Edinburgh and Lothians property: ESPC property market report shows changes in local house prices
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."