ESPC: Decline in Edinburgh, Fife and Borders properties coming to market as 2019 ends
The number of properties coming to market in Edinburgh, Fife and the Borders has declined as 2019 ends, according to ESPC’s latest House Price Report.
The report found that over the last three months, the volume of properties coming to market in Edinburgh, the Lothians, Fife and the Borders fell by 7.1%, which coincided with a 1.4% drop in sales volume compared to the previous year.
Within Edinburgh, there was a 14.1% decline in the number of homes coming to market alongside a 3.2% drop in sales volume.
After the November 2019 House Price Report revealed the average selling price in Edinburgh, the Lothians, Fife and the Borders to remain steady, figures from October to December show it to have increased slightly compared to last year, rising by 1.9% to £250,407.
In Edinburgh, the average property selling price rose by 1.8% year-on-year to £269,904 – properties in the north west of the city saw the great growth in selling price, which increased by 10.4% to £248,218.
Within Edinburgh, three-bedroom houses in Cramond, Barnton and Cammo saw a 50.7% increase in average selling price, while three-bedroom houses in South Queensferry and Dalmeny experienced a 41.5% rise. While these increases may seem very significant on the surface, in both cases, this was due to the properties being sold, some of which were at a much higher value, which subsequently pushed up the average price.
Three-bedroom houses in Blackhall, Davidsons Mains and Silverknowes saw a 23.3% decline in average selling price. This is due to a greater proportion of lower value homes being sold in these areas this year.
Properties in East Lothian also saw a significant increase in average selling price, rising by 11.7% to £257,972. In West Lothian, properties saw a 7.4% increase while there was a 4.2% increase in the Borders.
In West Fife & Kinross, the last three months of 2019 saw the average property selling price decrease by 6% to £169,537. In Dunfermline, there was a 9% decrease in average selling price.
In the last quarter of 2019, the median time of properties to go under offer in Edinburgh, the Lothians, Fife and the Borders was 23 days, which was one day slower than last year. In Edinburgh, the median selling time was 20 days, which was the same as last year. Two-bedroom flats in Portobello and Joppa boasted the shortest selling time at 15 days, which was four days slower than last year.
Over the past three months, the average percentage of Home Report valuation achieved in Edinburgh, the Lothians, Fife and the Borders was 102.5% compared to 103.3% last year. Within Edinburgh, it was 104% compared to 104.9% last year. Two-bedroom flats in Portobello and Joppa achieved the highest percentage of Home Report valuation on average at 110.6%, rising by two percentage points compared to last year.
The property type with the greatest sales volume over this period was three bedrooms houses in Dunfermline, followed by two-bedroom flats in Dunfermline and one-bedroom flats in Gorgie.
Jamie Fraser-Davidson, business analyst at ESPC, said: “The end of 2019 saw a slight increase in average selling price in Edinburgh, the Lothians, Fife and the Borders, along with a slight decrease in sales volume. However, the most notable figure was the drop in the number of homes coming to market, particularly in Edinburgh.
“This could be a result of seller confidence being dampened by the General Election and upcoming Brexit deadline, or that sellers are being deterred through lack of choice of new properties. However, it is also worth noting that the final quarter of 2018 saw a significant spike in the number of new homes coming to market, making a year-on-year decrease in 2019 more likely.
“The two property types with the top sales volume are in Dunfermline – the Fife town has experienced a 31.1% year-on-year increase in sales volume, suggesting people are looking for homes out of the city, yet with easy access to local amenities and transport links.”