ESPC House Price Report May 2022
Property Market Data: Key Points
- Between March and May 2022, the average selling price of property across Edinburgh, the Lothians, Fife and the Borders rose 5% annually, to £274,309.
- Sales volumes however dropped by 17.3% compared to the same period last year, while new listings were 6.1% lower over the same period.
- The median time for properties to go under offer was just 14 days.
- On average, properties attained 107.4% of their Home Report valuations at sale.
- 35.7% of properties went to a closing date.
Property prices continue to rise across Edinburgh, the Lothians, Fife and the Borders
It’s been a busy three months in the property market with plenty of buyer interest resulting in an increase in the average selling price of properties in Edinburgh, the Lothians, Fife and the Borders.
Between March and May 2022, the average selling price in these areas was £274,309, a 5% increase on the same period in 2021 when the average selling price was £261,184.
Homes in East Fife saw the highest price increase, rising 17.5% annually to £289,561 with the popularity of living in this stunning area continuing to grow. This area has proven to be very popular over the last few years. West Lothian has also witnessed a significant increase in the average selling price, with an average selling price of £255,171 – an increase of 12.7% annually.
The average selling price within Edinburgh was £295,979, an annual increase of 6.4% compared to March to May 2021. The north west suburbs recorded the highest price change within Edinburgh, a 21.4% increase in average selling price, meaning properties here sold for £282,751. In fact, three bedroom homes in South Queensferry and Dalmeny reported at 27.6% annual increase, with an average selling price over the last three months of £310,612.
Nearby, three bedroom homes in Cramond, Barnton and Cammo had the highest annual average selling price increase, a significant 29.1% rise to £439,957. We’ve consistently seen high demand in this area over the last year.
Two bed homes in Dunfermline offered some of the most affordable opportunities for buyers in the region between March and May 2022, with two bed flats achieving an average selling price of £107,325 and two bed houses here achieving £134,590 on average. One bed flats in Musselburgh are also a good option for first time buyers with an average selling price of £133,693.
Sales volumes and new property listings return to more normal levels
Comparing March-May 2022 with March-May 2021, we can see that there are less properties coming to market, as sales and new property listings return to levels more typically seen pre-pandemic.
Sales volumes reduced 17.3% annually, whilst new listings in Edinburgh, the Lothians, Fife and the Borders were down 6.1% over the last three months compared to the same period last year, which again highlights that the market is returning to more normal levels of activity.
Key locations within the Borders have proven particularly popular with noticeable increases in sales volumes in Hawick and Jedburgh. Within Edinburgh, the suburb of East Craigs saw a strong increase in sales volumes with an average selling price of £255,576.
There was a 4.3% increase in new insertions of properties in Leith over the last three months, whilst Bonnyrigg in Midlothian and Portobello in Edinburgh also saw a notable increase in new listings of 41.0% and 25.6% respectively.
Offers over Home Report valuations on the rise highlighting ongoing buyer demand
Homes in Edinburgh, the Lothians, Fife and the Borders achieved an average of 107.4% of their Home Report valuation over the last three months, up 4.4% annually. All areas reported a rise with the largest increases in East Fife (6.6 percentage point increase), West Fife and Kinross (5.8 percentage point increase) and Borders (5.7 percentage point increase), now sitting at 108.7%, 107.9% and 107.6% respectively. Homes in Dunfermline achieved an average of 108.4% of their Home Report valuation.
Again, North West Edinburgh had the highest increase within Edinburgh city boundaries, with properties in this area achieving 108.7 percent of their Home Report valuation on average. This was up 6.6 percent on the same period last year. Three bedroom houses in South Queensferry and Dalmeny saw the greatest annual increase of 8.4 percent, taking the average percentage of Home Report for these properties to 110.7 percent. However, it was three bedroom homes in Currie, Balerno and Juniper Green that attained the highest average percentage of Home Report within Edinburgh at 112.1 percent.
Properties accepted offers within a median time of just 14 days
As has been witnessed for the past few months, properties continue to sell quickly. The median time for an offer to be accepted in Edinburgh, the Lothians, Fife and the Borders is now just 14 days, a reduction of seven days from last year.
Properties in West Lothian sold the fastest, going under offer in just 11 days, eight days quicker than last year. Meanwhile properties in the Borders and City of Edinburgh both went under offer at a median time of 14 days, 13 and 12 days quicker than the same time last year. In Dunfermline, the median days to under offer was also just 11 days.
Within the Edinburgh city boundaries three bedroom houses in Blackhall, Silverknowes and Davidsons Mains went under offer fastest at a median time of seven days, suggesting strong buyer demand in this area.
Paul Hilton, CEO of ESPC, said: “This has been a very active three months in the property market, where we continue to see strong evidence of high buyer demand driving up prices and speeding up the market. We are seeing that the volume of listings and sales are levelling off which is encouraging for the long term sustainability of the market.
Three bed family homes have dominated the data this month, highlighting that home buyers may still be looking for additional space to accommodate a post-covid lifestyle. This is a trend that we’ve been witnessing for the past few months and one that is likely to continue over the next few months.
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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