House prices – Edinburgh, etc (Nov 2021-Jan 2022)

THE average selling price of property in Edinburgh, the Lothians, Fife and the Scottish Borders experienced a 2.3 per cent rise between the months of November last year and January this year – according to selling agents, the Edinburgh Solicitors Property Centre.

Says the ESPC, that increase takes the new average to £271,131, up from £264,938 the year before.

Adds the ESPC, homes in West Lothian saw the biggest increase, as a 37.6 per cent increase meant the new average selling price was £292,394, compared to £212,426 12 months prior.

In an announcement, the ESPC says (here): By contrast, property in the Borders had the biggest decline in average selling price, decreasing 12.3 per cent year-on-year to £218,796. However, as there was a larger volume of lower-priced properties coming to the market in the Borders during this period, this is likely to be the reason for the shift in prices.

“Overall, the average selling price of homes in Edinburgh rose 1.4 per cent, to £286,147. However, there were variations within the capital; the city centre saw prices decrease 5.1 per cent to £324,127, while the south-western suburbs experienced a 17.6 per cent increase, to £400,816.

“There were some interesting trends in Edinburgh when property types were compared, presenting the varying levels of buyer demand. Three-bedroom houses in Currie, Balerno and Juniper Green saw an annual rise of 19.9 per cent, with an average selling price of £391,080, while two-bedroom flats in Morningside and Merchiston also experienced a substantial leap, up 12.5 per cent year-on-year to £333,326. One-bedroom flats in the flourishing Abbeyhill and Meadowbank areas also saw an increase in average selling prices, up 10.2 per cent to £178,374.

“By contrast, two bedroom flats in the New Town and West End, and in Portobello and Joppa, saw their average selling prices decline. New Town and West End properties dropped 6.3 per cent to £414,259, while Portobello and Joppa flats declined 5.2 per cent to £267,207.”

The announcement continues: “Overall, the most affordable property type was two-bedroom flats in Galashiels, with an average selling price of £82,553.

“Despite a quieter period for the market overall, properties continued to attain well over their Home Report valuations, with buyers paying 106.1 per cent on average – 2.8 percentage points higher than the figures from 12 months prior. All regions within Edinburgh, the Lothians, Fife and the Borders saw an increase in the amount over Home Report valuation paid, signifying strong demand from home movers.

“35.5 per cent of properties went to a closing date, which is likely to have contributed to the level that buyers were willing to pay over valuation.

“Buyers paid the most over Home Report valuation for homes in East Fife and East Lothian; both of these areas saw an increase of 6.4 percentage points in comparison to November-January 2021/21. On average, properties in East Fife attained 108.5 per cent of Home Report valuation, while East Lothian homes achieved 110.6 per cent.

“Looking at property in Edinburgh, the biggest increase in and amount paid over Home Report valuation was for homes in the south-west of the city, where buyers paid 108.5 per cent of valuation, 5.3 percentage points higher than the year before. Three-bedroom houses did particularly well in the capital; in Currie, Balerno and Juniper Green, buyers paid 113.6 per cent of Home Report Valuation (HRV) (9.2 percentage points up on last year), while three-beds in Cramond, Barnton and Cammo attained 113.9 per cent of valuation.

“Conversely, demand for two-bedroom flats in the New Town and West End waned, with a 2.1 percentage points decrease meaning buyers paid 100.8 per cent of HRV, on average.

“Despite November-January typically being a calmer time for the property market, homes across Edinburgh, the Lothians, Fife and the Borders sold two days quicker than they did during the same time in the previous year, with a median selling time of 17 days.

“Buyers in West Fife and Kinross were the fastest, with homes going under offer in a median time of just 12 days. The biggest change was seen in East Fife, where homes sold in 14 days – 22 days faster than the same time last year.

“Edinburgh saw its median selling time rise by one day to 20 days, and all areas of Edinburgh, except one, reported a slower selling time. The south-west of Edinburgh was the only exception, with homes here selling seven days quicker than November-January 2020/21, at 13 days.

“The fastest-selling property type overall was three-bedroom houses in the Midlothian town of Gorebridge, where median selling times dropped by ten days to just seven days.”

The announcement goes on to say: “Sales volumes across Edinburgh, the Lothians, Fife and the Borders were down 22.5 per cent year-on-year during November-January, as the market cooled in comparison to the exceptional levels of activity seen in the previous year, thanks to pent-up buyer demand. These levels are more in line with the pre-pandemic figures seen at the end of 2019.

“Leith had the highest volume of property sales, with two-bedroom flats leading the charge, followed by one-bedroom flats – however, levels for both were down year-on-year, by 18.3 per cent and 37.5 per cent respectively.

“The level of new properties being listed for sale was also lower, with figures 11.4 per cent lower than the same time last year. Dunfermline had the largest number of properties coming on to the market, with levels up 5.9 per cent on November-January 2020/21.”

Pictured: Leith, Edinburgh, Picture credit: Place Design Scotland

Related Articles