ESPC: Edinburgh property market continues to record high activity
The volume of properties sold in Edinburgh, the Lothians, Fife and the Borders has continued to rise over the last three months, according to new figures published by ESPC.
Given the lockdown restrictions of last year, an inflated annual sales volume increase is to be expected and reached a high of 239.5% during this period. However, comparison with March to May 2019 shows a 17.31% increase which indicates that the local property market continues to be very busy as people move home.
In Edinburgh, sales volume was up 278.50% compared to March to May 2020 and up 16.55% compared to the same period in 2019.
In Midlothian, the sales volume was up 209.83% year-on-year and up by 27.03% compared to March to May 2019. East Lothian recorded an increase in sales volume of 147.69% annually and 21.97% on 2019, whilst in West Fife and Kinross, the number of properties selling increased by 161.63% annually, and was the same as March to May 2019.
However, in West Lothian, ESPC recorded a 138.46% annual increase compared to a 8.82% decrease on the same period in 2019. This trend was similar is East Fife where the firm recorded a 123.53% increase annually and a 1.72% decrease compared to 2019.
Between March and May 2021, ESPC has recorded a higher volume of properties coming to market in Edinburgh, the Lothians, Fife and the Borders compared to the previous two years. Due to the COVID-19 restrictions during this period in 2020 the volume of new listings was exceptionally low, however, the company has seen a 1.09% increase on the same period in 2019.
In Edinburgh, new property listings increased by 266% year-on-year and 5.47% on the same period in 2019.
East Lothian however saw 14.59% less listings than the same period in 2019 (222% up on the same period in 2020). A similar trend is seen in Midlothian with a decrease of 11.29% in new listings compared to 2019, as well as West Fife and Kinross where there was a decrease in new listings of 19.28% compared to the same period in 2019. With strong sales volumes, these areas appear to be proving particularly attractive to buyers.
Over the last three months, the average selling price has continued to rise in Edinburgh, the Lothians, Fife and the Borders, and was up 13.2% year-on-year and up 6.2% on the same period in 2019. The average property selling price in these areas was £261,369.
Selling prices rose across many areas. The average selling price in Edinburgh was £277,496, up 9.92% on the same period last year and up 6.48% on the same period 2019.
In Midlothian, properties sold for an average of £221,657 between March to May 2021, up 17.77% annually and up 5.96% during the same period in 2019. In East Lothian, the average selling price during these months was £267,803 up 20.13% annually and up 5.75% on 2019.
In West Fife and Kinross, there was a 4.34% annual increase in the average selling price, currently sitting at £191,316. This was up 16.47% on the same period in 2019.
The average selling price in the Borders was £212,105, which was up 4.43% annually but down by 3.06% on the same period in 2019. This was due to a higher proportion of lower value homes selling, as opposed to an actual drop in house value.
Between March and May 2021, the average percentage of Home Report valuation achieved in Edinburgh, the Lothians, Fife and the Borders was 103.2%. This was similar to March to May 2020 and 2019 which was 103.4% and 103.0% respectively.
The biggest changes in the average amount of Home Report valuation achieved were noted in Edinburgh and the Borders. Whilst Edinburgh saw a 1.85% decrease in the average percentage achieved (reducing to 103.1%), the Borders saw a 3.4% annual increase to 101.1%.
Across Edinburgh, the Lothians, Fife and the Borders the median time to sell was 21 days between March and May 2021. This was one day faster than last year and the same as the same period in 2019.
Despite the sales volume increasing along with the average selling price, in Edinburgh the median time to sell saw an increase from both 2020 and 2019. Between March and May 2021, the median time to sell in Edinburgh was 25 days. This was eight days slower than the same period last year and five days slower than the same period in 2019.
Paul Hilton, CEO of ESPC, said: “The data tells a very interesting story this month, highlighting that despite the challenges of the lockdown restrictions last year the market has proved to be very resilient. It is clear that there is still strong demand from both home buyers and sellers utilising the ESPC network of solicitor estate agents to move home.
“The overall increases in sales volume and selling prices indicate confidence in the market. However, it is important to remember that each property sale is unique and the average selling price data is indicative of overall market trends rather than individual properties. Taking advice from a solicitor estate agent if you are thinking of buying or selling is essential as they will help you navigate through the property market.”