House Price Report January 2021
Property market data - key points
- Over the past three months, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £265,953, up 7.4% compared to the previous year.
- In these areas, the volume of property sales from November 2020 to January 2021 was up 45.3% year-on-year.
- The volume of new property listings during this time period was up 11.7% year-on-year.
- Between November 2020 and January 2021, the median time for a property to be placed under offer was 19 days, four days faster than last year.
- The average percentage of Home Report valuation achieved during this period was 103.3% compared to 102.4%.
The average property selling price in Edinburgh, the Lothians, Fife and the Borders over the past three months was £265,973, up 7.4% compared to the same period last year. In Edinburgh, the average property selling price was £281,386, up 5.3% compared to the previous year.
This decrease was primarily due to a greater proportion of lower value properties coming to market this year - over the past three months, these properties achieved 109.1% of Home Report valuation on average, up 5.5 percentage points compared to the previous year.
From November 2020 to January 2021, East Fife properties experienced a 26.6% increase in average selling price year-on-year, while those in West Fife & Kinross saw a 9.8% increase. Properties in Dunfermline experienced a 14.5% rise in average selling price year-on-year.
Between November 2020 and January 2021, the Scottish Borders saw property prices rise by 15.6% year-on-year to £263,283.
Over the past three months, the number of new property listings was up 11.7% in Edinburgh, the Lothians, Fife and the Borders – Edinburgh saw a 21.2% increase.
However, this increase was concentrated in November and December, with January seeing fewer properties coming to market year-on-year. This could be due to the impact of current lockdown measures and home schooling, with people potentially choosing to hold off until later in the year to sell. Strong numbers of property valuation requests do suggest there remains demand to sell in the near future.
The volume of property sales in these areas over the past three months has risen by a significant 45.3% compared to last year. This reflects how busy the market was in the later summer and early autumn last year.
Over the past three months, the median time for a property to be placed under offer in Edinburgh, the Lothians, Fife and the Borders was 19 days, four days faster than last year.
In the Borders, properties experienced much faster selling times, with it taking a median time of 26 days for properties to be placed under offer, 41 days faster than last year.
Between November 2020 and January 2021, the average percentage of Home Report valuation achieved by properties in Edinburgh, the Lothians, Fife and the Borders was 103.3%, compared to 102.4% last year. Edinburgh properties achieved 103.5% compared to 103.8% last year.
Paul Hilton, CEO of ESPC, said: “In January 2021 we saw fewer homes coming to market compared to last January. The current lockdown restrictions, Scottish Government guidance on moving home and impact of home schooling may have led people to delay a house sale until later in the year.
“January was, however, a particularly strong month for property valuation requests on ESPC, suggesting that many people are looking to sell in the near future. Rising selling prices and fast selling times also indicate that demand from buyers remains relatively strong.
“The Cabinet Secretary for Finance has confirmed that the LBTT reduction will come to end as planned on 31st March, which means we will likely see a surge in sales activity as buyers looks to complete transactions before that date – we have seen similar trends with amendments to LBTT before.
“For those thinking of buying or selling in the near future, it is best to speak to a solicitor estate agent who can help advise you on current market conditions and the current COVID-19 guidance on moving home.”
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See data for previous months and years in our historical house price spreadsheet.
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