Edinburgh property: House prices rising but sales falling in Edinburgh and Lothians, ESPC report finds
ESPC’s October house price report shows average price rise but drop in sales in Edinburgh and the Lothians
During August-October 2022, the average selling price of property across Edinburgh, the Lothians, Fife and the Borders rose 9.3 per cent year-on-year to £298,771. Sales volumes dropped by 4.3 per cent annually during this period, while new property listings increased by 0.5 per cent.
The period of August-October 2022 takes in some of the recent unprecedented changes in the financial market, with an increase in the Bank of England base rate to 2.25 per cent in September (an increase from 0.25 per cent at the start of 2022), and rising energy bills. However, the latest data from the ESPC highlights strong interest in home buying with quick selling times and high levels of the Home Report valuation being achieved.
Edinburgh itself 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 buyers in the Capital.
‘We are seeing continued interest in property’
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.”
Many popular first-time buyer areas in Edinburgh saw rises in average selling prices, most noticeably 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 a more modest annual increase of 4.9 per cent, taking the average selling price here to £179,921.
Family homes continued to be popular in Edinburgh, with a 21.3 per cent increase in the recent selling prices of three-bed houses in Blackhall, Davidson’s Mains and Silverknowes. However, the average selling price of three-bed houses in Currie, Balerno and Juniper Green decreased by 2.4 per cent compared to the same time last year. This shows that the market here now appears to be levelling off.
Edinburgh continued to be a desirable place to live with the area experiencing the biggest percentage change in Home Report valuation with an increase of 1.7 per cent taking the new average to 107.4 per cent. And homes sold the fastest in the north west of the city with a median selling time of 13 days.
Mr Hilton added: “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.”