Page 12 - ESPC Property Market Report - Mar-Aug 2023

The average selling
WEST LOTHIAN
West Lothian’s average selling price
declined by almost 10%
The average selling price of property in West
Lothian experienced a decrease of 9.9% during
March-August 2023 in comparison to the same
period last year, with the new average at £228,353. Homes for sale in West Lothian went under offer
East Calder was the region’s most expensive area
to buy property, with an average selling price of
£320,407. Meanwhile, Bathgate was the most
affordable area, where properties sold for an
average of £183,477.
Buyers in this area bid significantly less than in
recent years to secure a property; during March-
August 2023, West Lothian properties achieved
100.6% of their Home Report valuation, down 6.9
percentage points on the same time last year.
In March-August 2022, 93.3% of properties for sale
in West Lothian sold for at least their Home Report
12 | PROPERTY MARKET REPORT
price of West Lothian
property was
£228,353
declining 9.9%
Sales volumes declined across West annually.
Lothian
The volume of property sales in West Lothian West Lothian buyers
decreased 8.1% year-on-year during March-August paid an average of
2023, as demand for the region began to wane. 100.6%
Livingston was the area with the highest volume of Home Report valuation,
down 6.9 percentage
of sales, with levels up 3.2%. The average property points.
selling price here was £211,505, making it a good
choice for families. Coinciding with this, three-
bedroom houses in this area were the most popular
type of property to sell across West Lothian overall, New property
listings increased
but the volume of sales was down 26.7% year-on-year.
14.7%
New property listings increased across
the region Sales volumes
decreased
The level of new property listings coming to the 8.1%
market in West Lothian increased 14.7% annually
year-on-year
valuation, however this year, this figure has fallen during March-August 2023. Livingston was the area
with the most properties listed for sale, with levels
to 68.2%.
rising 3.2% compared to the same time last year. Properties in West
Properties took longer to sell, but Lothian took
38 days
Broxburn homes flew off the market to go under offer
in a median time of 38 days during March-August
2023, 26 days slower than the same time last year.
The region has experienced a cooling in comparison
to a remarkable period of activity over the past few
years, but the reasons for this remain to be seen in
the months ahead.
Properties in family friendly Broxburn, however,
were snapped up by keen buyers in a median time
of just 12 days, four days quicker than the same time
last year.
17.5% of properties for sale went to a closing date,
down from 35.5% in March-August 2022.
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