East Lothian property market update
What's been happening in the East Lothian property market?
ESPC takes a closer look at how the property market in the popular region of East Lothian has fared during June-August 2022, with a detailed look at some of the most popular East Lothian areas for house-hunters.
Looking for your next home in East Lothian? Read on for more information on the current status of the housing market there.
SEARCH ALL PROPERTIES FOR SALE IN EAST LOTHIAN
East Lothian property market data – key points
- During the three months of June-August 2022, the average property selling price across East Lothian was £290,336 – 1.8% lower than the same period last year.
- The volume of property sales in East Lothian decreased by 4% year-on-year.
- The median time for a property in East Lothian to go under offer was 13 days, one day slower than last year.
- The average percentage of Home Report valuation attained in East Lothian was 111.5%, up 2.3 percentage points annually
Slight decline in average property prices
The average selling price declined 1.8% year-on-year during June-August 2022, taking the new average selling price across the region to £290,336, down from £295,562 in June-August 2021. This suggests that the market is starting to cool off slightly after the unprecedented demand at the end of the Covid lockdowns.
Following the trend seen earlier this year, the historic harbour town of Musselburgh continues to be a popular place for first-time buyers as more people recognise its potential and excellent amenities. One-bedroom flats in the area were the most affordable property type, coming in at £142,445. This was followed by two-bedroom flats in Musselburgh, which sold for an average of £180,807, an increase of 14% year-on-year.
The overall most affordable area in East Lothian was Prestonpans, with an average selling price of £243,601. The most expensive area to buy in East Lothian was North Berwick where properties cost an average of £450,433.
Market activity remains strong despite a small decline in sales volumes
Market activity remained strong during June-August 2022, despite fewer buyers coming to the market as shown in sales volumes decreasing by 4% year-on-year.
Musselburgh and North Berwick saw the biggest declines in sales volumes at 6.3% and 20% respectively, indicating that demand in these sought-after areas is starting to level off.
Dunbar saw the biggest increase in sales volumes at 75% but this is to be expected as the number of properties on the market was fairly low.
Steady increase in the number of East Lothian properties coming to the market
Over the past two years, the East Lothian housing market has seen demand outstrip supply but the latest figures indicate this is beginning to change. New properties listed for sale rose 15.8% in June-August 2022.
As we saw earlier this year, the largest volume of properties listed for sale were in Musselburgh, though volumes declined 22.9% year-on-year. This was followed by Haddington and Dunbar, which is a hotspot for families who want to live within commuting distance to Edinburgh.
Small changes to median selling times and closing dates
Properties continue to sell quickly across East Lothian. In June-August 2022, the median selling time was 13 days, one day slower than the same period in 2021.
Out of the various property types in the region, three-bedroom houses in Musselburgh were the fastest to go under offer across East Lothian, selling in a median time of seven days, five days faster than the previous year. This was followed by two-bedroom flats in Musselburgh which sold in 11 days – three days faster year-on-year.
Looking at the overall picture, properties sold the fastest in Musselburgh, Haddington, Tranent and Prestonpans with a median time of 12 days, though in Tranent this was four days slower than the same time last year,
A total of 44.4% of East Lothian sellers opted to set a closing date during June-August 2022, a decrease of 7.7 percentage points since the same period last year. In North Berwick, this rose to 54% of homes for sale (down 12.5% since 2021) and in Prestonpans 47% of homes went to a closing date – a decrease of 1.2% annually.
SEARCH ALL PROPERTIES FOR SALE IN EAST LOTHIAN
East Lothian buyers paid more over Home Report valuations than any other ESPC location
East Lothian continued to be an extremely popular location for buyers, with many paying over Home Report valuation.
East Lothian buyers paid significantly over Home Report value across the board, with properties attaining 111.5% of their valuations on average – 2.3 percentage points higher than June-August 2021.
The most desirable homes for buyers were in Prestonpans with house hunters paying 112.3% of the valuation on average – an increase of 4.1% annually. This was followed by Haddington at 111.8% - a 4.8% rise year-on-year.
What does it all mean?
Paul Hilton, CEO of ESPC, explains: “The latest figures show a busy few months for the East Lothian housing market with buyers willing to pay more to secure their dream home.
“We’ve seen demand outstrip supply in this region over the past two years but there is some indication that this is beginning to change making the market easier to navigate for both buyers and sellers.
“Musselburgh continues to be a hotspot with buyers due to its generous selection of property types, as well as Haddington which is ideal for growing families.”
“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.”
Find out more
ESPC is the home of property and we're here to help you with every step of your home buying and selling journey. If you're thinking of buying or selling a property soon, you can make use of our free phone service to be put in touch with a property expert to help answer your questions.
Want to find out how much your home is worth? Arrange a free property valuation with an ESPC agent today.
Find out more about the process of buying a house in Scotland and selling a house in Scotland.