Page 7 - ESPC Property Market Report - Mar-Aug 2023

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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