House prices on the rise in Midlothian
House prices in Midlothian continue to rise, according to the latest figures from the ESPC.
The average selling price of property in Midlothian increased 5.2 per cent year-on-year during the period of March 2022-May 2022, taking the average from £224,483 to £236,183.
Properties in Newtongrange had the highest average selling price at £273,078 – although 9.2 per cent lower than the same time during March-May 2021. Meanwhile, homes in Bonnyrigg saw the biggest increase in average selling price at 22.2 per cent, taking the new average there to £236,412.
Two-bedroom flats in Penicuik were the most affordable property type in Midlothian, with an average selling price of £111,718.
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Comparing March-May 2022 with March-May 2021, there are less properties coming to market, as sales and new property listings return to levels more typically seen pre-pandemic.
Sales volumes were down 17.8 per cent but this is to be expected given the comparison to a post-lockdown period of 2021, when pent-up demand and competition were exceptionally high.
Three-bedroom houses in Bonnyrigg and Penicuik respectively performed best across Midlothian, with clear demand for this property type. However, two-bed houses in Penicuik had the highest increase in volume of sales. This was followed by two-bedroom flats in Penicuik.
The greatest volume of homes listed for sale were three-bedroom houses in Bonnyrigg, with a 125 per cent increase annually. This was followed by two-bed flats in Bonnyrigg, up 40 per cent year-on-year.
A total of 39.2 per cent of Midlothian homes went to a closing date during this time, up from 36 per cent in 2021, showing how strong demand has grown for properties in the area.
Paul Hilton, CEO of ESPC, said: “It’s been a busy three months in the property market with plenty of buyer interest resulting in an increase in the average selling price of properties in Midlothian.
“It’s no surprise that Bonnyrigg, Penicuik and Loanhead continue to be popular areas for families to live, with three-bedroom homes continuing to dominate, a trend we’ve been witnessing for the past few months.”