The latest property market figures released by the ESPC show house prices falling in Edinburgh and West Lothian but rising in East Lothian and Midlothian.
During the period of April-June 2023, average property selling prices across Edinburgh, the Lothians, Fife and the Borders showed a marginal increase of 0.2 per cent year-on-year, taking the new average to £280,286.
The figures show that 79.3 per cent of homes that sold during April-June this year achieved their Home Report valuation or higher, down 13 percentage points year-on-year, which highlights how much more cautious buyers are with the prices they are willing to pay.
Properties in the City of Edinburgh had the highest average selling price overall of £299,164, however this figure is down 0.9 per cent year-on-year, hinting that demand in the Edinburgh property market is continuing to settle following a frenzied few years post-pandemic.
East Lothian homes experienced the biggest increase in average selling prices, rising 5.7 per cent to £296,869. Within East Lothian, the popular coastal town of Musselburgh saw the largest jump in prices, with a 10.2 per cent increase taking selling prices to £252,353 on average.
The volume of properties selling during April-June 2023 decreased 12.9 per cent year-on-year, while the number of new properties coming to the market declined by 3.3 per cent.
Paul Hilton, CEO, ESPC, commented: “In a typically busier time for the property market, the most recent figures show clear signs that the post-pandemic property boom is slowing, and adjustments are being made for increasing costs and other economic changes."
1. Edinburgh
Properties in Edinburgh had the highest average selling price overall in the Lothians of £299,164, however this figure is down 0.9 per cent year-on-year, hinting that demand in the Edinburgh property market is continuing to settle following a frenzied few years post-pandemic. Photo: David Cheskin/ PA
2. City centre
The average sale price in Edinburgh city centre for April to June this year was down by 5.3 per cent from the same period last year, from £363,467 to £344,170. Photo: Jane Barlow/ PA
3. East Lothian
East Lothian homes experienced the biggest increase in average selling prices, rising 5.7 per cent to £296,869. Photo: National World
4. West Lothian
The average selling price in West Lothian for April to June this year was down by 19.5 per cent compared to the same period last year, from £265,973 to £214,134. Photo: Stock