In the first quarter of 2020, the volume of residential property sales in Edinburgh, the Lothians, Fife and the Borders fell by 9.2%, according to the latest ESPC House Price Report.

 

 

Due to the COVID-19 outbreak and resultant social distancing measures, the decline in sales volume was concentrated in the last two weeks of March.

 

The number of homes coming to market has also decreased by 8.4% year-on-year. Similarly, this decline was concentrated in the last two weeks of March. In Edinburgh over the three month period, there was a 16.9% decrease in sales volume and a 10.2% decline in volume of property listings year-on-year.  

 

However, average property selling prices have so far remained relatively steady. Over the first quarter of 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £240,689, which was a 1.6% increase compared to the previous year.  

 

In Edinburgh, the average property selling price was £258,685, which was a 2% increase compared to the previous year. Properties in the north of the city saw the greatest increase in average selling price which rose by 5% while properties in the north west saw the greatest decrease in average selling price, falling by 6.3%.  

 

In some areas outwith the city, there were some significant changes to the average property selling price compared to the previous year. The average property selling price in West Fife & Kinross was £177,053, a 12.2% increase compared to the previous year, while there was an 8.6% increase in the Dunfermline average selling price. Properties in West Lothian saw average selling prices increase by 10.2%. The average property selling price in the Borders decreased by 6.3% year-on-year.  

 

In other areas, average property selling prices remained similar to the previous year. In East Lothian and Midlothian, there was a 1% and 1.9% increase respectively. In East Fife, there was a 0.8% increase.  

 

The average percentage of Home Report valuation achieved also remained relatively steady in comparison to last year. Across all areas in the first quarter of 2020, the average percentage of Home Report valuation achieved was 102.4%, the same as last year. In Edinburgh, it was 103.8% compared to 103.7% last year.  

 

In Edinburgh, the Lothians, Fife and the Borders, the median time it took for a property to go under offer over the past three months was 27 days, two days faster than last year. In Edinburgh, this figure was 23 days, four days faster than last year.  

 

Jamie Fraser-Davidson, business analyst at ESPC, said: “In the first quarter of 2020, there has been reasonably significant decreases in property sales volume and the number of homes coming to market in Edinburgh, the Lothians, Fife and the Borders.

 

“These declines were concentrated in the last fortnight of March, caused by the COVID-19 outbreak in the UK and resultant social distancing measures.  

 

“However, during this three month period, average property selling prices and the average percentage of property valuation achieved have remained relatively steady compared to last year.”