Page 6 - ESPC Property Market Report - Mar-Aug 2023
P. 6

EDINBURGH                                                                                                                                                                  Homes took longer to sell overall, but
                                                                                                                                                                                     some areas saw homes snapped up

                                                                                                                                                                                     Overall, properties in the City of Edinburgh took a
                                                                                                                                                                                     median time of 21 days to go under offer throughout
                                                                                                                                                                                     March-August 2023, seven days longer than the same
                                                                                                                                                                                     time last year.


                                                                                                                                                                                     Despite the slower time frame overall, some areas saw
                                                                                                                                                                                     certain property types snapped up in mere days. Two-
                                                                                                                                                                                     bedroom houses in Clermiston and two-bedroom flats in
                                                                                                                                                                                     Polwarth both went under offer in a median time of nine
                                                                                                                                                                                     days – 15 and 10 days quicker respectively than March-
                                                                                                                                   The average selling price                         August 2022.
                                                                                                                                    for property in the City
                                                                                                                                    of Edinburgh declined                            30.1% of properties for sale in Edinburgh went to a
                                                                                                                                       2.4% annually to                              closing date, down from 37.6% last year.
                                                                                                                                      £298,516

                                                                                                                                                                                     Leith continued to be a property
                                                                                                                                                                                     hotspot for buyers and sellers

          Average selling prices declined in                  Edinburgh buyers paid less over                                                               Properties in            Sales volumes decreased 9.5% year-on-year during
                                                                                                                                                           Edinburgh took            March-August 2023, in a clear sign of the property market
          Edinburgh overall                                   Home Report valuation
                                                                                                                                                           21 days                   continuing to cool following on from several frenetic
          The average selling price of property in the City of   In sharp contrast to recent years, buyers were                                                                      years, combined with the current financial climate
                                                                                                                                                           to go under offer
          Edinburgh dropped 2.4% year-on-year during          paying less over the Home Report valuation for                                                                         potentially making things more difficult for buyers to
          March-August 2023, to a new average of £298,516.    homes in Edinburgh during March-August 2023. On                                                                        enter the market.
                                                              average, properties achieved 103.5% of their Home                      30.1%
          The city centre experienced a decline of 9.7% in    Report valuations, which is 4.2 percentage points                    of homes for sale                                 Meanwhile, new properties coming to the market were
          comparison to March-August 2022, with an average    lower than the same time last year.                                  went to a closing                                 also on the decline, with figures down 6.3% compared to
          selling price of £329,633.                                                                                                    date                                         the same time last year.
                                                              All districts in Edinburgh experienced a drop in the                                       Properties for sale in
          The South West of the city saw its average selling   amount over Home Report valuation paid by buyers,                                          Edinburgh achieved         Leith continued to dominate the Edinburgh property
          price increase to £353,747, a rise of 6.8%. This new   but the North West of the city saw the biggest                                             103.5%                   market during March-August 2023, as it boasted the
          figure makes this area the most expensive place in   decline, with a 5.8 percentage point difference.                                                                      highest volume of property sales as well as the largest
                                                                                                                                                         of their Home Report
          Edinburgh to buy property.                          Buyers in this area paid an average of 102.2% of the                                            valuation              number of properties coming to the market. Two-
                                                              Home Report valuation.                                                                                                 bedroom flats in this popular district sold in the highest
          By contrast, the West of Edinburgh was the lowest-                                                                                                                         volumes, closely followed by one-beds in the same area,
          priced area to purchase property, with an average   Properties in the East of the city achieved the highest                                                                showing how in-demand this locale continues to be.
          selling price of £209,198.                          figure overall, with buyers bidding an average of
                                                                                                                                            Sales volumes
                                                              104% over Home Report valuation. However, despite                               declined                               Family-friendly Corstorphine and Liberton also
          Two-bedroom flats in Sighthill were the most        being the highest figure, this is still 4 percentage                            9.5%                                   experienced high volumes of property sales, alongside
          affordable property type, selling for an average    points lower than the same time last year.                                                                             the trendy districts of Trinity, Newington and Morningside.
                                                                                                                                          year-on-year, while
          of £146,700. Other affordable areas for one- and
                                                                                                                                        new property insertions
          two-bedroom flats included Gorgie, Restalrig and    80.2% of Edinburgh properties sold for at least their                                                                  For properties coming to the market, Corstorphine, South
                                                                                                                                               fell 6.3%
          Craigentinny, where buyers snapped up properties    Home Report valuation; in contrast, 90.9% of homes                                                                     Queensferry, Newington and Morningside all appeared in
          priced under the LBTT threshold of £175,000.        achieved this during March-August 2022.                                                                                the top five after Leith.



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