyer-friendly The volume of property sales in Midlothian
Dalkeith were the most affordable properties experienced a decline in March-August 2023, with
on the Midlothian market, selling for an average levels decreasing 9.9% year-on-year.
of £143,613.
The popular town of Bonnyrigg had the highest
Much like the other regions included in this volume of sales, with levels increasing 9%
report, buyers in Midlothian bid less for properties compared to the same period last year. The
during March-August 2023 than in previous average selling price of property in Bonnyrigg
years. Homes in the region achieved 103% of was £244,426, making it a prevalent choice for
their Home Report valuation on average, down family buyers.
4.9 percentage points on last year. 82.8% of
The average selling
price for property in properties sold for at least their Home Report Family buyers were also dominant in Penicuik,
Midlothian was valuation, down from 95.9% during the same as three-bedroom houses in this postcode
£259,749 time last year, reflective of the cooling seen area were the most popular property type to
across the market. sell across Midlothian. The sales volume of this
– up 3.4% annually Midlothian homes
took a median time of 24.9% property type increased 8.3%, and the average
23 days of properties for Properties took longer to go under selling price was £232,730.

to go under offer, sale went to a offer, but Dalkeith saw homes Fewer properties came to the
11 days slower closing date snapped up
than last year market across Midlothian
Midlothian properties took 11 days longer to go
under offer during March-August 2023 when Midlothian experienced a 7.3% decline in the
compared to the same time last year. The new number of new properties coming to the market
Sales volumes median time was 23 days, in comparison to just during March-August 2023, which balances the
decreased Properties 12 days in 2022. decline in sales volumes.
9.9% achieved
while new property 103% However, homes in Dalkeith and Loanhead Again, in line with the figures seen in the sales
listings fell 7.3% of their Home Report bucked this trend, with a median selling time of 18 volumes, Bonnyrigg had the highest number of
valuation on days. Two-bedroom houses in Dalkeith were the properties listed for sale across Midlothian, up
average fastest-selling properties across Midlothian, going 1.9% on the same time last year.

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