ESPC reveals top selling areas in Edinburgh, the Lothians, Fife and the Borders throughout 2020
Edinburgh-based real estate consultants ESPC has revealed the top selling areas in Edinburgh, the Lothians, Fife and the Borders throughout 2020.
The top location by average selling price in 2020 was the highly desirable area of Merchiston in Edinburgh, with an average selling price of £565,933, up an incredible 40.5% compared to 2019. It was followed by the exclusive areas of Greenbank and Grange.
However, it was a town in the Borders that saw the greatest year-on-year increase in average property selling price - Kelso saw a 45.2% increase compared to 2019, rising to £214,232. Kelso saw the greatest year-on-year increase in property sales, rising by 15.9%.
The historic Fife town of Dunfermline boasted the highest volume of property sales of any ESPC district in 2020. However, sales in the area were down 18.3% year-on-year. Dunfermline was followed by Corstorphine and Leith for highest volume of property sales during the year.
Given these locations also achieved the greatest number of sales in 2020, it is unsurprising that Dunfermline, Leith and Corstorphine saw the greatest number of homes coming to market last year. However, Dunfermline and Corstorphine saw a slight decline in listings compared to 2019, while Leith saw a 21.8% increase.
Lasswade and Fountainbridge saw the greatest year-on-year increases at 77.8% and 73.3% increase, respectively.
The median time for properties in Balgreen to be placed under offer was just 12 days during 2020, eight days faster than 2019. Properties in Pilton had a median selling time of 13 days.
During 2020, the seaside town of St Andrews saw a significant decline in the median time it took for a property to be placed under offer, dropping by 23 days to 50 days.
With its location on the banks of Firth of Forth and an array of beautiful Georgian and Victorian homes, Joppa properties achieved 107.6% of Home report valuation on average, up 2.1 percentage points compared to last year. Properties in the highly desirable area of Trinity achieved 106.8% of Home Report valuation on average.
In terms of year-on-year increase, properties in Kelso saw the average percentage of Home Report valuation achieved rise 4.8 percentage points compared to 2019, while the Midlothian town of Newtongrange saw an increase of 4.6 percentage points.
Closing dates are indicative of a competitive market and certain districts saw high percentages of these during 2020. 61% of Newtongrange properties sold through ESPC agents went to a closing date while 51% of Joppa properties did.
These districts also saw the greatest year-on-year increase in the percentage of closing dates, at 41.7 and 31.6 percentage points, respectively.