House Price Report January 2020
Property market data – key points
- From November 2019 to January 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £248,009, which was a 2.1% increase compared to the same period last year
- Over the last three months, sales volume in these areas fell by 5%
- The volume of homes coming to market rose by 1% year-on-year
- Between November 2019 and January 2020, the median time for a property to go under offer was 23 days, one day faster than last year
- The average percentage of Home Report valuation achieved was 102.4% compared to 102.8% last year.
Quicklinks
Average property selling prices rise in Edinburgh, the Lothians, Fife and the Borders
Sales volume and homes coming to market
Top selling properties by sales volume
Average percentage of Home Report valuation achieved
Property selling times in Edinburgh, the Lothians, Fife and the Borders
Market remains relatively stable despite political uncertainty
House Price Report infographic
Average property selling prices rise in Edinburgh, the Lothians, Fife and the Borders
Over the past three months, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £248,009, which was a 2.1% increase compared to the previous year. In Edinburgh, the average selling price was £265,748 which was a 1.8% increase compared to last year.
Properties in the north and north-west of the city saw the greatest growth in average selling price, rising by 9.9% and 10.2% year-on-year, respectively.
Three bedroom houses in Cramond, Barnton and Cammo saw a 36.2% increase in average selling price, while three bedroom houses in South Queensferry and Dalmeny saw a 20.4% increase.
As mentioned in the last House Price Report, while these increases may seem very significant on the surface, in both cases this was due to the properties being sold, some of which were at a much higher value, which subsequently pushed up the average price.
Outwith Edinburgh, properties in the Scottish Borders saw a 9.2% increase in average selling price, compared to the previous year. Properties in East Lothian and homes in West Lothian both experienced an 8% increase year-on-year.
Houses and flats in Midlothian saw a 6.5% year-on-year increase in average selling price over the last three months.
The average property selling price in West Fife and Kinross decreased by 4.1% and by 1.9% in East Fife. Properties in Dunfermline saw a 5.5% decrease in average selling price.
View our house price table to see the average property selling price in different areas.
Sales volume and homes coming to market
From November 2019 to January 2020, there was a 5.0% decrease in sales volume in Edinburgh, the Lothians, Fife and the Borders. However, the number of properties coming to market increased by 1%.
In Edinburgh, there was a 7.4% decrease in sales volume and a 4.4% decrease in the number of homes coming to market.
Top selling properties by sales volume
The top selling property in terms of sales volume was three bedroom houses in Dunfermline, followed by two bedroom flats in Leith and one bedroom flats in Gorgie. Dunfermline also boasted the greatest number of new property listings of any district over the past three months.
Average percentage of Home Report valuation achieved
The average percentage of Home Report valuation achieved across all areas was 102.4% compared to 102.8% the previous year. In Edinburgh, the average percentage of Home Report valuation was 103.6% compared to 104.1%.
One bedroom flats in Abbeyhill and Meadowbank achieved the greatest percentage of Home Report valuation at 107%.
Property selling times in Edinburgh, the Lothians, Fife and the Borders
Selling time decreased slightly on average – the median time for a property to go under offer in Edinburgh, the Lothians, Fife and the Borders was 23 days over the past three months compared to 24 days last year.
Three bedroom houses in South Queensferry and Dalmeny boasted the fastest selling time at 14 days, which was 28 days faster than the same period last year.
Market remains stable despite political uncertainty over last three months
Jamie Fraser-Davidson, Business Analyst at ESPC, said: “In the last three months, the UK has had a General Election and left the EU. While many might expect such political uncertainty to impact the property market significantly, the market in Edinburgh, the Lothians, Fife and the Borders has remained relatively stable in recent months.
“However, as we noted in previous House Price Reports, there has been a consistent drop in the number of homes coming to market year-on-year for many months, resulting in a lack of supply of homes to the market. We also started to see demand level off as the end of 2019 approached, which in turn has resulted in a dip in sales volume.
“Now that the UK has entered the Brexit transition period, expected clarity on the nature of the future trade and political relationships could see renewed confidence among homeowners, leading to a rise in both demand and stock levels. However, we may see further uncertainty throughout 2020 until these agreements are formalised.”
House Price Report infographic
Download our House Price Report January 2020 infographic.
Find out more
Find out average property selling prices for different areas and property types in our house price table and use our useful explore areas tool to find out useful statistics about different areas. Plus, find out how much your house is worth with our free property valuation service.
Find out what happened in previous months and years in our historical house price data.
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