Property Market Data: Key Points
- The average selling price of property in Edinburgh, the Lothians, Fife and the Borders rose by 2.6% between December 2021-February 2022, to £271,493.
- Homes sold in a median time of 18 days, two days faster than the same time last year.
- Demand for homes continued as buyers paid 105.6% of Home Report valuation on average.
- Fewer homes came to the market, with new property insertions down 4.3% year-on-year.
- 34.1% of homes for sale went to a closing date during December-February.
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Property prices rose in West Lothian, but dipped in other out-of-town locations
The average property selling price in Edinburgh, the Lothians, Fife and the Borders rose 2.6% annually to £271,493 during December 2021-February 2022.
Demand was especially prominent for property in West Lothian, where prices saw a significant year-on-year increase of 38.4%, taking the average property selling price from £215,964 to £298,965. Offering excellent commuter links and more affordable property prices, West Lothian appears to be rising in popularity with buyers seeking family homes or additional living space to accommodate a changing work-life balance, within easy reach of the Capital.
In Edinburgh city centre, the average selling price decreased by 3.7% to £331,092. In particular, two-bedroom flats experienced a 12.2% reduction to £429,390 on average.
Buyers continued to pay over Home Report valuations in all areas, but highest levels paid for coastal locations
A clear sign of strong buyer demand is the amount over Home Report valuation that buyers are willing to pay for their chosen property. During December-February, all areas throughout Edinburgh, the Lothians, Fife and the Borders reported an increase on these figures. Overall, buyers paid 105.6% of Home Report valuation on average, a rise of 2.8 percentage points on the same time last year.
Sales volumes continued to decline, as the market returns to pre-pandemic levels
December-February is typically a cooler period for the property market, with many buyers opting to wait until the spring to pursue a new property. The data from this period appears consistent with this theory, as sales volumes across Edinburgh, the Lothians, Fife and the Borders declined 20.2% year-on-year, presenting evidence that the property market is now returning to pre-pandemic levels of activity. Indeed, the sales volumes for December 2021-February 2022 are only slightly above those seen in December 2019-February 2020.
Fewer new properties came to market across all regions
Overall, it was also a quieter time for sellers. With less properties coming onto the market, we can see how this has impacted buyer behavior, potentially resulting in the increase in the amount of Home Report valuation paid, and the decrease in median selling times.
Dunfermline continued to be a seller hotspot, with the highest volumes of property listed across Edinburgh, the Lothians, Fife and the Borders.
There were also some big leaps in property listings in Balerno saw a 58.3% rise in the number of new properties listed for sale.
Homes sold faster, with particular demand for commuter areas and city flats
Despite the three months of December-February traditionally being a quieter time, buyers were still moving quickly, perhaps due to the lower levels of available stock. During this quarter, the median time for property to go under offer fell to 18 days, two days faster than the same time last year.
This is perhaps a sign of the strength of appeal these commuter-friendly areas hold, where a family home with extra space, good local amenities and convenient transport links is traditionally more affordable than in the Capital.
34.1% of homes went to a closing date during December-February across West Lothian Region.
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