House Price Report June 2022
Property Market Data: Key Points
- During April-June 2022, the average selling price of property across Edinburgh, the Lothians, Fife and the Borders rose by 3.9% to £280,782.
- Sales volumes dropped by 12.6% during this period, while new property listings dipped 6.7%.
- The median selling time of property was 13 days.
- On average, properties attained 108.3% of their Home Report valuations at sale.
- 38.1% of properties went to a closing date.
Properties on the Edinburgh commuter belt continue to be popular with buyers
The April 2022-June 2022 data reveals clear patterns are developing in the property market across Edinburgh, the Lothians, Fife and the Borders.
Across all regions, the average selling price increased by 3.9% to £280,782 year-on-year, as demand across the property market continued to thrive.
Following the same pattern seen in February-April 2022, the highest price increases during April-June 2022 were seen in West Lothian where market activity has ramped up in recent months thanks to buyers seeking larger, more affordable homes within easy reach of Edinburgh city centre. In this area, property selling prices rose by 11.2% to £256,458. Midlothian, which continues to be popular with families who want to live on the Edinburgh commuter belt, saw an average selling price increase of 6.6%, taking it up to £242,330 annually.
Overall, Edinburgh saw average property selling prices rise 5.2%, taking the average to £302,699. In the city centre, prices rose 5% year-on-year, to £360,848.
Following a period of high demand for properties in the past year, three-bedroom properties continued to be particularly popular with Edinburgh buyers and while house prices are increasing, they are showing some signs of slowing compared to February-April 2022 as the market returns to more ‘normal’ levels after the pandemic.
In Cramond, Barnton and Cammo, three-bedroom houses sold for £410,830, a 26.9% annual rise. This was followed by Liberton and Gilmerton where three-bed houses sold for an average of £335,104 – an increase of 18%. In South Queensferry and Dalmeny, this type of property achieved £309,027 on average, 6% higher year-on-year.
Dunfermline, which was one of the top property hotspots for first time buyers in 2021, cooled off a little during April-June 2022 as the average selling price for its property reduced by 6.1% to £188,843. Two-bedroom flats in the town were the most affordable property type across Edinburgh, the Lothians, Fife and the Borders during April-June 2022, with an average selling price of £120,392. Three-bedroom houses in Dunfermline were also one of the cheapest properties to buy at £221,583, though this has increased by 21.6% annually.
Sales and insertions declined overall but market returns to more ‘normal’ levels
Market activity remained strong during April-June 2022, despite a decline in the volume of both sales and new properties coming to the market compared to April-June 2021, where the market was starting to recover after the second national lockdown significantly disrupted the buying and selling process. During this quarter, sales volumes across Edinburgh, the Lothians, Fife and the Borders reduced by 12.6%, while new property listings dipped by 6.7%.
Three-bedroom houses in Corstorphine sold in the highest volumes during this period, with levels up 33.3% annually and an average selling price of £428,697. One and two-bedroom flats in Leith, which have been popular with buyers for much of 2021 and the beginning of 2022, saw significant drops in sales volume of 24.4% and 17.2% respectively, suggesting that the market in this area is levelling after two intense years of activity.
Sellers in Dunfermline were the most active, with the highest volume of properties listed for sale in this area during this period, with insertion volumes rising 9.6% annually. Corstorphine also saw an increase here, with insertions 13.9% higher year-on-year. However, Leith saw a 9.4% decline in insertion volumes.
Buyers are still willing to pay more across Edinburgh, the Lothians, Fife and the Borders
Buyers also continued to pay significantly over Home Report value across the board, with properties attaining 108.3% of their valuations on average – 3.9 percentage points more than April-June 2021. This was perhaps compounded by the number of homes going to a closing date, which rose 6.5% to 38.1%.
East Lothian attained the most over Home Report valuation, with properties achieving 109.9% of their valuations on average – 3.3 percentage points higher than April-June 2021. This was followed by West Fife and Kinross, which had the biggest jump in percentage points since last year at 5%, taking its new total of average percentage of Home Report valuation attained to 109%.
Edinburgh continued to be a desirable place to live, with buyers paying 108% over Home Report value, a rise of 3.8% year-on-year.
Dunfermline attained the most over Home Report valuation, as buyers here paid on average 109.4%, a rise of 5.1 percentage points.
Properties selling quickly in thriving market that is starting to even out
Despite fewer sales and a reduction in new property listings, the Edinburgh, the Lothians, Fife and the Borders market continued to thrive with buyers and sellers facing strong competition during April-June 2022. The median time for properties to go under offer reduced by three days year-on-year to 13 days.
Homes sold the fastest in West Fife and Kinross, in a median time of 11 days, one day faster year-on-year. Meanwhile, properties in Midlothian and West Lothian also performed strongly, with a median selling time of just 12 days.
Looking at Edinburgh specifically, the fastest-selling homes could be found in Corstorphine and Trinity, both going under offer in a median time of 12 days. When analysing specific housing types, three-bedroom houses in Corstorphine and two-bed flats in Easter Road were snapped up the fastest, going under offer in 12 days – a reduction of two and five days respectively.
The biggest change for property selling times in Edinburgh was for three-bedroom houses in Liberton, which sold 21 days faster than they did in April-June 2021, in 11 days.
Paul Hilton, CEO of ESPC, said: “Following a strong start to the year in February-April, the period of April-June shows the market is returning to pre-pandemic activity levels.
Commuter-friendly areas, such as parts of West Lothian, Midlothian and West Fife, continue to be incredibly popular with buyers, as well as particular suburbs of Edinburgh such as Corstorphine.
“There's continued demand for three-bedroom houses as families search for properties outwith Edinburgh that still have good access to the city centre.
“If you are thinking of buying or selling a home in Edinburgh, the Lothians, Fife or the Borders, get in touch with your local ESPC agent today.”
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