House Price Report November 2021
Property Market Data - Key Points
- The average property selling price rose 1.6% to £271,587 across Edinburgh, the Lothians, Fife and the Borders during September-November 2021.
- Flats in Edinburgh’s City Centre had a positive quarter, with demand and prices rising.
- On average, buyers paid 107% of Home Report valuation during this quarter.
- The median selling time for properties fell to 15 days.
- Sales volumes declined 18.7% year-on-year.
- 36.3% of properties for sale went to a closing date during September-November.
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Selling prices rise and demand for city living grows
During the three months of September-November 2021, the average property selling price in Edinburgh, the Lothians, Fife and the Borders rose 1.6% year-on-year to £271,587.
Homes in East Lothian had the biggest annual increase, with an 8.7% growth taking the average selling price to £290,231, the highest average selling price across ESPC’s market areas.
Prices also rose in West Fife and Kinross, as homes there sold for an average of £207,851. This is 6.2% higher than the same period in 2020, and is consistent with the growing trend of buyers choosing to purchase in this region. One-bedroom flats in Dunfermline were the most affordable type of property overall, with an average price of £81,234.
The Borders had the biggest drop in average selling prices, down 15% to £212,121. However, this may be due to a higher amount of lower-value properties on the market, as demand for this area remains strong with buyers.
Looking at the city of Edinburgh, there were some interesting changes compared to previous months of 2021. Properties in Edinburgh’s South-West had an average selling price of £386,144 during September-November – 16.7% higher than the same time last year. Three-bedroom houses in the areas of Currie, Balerno and Juniper Green saw an increase of 30%, with homes selling for £409,996.
Homes in the East of Edinburgh also experienced an increase, with property selling prices rising 6.4% to an average of £251,569.
Flats in Edinburgh’s City Centre had a positive quarter, with a clear rise in demand from buyers. One-bedroom flats in the Leith Walk area saw selling prices rise 6.6% on average, while two-bedroom flats in central Leith rose 8.5%. Two-beds in New Town and West End increased by 8.2%, and two-bed flats in Morningside and Merchiston experienced a 10.9% increase in average selling price.
Buyers pay over Home Report valuation for coastal and city homes
During September-November 2021, there was a higher volume of lower-priced properties coming onto the market – the average Home Report valuation was 3% lower than the same time last year.
However, buyers continued to pay over the Home Report valuation, particularly in coastal and city-centre locations. On average, buyers paid 107% of Home Report valuation during this quarter, up from 104.1% during the same period in 2020, and 102.9% in 2019.
Buyers paid the most over Home Report valuation for properties in East Lothian, paying 111% of the valuation price. Homes on the coast were clearly in high demand, as the biggest leap was seen in East Fife; buyers here paid 110.2% of Home Report valuation for properties, up 7.8% on the same time last year.
In Edinburgh’s city centre, the neighbourhoods of Bellevue, Broughton and Hillside were especially popular with buyers. Properties here attained an average of 137.2% of their Home Report valuation during September-November, 34.3% higher than what was paid in 2020.
Selling times fall in most areas, with homes selling in days in many places
During September-November 2021, the median selling time for properties in Edinburgh, the Lothians, Fife and the Borders fell to 15 days, three days quicker than in 2020.
Properties sold the fastest in West Fife and Kinross – homes here sold in just 11 days, four days faster than the same time last year.
In the Borders and East Fife, demand was high, as properties sold 24 days quicker than they did during September-November 2020, taking just 16 and 17 days respectively.
Homes in Edinburgh took just one day longer to go under offer than in 2020, with a median selling time of 17 days. Three-bedroom houses in the popular suburbs of Blackhall, Davidsons Mains and Silverknowes, and Currie, Balerno and Juniper Green, all took only 10 days to sell.
Two-bedroom houses in the Midlothian town of Dalkeith were the fastest property type to sell, going under offer in a median time of just seven days.
Sales volumes and property listings decline as the market winds down for the year
Traditionally, the housing market begins to cool towards the end of the year, and this appears to be the case during September-November. During this time, sales volumes were down 18.7% year-on-year, but some areas of Edinburgh continued to be popular.
The highest volume of property sales was for two-bedroom flats in Leith, while the biggest leap in year-on-year property sales was for two-bedroom flats in Trinity, rising 107.1%.
The number of properties coming onto the market also began to wind down, with a 27.1% reduction in properties listed for sale. Dunfermline had the highest volume of listings, but this figure was still 22% less than the volumes seen during the same time in 2020. This was followed by Corstorphine, but levels here were also lower than last year, down 39.1%, suggesting that the market is beginning to level off to more ‘normal’ levels of activity.
Closing dates more prevalent as buyers aim to snap up homes before Christmas
Properties saw strong levels of competition from eager buyers during September-November, with 36.3% of properties for sale going to a closing date. This is up from 28.4% in 2020.
Some suburbs of Edinburgh and East Lothian saw a particularly high level of demand; 62% of homes for sale in Craiglockhart and Joppa went to closing dates, as did 58% of properties in Prestonpans and Murrayfield.
Paul Hilton, CEO of ESPC, said: “As we edge towards the end of an unprecedented year for the Scottish housing market, we can see that this has been another buoyant three months across Edinburgh, the Lothians, Fife and the Borders. Selling prices have continued to rise and buyers continued to pay over Home Report valuations for their preferred properties; in particular, we continue to see increases in the regions of East Lothian and Fife. Interestingly, there’s been a real rise in demand for city-centre properties in Edinburgh – surely a positive sign of the desire for central living resuming once again.
“We are seeing evidence of the traditional rush to move ahead of the festive season, when buyers and sellers alike are keen to complete on their new homes before the New Year – hence the increase in closing dates set, and the reduction in selling times. 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.
“Leith and Dunfermline continue to offer good value for money and a wide selection for buyers to choose from, but the rising interest in areas such as Trinity and Dalkeith presents even more options for buyers starting out on their property journey.
“If you are considering buying or selling in Edinburgh, the Lothians, Fife and the Borders, get in touch with your local ESPC solicitor estate agent today.”
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Find out average property selling prices for different areas and property types in our house price table.
See data for previous months and years in our historical house price spreadsheet.
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