Page 8 - ESPC Property Market Report - Mar-Aug 2023
P. 8
Homes in The market
The average property
EAST LOTHIAN selling price in East East Lothian took remained much the
20 days
Lothian was
to go under same as last year in
terms of property
£285,067,
offer listings and sales
up 2.1% annually
East Lothian
properties achieved 26.3%
104.4% of properties for
of Home Report valuation, sale went to a
down six percentage closing date
points on last year
Properties took seven days longer to Musselburgh boasted the highest volume of property
sell across the region sales during this period, with levels up 8.1% on the
previous year. This was followed by: Haddington, where
During March-August 2023, homes in East Lothian levels were down 25%; Prestonpans, down 3.4%; North
went under offer in a median time of 20 days, Berwick, where sales volumes rose 22.7%; and Dunbar,
which is seven days slower than the same time last which was down 24.2%.
year. With a significantly different financial climate
today in comparison to last year, it’s unsurprising to Three-bedroom houses in Musselburgh sold in the
see buyers taking longer to snap up homes. highest volumes, with an average selling price of
£287,100.
Coinciding with this, significantly fewer sellers put
their properties to a closing date; 26.3% of East Properties continued to come to the
Lothian homes for sale went to closing dates
during March-August 2023, down from 42.7% the market across East Lothian
previous year. The volume of new properties being listed for sale
in East Lothian saw no real change during March-
Dunbar was the area where properties sold the August 2023. A slight annual increase of 0.6% means
quickest overall, with a median selling time of 16 the market was largely the same as the previous year,
The average selling price continued On average, buyers paid 104.4% of the Home days. However, if we examine the property types with no material change to report.
which were in the highest demand, three-bedroom
to rise across East Lothian Report valuation, down six percentage points on
the same time last year – a substantial difference houses in Haddington and Tranent, and two- Musselburgh experienced the most properties coming
The average selling price of properties in East that demonstrates the changing market we are bedroom flats in Musselburgh, all went under offer to the market, but again this was only a slight increase
Lothian rose 2.1% year-on-year during March- seeing, and how seriously buyers are treating in a speedy median time of just 14 days. on the previous year, with a 0.7% rise. Musselburgh’s
August 2023, to a new average of £285,067. affordability in the current climate. insertion rate was followed by: Prestonpans, where
Fewer properties came to market new property listings were up 37.3%; Haddington,
Despite the rise in average selling price overall, The most affordable type of property to buy in East overall, but regions report wide- where volumes were down 24.7%; Dunbar, which was
buyers were bidding less for East Lothian Lothian was one-bedroom flats in Musselburgh, down 17.6%; and North Berwick, with levels down 11.7%.
properties than they have been in recent years. which sold for an average of £146,640, making this ranging differences
During March-August 2023, 84% of properties for kind of property an excellent choice for buyers on Overall, the volume of sales in East Lothian was As we can see from the data, there were ebbs and
sale in East Lothian sold for at least their Home a budget, or first-time buyers looking for an ideal down 0.2% annually during March-August 2023, flows with the levels of properties coming to the
Report valuation, down from 95% of properties starter home. but if we look at individual areas within the region, market, with some areas more popular for property
during March-August 2022. we can see stark differences. listings than sales.
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