ESPC: Selling prices continue to rise as demand soars in the suburbs
The Scottish property market continued its upward trend during May, June, and July 2021, as buyers flocked to secure homes across Edinburgh, Lothians, Fife, and the Borders, ESPC reports.
The average selling price rose to £275,623 – up 7.6 per cent on the same period in 2020.
Homes in East Fife saw the biggest jump in average selling prices, with properties surging 26.1 per cent to £268,017. The area was closely followed by West Lothian, with a 23.4 per cent increase taking the average selling price to £241,521.
In Edinburgh, the market continued to grow at pace in most areas, with properties in the East, North West and South West of the city performing particularly well, increasing by 14.7 per cent, 14.1 per cent and 14.6 per cent respectively. However, properties in the city centre continued to slow, with a 5.4 per cent decline in prices during May-July 2021, bringing the average selling price to £326,324.
Two-bedroom flats in the neighbourhoods of Hillside, Bellevue and Broughton proved particularly popular, with average selling prices rising by 63.3 per cent to £301,401. Similarly, the average selling price of two-bedroom flats in the seaside communities of Portobello and Joppa leapt 36.1 per cent to £285,036. The demand for three-bedroom houses in the suburbs of Liberton and Gilmerton continued to prevail, with average selling prices up 33.4 per cent to £283,251.
Paul Hilton, CEO of ESPC, said: “It’s been another busy quarter for the property market, with sustained growth across many areas, including in the average selling prices of property, and the amount over Home Report valuation that buyers are willing to pay.
“With more homes coming to market, and more sales than in 2020, and faster sales at that, we can safely say that demand is continuing across the market in all areas, for buyers and sellers at all stages. The trend for three-bedroom family homes in the popular suburbs of Edinburgh, and the surrounding commuter-friendly towns of East Fife, East Lothian and Midlothian, continues to rise as buyers seek more space to call their own.
“For buyers looking to get on the property ladder, now could be a great time to consider buying a home in Leith or Dunfermline, where there are plenty of fantastic and affordable options available and less competition for buyers to secure their ideal home.
“If you are considering buying or selling in any of our of these areas, get in touch with your local ESPC solicitor estate agent today.”