ESPC: Demand for properties remains steady despite political uncertainty

ESPC: Demand for properties remains steady despite political uncertainty

Homes are selling quickly and a high level of home report valuations are being achieved, the latest data from ESPC shows.

In August-October 2022, sales volumes across Edinburgh, the Lothians, Fife and the Borders reduced by 4.3 per cent annually, while new property listings were up 0.5 per cent.

There has been a high level of insertions in popular locations outside Edinburgh, with a 17 per cent annual increase on homes listed in the Scottish Borders and a 12.5 per cent annual increase in the popular East Lothian area. Sales volumes within these areas continues to be high, up 9.7 per cent and 10.6 per cent respectively.

In terms of property sales, Dunfermline in Fife has seen the highest volumes of property sales, closely followed by Leith and Corstorphine in Edinburgh, all with increases in total sales volumes compared to the same period last year.

In August-October 2022, buyers were still keen to secure their next home with the average selling price across Edinburgh, the Lothians, Fife and the Borders increasing by 9.3 per cent year-on-year to £298,771. 

Midlothian and the Borders recorded some of the highest price increases over the last three months, with buyers taking advantage of more affordable homes within easy reach of the capital. The average selling price for homes in Midlothian was £266,975, an increase of 13.7 per cent annually, whilst property in the Borders had an average selling price of £243,122, up 11.2 per cent year-on-year.  
The City of Edinburgh saw average property selling prices rise 9.5 per cent annually to £316,152. Following a period of high demand for properties in the past year, one and two-bedroom flats continued to be particularly popular with Edinburgh buyers. 

Many popular first-time buyer areas in the City of Edinburgh saw rises in average selling prices, most noticeable in Abbeyhill and Meadowbank where one-bedroom flats had an average selling price of £189,890 over the last three months, an annual increase of 17 per cent. One-bed flats in Leith Walk, Easter Road, Pilrig and Bonnington had more modest annual increase of 4.9 per cent, taking the average selling price here to £179,921 over the last three months.  

Family homes continued to be popular in the City of Edinburgh over the last three months, with strong selling prices being secured. We’ve seen a 21.3 per cent increase in the recent selling prices of three- bed houses in Blackhall, Davidson’s Mains and Silverknowes.  

The average selling price of three- bed houses in Currie, Balerno and Juniper Green decreased 2.4 per cent compared to the same time last year. This was an area that was particularly popular over the last two years with prices consistently rising so it is interesting to see that the market here appears to be levelling off. 

The most popular property type in Dunfermline was two-bedroom flats where the selling price was up 6.2 per cent year-on-year, bringing the new average selling price to £127,213. The average selling price of four-bedroom houses in the city rose by 9.5 per cent to £345,783. 

The changing economic market and mortgage product availability will likely impact selling times in the coming months, but evidence from the last three months suggests that to date there is still confidence in the market and a strong desire to secure the right property.  

The median time for properties to go under offer was 15 days, one day slower than the previous year, but still far quicker than the pre-covid norm. 

Homes sold the fastest in West Fife and Kinross, in a median time of 11 days (one day slower annually). Meanwhile, properties in East Lothian and Midlothian also performed strongly, with a median selling time of 13 and 14 days respectively. 

Looking at Edinburgh specifically, homes sold the fastest in the North West of the city with a median selling time of 13 days. When analysing specific housing types, one and two-bedroom flats in Leith sold quickest, in 13 days. 

Paul Hilton, CEO of ESPC, said: “The past three months have shown strong competition from both buyers and sellers. While the impact of the recent economic changes on the housing market is uncertain, we believe in a sensible approach and understanding the long-term value of home ownership as the dynamics of the housing market change once again. 

“We are seeing continued interest in property across all of our areas, with noticeable interest in suburbs and rural locations popular with young families and professionals, while Edinburgh city centre remains a desirable place to live with buyers paying significantly over Home Report value to secure their dream home. 

“It is important that potential property buyers in Edinburgh, the Lothians, Fife or the Borders review their initial budgets. Expert advice from your ESPC solicitor estate agent on property types and the long-term value of home ownership coupled with monthly affordability is key.” 

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