House Price Report December 2020
Property market data - key points
- In the final three months of 2020, the average selling price of properties in Edinburgh, the Lothians, Fife and the Borders increased by 8.1% year-on-year to £269,542.
- From October to December 2020, the volume of property sales in these areas was up 39.7% compared to last year.
- The number of homes coming to market increased by 39.6% year-on-year during this period.
- Over the past three months, the average percentage of Home Report valuation achieved was 103.8% compared to 102.5% last year.
- In the last quarter of 2020, the median time it took a property to be placed under offer was 18 days compared to 22 last year.
In the fourth quarter of 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £269,542, up 8.1% compared to last year. In Edinburgh, it was £286,052, up 6.3% year-on-year.
Two bedroom flats in Portobello and Joppa saw a 15.5% increase in average selling price, rising to £273,591 – the average Home Report valuation of two bedroom flats listed in these areas over the past three months was also up 20.1% year-on-year, meaning that higher value properties coming to market likely accounts for some this significant increase.
However, two bedroom flats in the New Town and West End saw a 15.3% decrease, dropping to £397,183. This decrease is partially due to more lower value properties in the New Town being listed on ESPC in recent months compared to last year.
Areas in Fife also saw some significant year-on-year increases in average selling prices, with properties in East Fife selling for an average of £277,619, up 18.6% compared to last year. Average prices in West Fife and Kinross were also up 15.9% year-on-year. In both areas, the increase is partially due to a greater number of larger, higher-value properties being sold.
Over the past three months, the average property selling price for the Scottish Borders was £263,323, up 14.8% compared to last year.
In Midlothian, properties prices were up 10.6% compared to last year while West Lothian properties saw an 11.5% increase in average selling price. In East Lothian, the average property selling price rose by 6.3%.
39.6% more homes in Edinburgh, the Lothians, Fife and the Borders were listed on ESPC in the last quarter of 2020 compared to the previous year. In the capital, 54.8% more properties came to market over the past three months compared to last year.
In the final quarter of 2020, the volume of property sales rose by 39.7% compared to last year. This is indicative of how busy the property market was in the summer and autumn.
Properties in Edinburgh, the Lothians, Fife and the Borders also sold faster compared to last year, with the median time for a property to be placed under offer at 18 days compared to 22 days last year.
In the Borders, the median time for a property to be placed under offer was 26 days compared to 100 days last year, which is a significant drop.
Across Edinburgh, the Lothians, Fife and the Borders, the average percentage of Home Report valuation achieved between October and December 2020 was 103.8%. In Edinburgh, properties achieved 104.3% on average.
Paul Hilton, CEO of ESPC, said: “The end of 2020 saw higher selling prices, faster selling times and far more homes coming to market in Edinburgh, the Lothians, Fife and the Borders compared to the end of 2019. Homes are generally continuing to sell well but there’s also a good choice of properties on the market.
“The Scottish Government has confirmed that house moves and associated activities, including property viewings, can go ahead under the new lockdown restrictions provided they can be carried out safely. However, they continue to advise that those under level four restrictions may wish to postpone house moves and related activities if possible.
“Public health and safety is of the utmost importance at this time. I would advise those interested in buying or selling a property in 2021 to seek expert advice from a solicitor to find out about local market conditions and get up-to-date information about the latest guidance on COVID-19 and house moves.”
Find out more
See data for previous months and years in our historical house price spreadsheet.
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