ESPC: Property sales volumes continue to rise in Edinburgh, the Lothians, Fife and the Borders
ESPC has reported a 128% increase in the volume of properties sold in Edinburgh, the Lothians, Fife and the Borders over the last three months compared to last year.
Looking further back and comparing to February to April 2019, the volume of property sales in the area was up 35.95%, further highlighting the high levels of activity in the market over the last three months.
This increase in sales volume is witnessed across all areas. In Edinburgh, the sales volume was up 152.6% compared to 2020 and up 36% compared to the same period in 2019.
Midlothian has witnessed some of the highest increases in sales volume, up 93.2% annually and up 38.9% compared to February to April 2019. East Lothian saw an annual increase of 86.1%, with an increase from 2019 of 33.9%.
There has also been a strong increase in the number of new homes coming to market in comparison to last year. Across Edinburgh, the Lothians, Fife and the Borders there was an increase in homes coming to the market of 71.5% compared to the same period last year. This was an increase of just 0.8% compared to 2019 highlighting the impact that the COVID-19 restrictions had on the property market last year.
The volume of properties coming to the market suggests good confidence from sellers as lockdown restrictions are eased further, with the strong sales figures highlighting buyer demand.
Over the last three months, the average selling price of properties in Edinburgh, the Lothians, Fife and the Borders rose by 8.9% compared to the previous year. In Edinburgh, the average selling price was £272,488 up 8% on the same period in 2020.
Homes in East Fife saw prices rise by 15.5% year-on-year with an average selling price of £241,651, while properties in Midlothian recorded a 12% increase in average selling price. Average property prices in the Scottish Borders rose by 9.5% compared to the previous year.
In West Fife and Kinross, the average selling price was up 5.4% on the same period last year, whilst East Lothian saw an average selling price increase of 4.4% to £266,715. Selling prices in West Lothian were remarkably similar to February to April 2020, at an average of £206,240.
Three-bedroom houses in Liberton and Gilmerton experienced a 23.4% increase in average selling price compared to last year, with three-bedroom houses in Currie, Balerno and Juniper Green seeing average selling prices increase by 20.8%.
ESPC continued to record a drop in average selling price for homes in Blackhall, Davidsons Mains and SIlverknowes. As noted earlier this year, this is due to a greater proportion of lower value homes coming to market this year.
The average percentage of Home Report valuation achieved in Edinburgh, the Lothians, Fife and the Borders was 102.4%, which was very similar to the same period last year (102.7%).
Across Edinburgh, the Lothians, Fife and the Borders the median time to sell was 25 days between February and April. This was two days faster than last year. In Edinburgh, however, this increased to 28 days which was six days slower than last year.
All other areas witnessed a decrease in the median time to sell. Properties in East Lothian recorded the largest change, decreasing from a median time to sell of 39 days between February and April 2020 to just 17 days in the same period in 2021, a reduction of 22 days. Homes in West Lothian and the Borders also experienced a large decrease in the median time to sale of 20 and 19 days respectively.
Paul Hilton, CEO of ESPC, said: “This has been a busy three months in the local property market, with a high volume of homes selling alongside a reduction in the median time to sell. We’ve been witnessing high levels of activity in the market since the re-opening of the property market last June but the figures this month really highlight the difference this spring compared with last.
“The particularly strong increase in sales in East Lothian and Midlothian perhaps demonstrate the continued spotlight buyers are placing on their next home, perhaps some seeking more room for outdoor space or extra living space.
“We anticipate interest in the property market remaining strong in the coming months, as lockdown measures are eased further with progress to the new normal eagerly anticipated. This could be a good time for people considering a move, and for those thinking about making a move I’d recommend speaking with a solicitor estate agent in the first instance to get the best introduction to the market.”