ESPC Property Market Update: East Lothian
ESPC takes a closer look at how the property market in the popular region of East Lothian has fared during September-November 2021, 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.
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East Lothian performs well across this quarter, but market begins to cool as expected
East Lothian’s property market has experienced an exceptionally busy 2021, as buyers flocked to the region to find a coastal home and extra space outside of the city centre.
During the three months of September-November, the figures show a slowing of this activity, as the market followed the traditional pattern of cooling towards the tail end of the year.
Sales volumes in the region decreased 30.9% year-on-year during this time, as less buyers came to the market, while new properties listed for sale also reduced by 15.4%, with sellers less inclined to begin the sales process during the cooler months.
The average selling price rose during this time, with an 8.7% increase taking the average to £290,231 for an East Lothian property.
Homes here were still in high demand, with the median selling time dropping to 13 days – six days quicker than September-November 2020 – and 50.3% of properties going to a closing date.
During this time, buyers paid 111% of the Home Report valuation on average. This is the highest level attained across Edinburgh, the Lothians, Fife and the Borders, demonstrating East Lothian’s consistent draw for buyers looking for their dream home.
What is the housing market like in Musselburgh?
A hotbed of activity during 2021, Musselburgh’s property market continued to report developments during September-November.
Musselburgh property sales volumes reduced by 16.5%, and the average selling price was also slightly down with a new average of £217,935, however, a decline of just 0.2% meant that prices were only affected by around £500 in comparison to the same time last year.
Homes in Musselburgh sold one day faster than during the same time in 2020, with a median selling time of 13 days. Buyers paid on average 108.4% of Home Report valuation for properties here, up from the 104% paid in September-November 2020.
What is the housing market like in Wallyford?
Sales volumes in Wallyford reduced by 33.3% during September-November 2021, while the volume of properties being listed for sale increased by 22.2% year-on-year. This suggests a higher level of seller activity than buyer activity at the current time and may affect how competitive the market is in this area.
The average selling price for Wallyford homes rose to £225,041, an increase of 15.7% year-on-year. Buyers paid 109% on average of the Home Report valuation for homes in this area, an increase of 4.8% on what was paid in 2020.
The median selling time for property in Wallyford also reduced, with homes selling four days faster than they did during September-November 2020, at just nine days.
What is the housing market like in North Berwick?
One of the most popular areas of East Lothian to call home, North Berwick has seen a buoyant market during 2021.
However, a decline in both the volume of sales and the number of properties being listed for sale suggests that the market in North Berwick has calmed for the time being. With sellers reluctant to move on, leading to a 25% decline in homes for sale compared to the same time last year, this has led to a 46.5% reduction in the volume of sales during September-November.
With less available properties, competition for homes in North Berwick remains strong. The average selling price for property here has risen 21% year-on-year, to a new average of £491,157 – the highest in East Lothian. The median selling time has reduced by 8 days, with properties now going under offer in 17 days, down from 25 in 2020.
North Berwick properties also attained a higher percentage of their Home Report valuation, with buyers paying 114.8% of valuation on average to secure their chosen homes.
What is the housing market like in Haddington?
The Haddington housing market is beginning to taper off towards the end of the year, as we would expect to see traditionally – sales volumes in this area were down 44.9% year-on-year during September-November 2021.
Similar to the patterns we’re seeing in other area of East Lothian, this doesn’t mean that interest is lowering in Haddington. The average selling price rose 9.3% to £239,906, while the median selling time saw a 22-day drop, meaning homes sold in just 14 days during this time, down from 36 days in 2020.
The average amount paid over Home Report valuation also rose – buyers paid 109.6% of HRV for Haddington homes during these three months, up from 101.2% in the same time in 2020.
What is the housing market like in Dunbar?
Like North Berwick, Dunbar has seen high levels of interest and activity for its properties during 2021, with this activity beginning to cool in the latter months of the year as expected.
Sales volumes during this time were down 23.4% year-on-year, but with such a high level of activity in the later months of 2020 and earlier in 2021, this is no cause for concern.
The average selling price of Dunbar properties rose to £295,578 during September-November, up 9.2% year-on-year, while buyers paid the 117.2% of Home Report valuation for properties in this area – more than anywhere else in East Lothian, showing how strong demand has been for this area.
During this time, the median selling time in Dunbar reduced by eight days, to just 11 days.
What is the housing market like in Prestonpans?
Sales volumes were down by 31.4% year-on-year in this part of East Lothian, but as with so many of the other areas examined, this did not affect the desire to secure a home in Prestonpans.
The average selling price for Prestonpans homes rose by 12.6% to £207,007, but the area remains one of the most affordable in East Lothian – an ideal choice for younger buyers and those searching for a starter family home.
Prestonpans properties went under offer in a median time of 11 days, down from 13 days in September-November 2020, while buyers paid 108% of Home Report valuation on average – a rise of 5.2% when compared to the same time last year.
What is the housing market like in Tranent?
After a busy 2021, Tranent’s housing market reports a mixed bag towards the end of the year.
Sales volumes were down 34% year-on-year during September-November, while the volume of properties coming to the market rose by 31%, suggesting that there are more sellers than buyers in Tranent at the current time.
The average selling price in Tranent also experienced a slight fall, down 4.7% on last year’s figures, with a new average of £207,401.
Tranent homes sold four days faster than in 2020, with a median selling time of 11 days, and buyers paid 106.4% of Home Report valuation on average, an increase of 2.4% on last year.
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Paul Hilton, CEO of ESPC, commented: “East Lothian has reported consistently strong levels of activity throughout 2021, with many buyers keen to find a home that offers them a blend of both indoor and outdoor space, and proximity to city, coast and countryside. With a host of new priorities for many buyers, it’s no surprise to see the popular postcodes of East Lothian become even more coveted during this past year.
“Competition remains high for properties, but we are beginning to see both sales and insertion volumes taper off as the year draws to a close, as we would expect at this time of year.
“If you are considering buying or selling in East Lothian, get in touch with your local ESPC solicitor estate agent today.”
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