What's been happening in the East Lothian property market?
East Lothian property market data - key points
- During the three months of June-August 2021, the average property selling price across East Lothian was £290,229 – 7.2% higher than the same period last year.
- The volume of property sales in East Lothian increased by 108.3% year-on-year.
- The number of East Lothian properties coming to market decreased by 13.4%.
- The median time for a property in East Lothian to go under offer was 12 days – 15 days quicker than both 2020 and 2019.
- The average percentage of Home Report valuation attained in East Lothian was 109.2%, up 7.3% points on 2020.
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Average house selling prices in East Lothian
Volume of property sales and number of homes coming to market
House selling times in East Lothian
Average percentage of Home Report valuation achieved
Property sales volume and selling prices rise in East Lothian in first three months of 2021
Average property selling prices in East Lothian
During the three months of June-August 2021, the average property selling price across East Lothian was £290,229 – 7.2% higher than the same period last year.
Properties in North Berwick saw a 17.5% increase in average selling price year-on-year, to £483,545, while Tranent’s average selling price decreased 10.8% to £189,188.
One-bedroom flats in Musselburgh were the most affordable type of property in East Lothian, with an average selling price of £142,744.
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Volume of property sales and homes for sale in East Lothian
The volume of property sales in East Lothian increased by 108.3% year-on-year during June-August 2021, as buyers looked for coastal and countryside properties to call home.
These figures may be slightly skewed by the fact that June 2020 was still largely affected by heavy lockdown restrictions, so it may be fairer to compare this to 2019’s figures, which are fractionally lower than the levels of sales we are seeing in 2021.
This trend may also be due to the increase in buyers looking for homes with additional space to accommodate homeworking, private gardens or even detached, more rural properties, along with good commuter links to Edinburgh.
In particular, Musselburgh had the largest volume of property sales compared to other towns in East Lothian, up 134.2% on June-August 2020. Haddington and Tranent also experienced increased levels of property sales year-on-year, up 121.1% and 117.6% respectively.
The number of East Lothian properties coming to market decreased by 13.4% compared to 2020, a figure which is also lower than the levels we saw in 2019. This may be due to property owners seeing no need to sell; the reduced need for commuting and the popular attractions, coastline and open spaces of East Lothian may mean that owners are less inclined to sell their properties, even as buyer demand increases. The reduced levels of property coming to market may in turn affect buyer activity, as demand starts to outstrip supply – we can expect to see prices increase in line with this, as buyers turn to overbidding to secure a property.
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House selling times in East Lothian
Homes in East Lothian were selling faster from June to August 2021, compared to the previous year.
The median time for a property in East Lothian to go under offer was 12 days – 15 days quicker than both 2020 and 2019.
Properties in Tranent and Wallyford both had a median selling time of just 8 days.
52.2% of East Lothian homes went to a closing date during this time, up from 17.9% during June-August 2020, and 17.6% in the same period of 2019, as demand for properties intensified post-lockdown.
Average percentage of Home Report valuation achieved in East Lothan
Between June and August 2021, the average percentage of Home Report valuation attained by houses and flats in East Lothian was 109.2%, up 7.3% points on 2020. This figure was higher than anywhere else in Edinburgh, the Lothians, Fife and the Borders.
Dunbar properties achieved the highest percentage of Home Report valuation, averaging at 119%.
Buyer demand increases across East Lothian
Paul Hilton, CEO of ESPC, said: “The past three months present a clear picture that the demand for homes in East Lothian remains strong.
“We’ve seen a continual increase in the average selling price of properties, with some particular locations appearing in especially high demand, such as North Berwick, Dunbar and Musselburgh. Homes are selling faster, there’s been a sharp increase in the number of closing dates set, and buyers are willing to pay more over Home Report valuation than anywhere else across Edinburgh, the Lothians, Fife and the Borders, which shows just how strong the desire is for homes in this region.
“We expect to see prices continue to rise if the current demand for properties continues to outweigh supply. This may well be a likely scenario, as there appears to be a permanent shift towards a flexible-working lifestyle, meaning buyers feel more confident to purchase a coastal or countryside home that offers them easy access back into Edinburgh when needed.
“If you are thinking of buying or selling a home in East Lothian, you should speak to a local solicitor estate agent to get the latest advice and guidance on moving during the COVID-19 pandemic.”
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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 an ESPC 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.
Interested in hearing more about the East Lothian property market? Sign up for our free virtual event on 7 October at 12pm, where ESPC and local property experts will update viewers on the market and take questions from the audience.
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The above statistics are based on properties sold and listed by ESPC agents in East Lothian from June to August 2021, and compared to the same period last year.