Page 5 - ESPC Property Market Report - Mar-Aug 2023

AREA OVERVIEW

Buyers paid less over the Home Report Property sales and listings
Properties took a
The average selling median time of valuation to secure chosen properties both decreased, but Leith and
price across Edinburgh, 26.9% Dunfermline remained hotspots
the Lothians, Fife and 21 days of properties for On average, buyers in Edinburgh, the Lothians, Fife
the Borders was to go under offer, sale went to a and the Borders paid 103.4% of a property’s Home The volume of property sales across
£279,980 seven days slower closing date Report valuation during this period – 4.7 percentage Edinburgh, the Lothians, Fife and the Borders
year-on-year points lower than the same time last year. This decreased 8.2% during March-August 2023, as
demonstrates how seriously buyers are taking the market showed signs of calming across the
affordability into account given the current financial board. In the current climate for buyers, and
Sales volumes climate and the mortgages market, which differs following a period of exceptional activity levels,
decreased Buyers paid an greatly to the environment of March-August 2022, these figures are unsurprising.
8.2% average of when the market was much more competitive.
103.4%
annually, while new The levels of new properties being listed for
property listings of Home Report valuation, Aligning with this, the figures from March-August sale were also down across the board, with
fell 3.5% down 4.7 percentage 2023 show that 79.5% of properties for sale in these volumes decreasing 3.5% year-on-year.
points areas sold for at least their Home Report valuation
figure – down from 91.7% of properties the previous Dunfermline had the highest volumes of both
year. property sales and property insertions, down

13.1% and up 3.3% respectively.
Buyers paid the most over Home Report valuation for
The average selling price of property homes in East Lothian (bidding 104.4% on average), Two-bedroom flats in Leith sold at the highest

decreased slightly across all regions and the least for West Lothian properties, paying an volumes across all areas, up 3.1% annually as
average of 100.6%.
Over the period of March-August 2023, the average the area’s popularity continued to thrive. This
property selling price across Edinburgh, the Lothians, property type was also top of the list for new
Homes took longer to sell, but West property insertions; however, the levels were
Fife and the Borders was £279,980. This is 1.7% less
than the same time last year, showing a slight cooling Fife homes sold the fastest down 6.5% on last year.
in the market that we would expect to see, given the
Properties in Edinburgh, the Lothians, Fife and the
current financial climate.
Borders took a median time of 21 days to go under
offer during this period, seven days longer than the
The City of Edinburgh was the most expensive region
same time last year.
in which to purchase a property, with the average
selling price sitting at £298,516; however, this figure
Buyers acted fastest in West Fife & Kinross, where
is 2.4% lower than March-August 2022. West Fife
homes went under offer in a median time of 14 days,
& Kinross was the most affordable place to buy
while homes in West Lothian stayed on the market for
a property, as the average selling price here was
38 days. Three-bedroom houses in Dunfermline were
£210,381 (an annual decrease of 1.8%).
the fastest-selling property type, taking just seven
days to go under offer.
Two-bedroom flats in the Borders town of Hawick
were the most affordable property type, selling for an
26.9% of properties for sale across all areas went to a
average price of £76,455.
closing date, down from 36.7% in March-August 2022.

4 | PROPERTY MARKET REPORT PROPERTY MARKET REPORT | 5