East Lothian property market update: May-July 2023
During a traditionally quieter period for the property market overall, the East Lothian market has remained strong, with plenty of activity from buyers and sellers across the region during the three months of May to July 2023.
Overall, East Lothian’s market continues to show signs of growth higher than the ESPC market average, with the average property selling price being higher in East Lothian than the market average, buyers paying more over the Home Report valuation to secure a property, and more properties coming to the market.
Let’s take a closer look at the data.
East Lothian property market remains strong.
Between 1 May and 31 July 2023, the average property selling price in East Lothian was £289,387, up 2% annually.
On average, properties achieved 104.8% of their Home Report valuation, showing buyers were willing to bid competitively to secure their home.
East Lothian properties went under offer in a median time of 20 days, seven days slower than the previous year.
Musselburgh proves popular once again with buyers.
Across East Lothian, property sales increased 3.8% year-on-year, showing that home buyers are keen to live in this beautiful coastal region. With a number of leading solicitor estate agents based in the region, the latest data from ESPC highlights the keen interest in East Lothian.
Homes in the popular town of Musselburgh were the most in-demand in East Lothian during May-July 2023, with the figures rising 8% in comparison to the same time last year. Properties in Musselburgh had an average selling price of £253,538. In particular, three-bed houses in Musselburgh proved popular, with sales up 33% year-on-year, and an average selling price of £281,387. One-, two- and three-bed flats in Musselburgh were also in high demand.
Haddington homes also proved popular with a 2.7% annual increase in the volume of properties sold, at an average of £270,853. Property sales in Dunbar increased 28% annually, with an average selling price of £286,425.
Offers agreed on properties in 20 days.
Properties in Port Seton sold the quickest, going under offer in a median time of just nine days. Homes in Tranent were also snapped up quickly too, with a median selling time of 15 days. In Musselburgh and Haddington, the median time for properties to go under offer was 20 days, consistent with the region as a whole.
Buyers willing to pay above the Home Report valuation to secure their home.
Properties in East Lothian are proving popular, with many buyers continuing to offer above the Home Report valuation to secure their next home purchase. The average percentage of Home Report achieved in Musselburgh was 105.6%, whilst in Dunbar properties achieved 105.2% on average between May and July 2023.
New properties coming to the market.
Between May and July 2023, new property listings in Musselburgh were up 17.5% year-on-year, with new listings also being seen in Prestonpans, Haddington and North Berwick. Looking at East Lothian as a whole, insertions were up 2.4% year-on-year.
What does it all mean?
Reflecting on the data, Paul Hilton, CEO of ESPC commented: “East Lothian is always popular for home buyers as it is such a stunning setting, with access to not only beautiful beaches but open, outdoor spaces and it has a real community feel.
“Our latest data goes to show how strong the desire to live in this great area currently is. Musselburgh, Haddington and Dunbar are all really popular areas with a variety of buyers – from young families to downsizers. In fact, Musselburgh was the area with the fourth highest volume of listings across the whole ESPC region over the last three months.
“An integral part to any buyer or seller journey is working with a solicitor estate agent to secure your move. ESPC, and our member firms, are vital to this process.”
