Midlothian property market update
Midlothian property market data – key points
- The average selling price of property in Midlothian rose 4.3% year-on-year during November 2021-January 2022.
- The median selling time dropped to 13 days.
- Sales volumes were down 37.8% year-on-year during this time, while new property listings decreased by 12.4%.
- Buyers paid 106.4% of Home Report valuation on average for homes in Midlothian.
- 42.7% of Midlothian sellers opted to set a closing date during this time.
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Average house selling prices in Midlothian
Volume of property sales and number of homes coming to market
House selling times in Midlothian
Average percentage of Home Report valuation achieved
Increasing demand from family buyers across Midlothian
Average property selling prices in Midlothian
The average selling price of property in Midlothian rose 4.3% year-on-year during the period of November 2021-January 2022, taking the average from £228,292 to £238,069.
Properties in Penicuik had the highest average selling price, at £249,396 – 21.3% higher than the same time during 2020/21. Meanwhile, homes in Dalkeith saw the biggest increase, with a 25.9% rise in selling prices taking the new average there to £248,718.
Bonnyrigg experienced a decline of 11.1% in average selling prices year-on-year, with the new average of £214,382.
Two-bedroom flats in Bonnyrigg were the most affordable property type in Midlothian, with an average selling price of £155,308.
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Volume of property sales and homes coming to market
The period of November-January is typically a quieter time for the property market, and this was the case across Midlothian, as activity levels began to cool off and return to those seen in 2019 and early 2020.
Sales volumes were down by 37.8% year-on-year, but this is to be expected given the comparison to a post-lockdown period of 2020/21, when pent-up demand and competition were high.
Three-bedroom houses performed best across Midlothian, with clear demand for this property type. This style of home in Penicuik had the highest volume of sales, but this was still 30.8% lower than the volumes seen during the same time of 2020/21. This was followed by three-bedroom houses in Bonnyrigg (where levels were 30% lower year-on-year) and in Gorebridge, down 23.5% annually.
There were also fewer properties coming to the market, with new property insertions down 12.4% on the same time last year.
Penicuik had the greatest volume of homes listed for sale, but levels were 5.6% lower annually. In contrast, Gorebridge had the biggest leap in new property listings, with 72.7% more homes listed for sale during this time compared to the same time in 2020/21.
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House selling times in Midlothian
With less properties on the market, it’s no surprise to see that competition levels remained strong in Midlothian during November 2021-January 2022. In this time, the median selling time dropped to 13 days, six days faster than the same time the previous year.
Family homes attracted the highest levels of demand, with larger properties being snapped up in a matter of days as the ‘race for space’ continued throughout Midlothian. Three-bedroom houses in Gorebridge sold the fastest with a median selling time of only seven days – 10 days faster than the same time last year, and almost half the time of the average property. Four-bedroom houses in Penicuik experienced the biggest reduction in median selling time; this property type went under offer in 16 days, 32 days faster year-on-year.
42.7% of Midlothian homes went to a closing date during this time, up from 27.1% in 2020/21 and 18.8% in 2019/20, showing how strong demand has grown for properties in this region.
Average percentage of Home Report valuation achieved
Buyers were also willing to pay a higher price in order to secure a property in Midlothian. On average, properties attained 106.4% of their Home Report valuation, 3.5 percentage points higher than the levels achieved twelve months prior.
Increasing demand from family buyers across Midlothian
Paul Hilton, CEO of ESPC, said: “The past three months have seen demand rising for family homes in Midlothian, especially for three-bedroom houses which are more likely to offer the additional and outside space that so many buyers still crave post-pandemic. Midlothian is proving to be a strong performer in the Scottish property market and offers a great alternative for buyers searching for homes outside of Edinburgh, as it offers excellent transport links, local amenities, green spaces and a sense of community, with an often more affordable price tag for many.
“The areas of Penicuik, Dalkeith and Gorebridge are proving especially popular for Midlothian family buyers, while Bonnyrigg is a fantastic option for first-time buyers.
“If you are considering buying or selling in Midlothian, contact your local ESPC agent today.”
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ESPC is the home of property and we're here to help you with every step of your home buying and selling journey. If you're thinking of buying or selling a property soon, you can make use of our free phone service to be put in touch with a property expert to help answer your questions.
Want to find out how much your home is worth? Arrange a free property valuation with a Midlothian solicitor estate agent today.
Find out more about the process of buying a house in Scotland and selling a house in Scotland.
You can also read advice for Scottish property buyers and sellers during the COVID-19 pandemic.
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The above statistics are based on properties sold and listed by ESPC agents in Midothian from November 2021 to January 2022, and compared to the same period last year.