From December 2020 to February 2021 Edinburgh, the Lothians, Fife and the Borders experienced a 6.2% increase in the average selling price to £265,446 when compared with the same period last year. Significant year on year rises were recorded for properties in East Fife and the Borders, at 19.2% and 13.7% respectively.
East Lothian saw a 6.1% increase in average selling price over the past three months; Midlothian experienced a 2.8% rise, whilst average selling price in West Lothian remained at a similar level to same time last year.
The average selling price of houses and flats in West Fife & Kinross was up 6.8% year on year, with Dunfermline recording the greatest 13.4% annual growth within this specific area.
Edinburgh properties were selling for £279,593 on average between December 2020 and February 2021, which is 4.5% more than the same time last year. Within the capital city, the most notable increase in the average selling price was recorded in the south at 11.5% year on year to £331,473.
Two bedroom flats in Portobello and Joppa saw the average selling price rise up 17.1% over the past three months, whilst three bedroom houses in Blackhall, Davidsons Mains and Silverknowes experienced a 22.4% drop during this time due to lower value homes coming to market this year as suggested by a 0.2% increase in the average percentage of Home Report valuation achieved by these homes at 105.8%.
Less new homes coming to market but sales volume on the rise
The volume of homes coming to market in Edinburgh, the Lothians, Fife and the Borders fell by 6.1% in the December 2020 – February 2021 period when compared to last year, with the decline taking place in January and February.
However, the volume of property sales rose by 42.2% year on year and the top selling property by sales volume were two bedroom flats in Leith, followed by one bedroom flats in Leith and three bedroom houses in Dunfermline.
Properties in Edinburgh, the Lothians, Fife and the Borders achieved 102.7% of Home Report valuation on average between December 2020 and February 2021, up 0.6% year on year.
The average percentage of Home Report valuation achieved by Edinburgh homes was down by 0.7 compared to last year and stood at 102.8%. However, three bedroom houses in Cramond, Barnton and Cammo achieved 107.2% of Home Report valuation on average, rising 1.7% year on year.
Faster selling times
Over the past three months, properties in Edinburgh, the Lothians, Fife and the Borders were selling six days faster than the same time last year. The median time for homes in these areas to be placed under offer was 20 days, with properties in West Fife & Kinross selling the fastest at 13 days compared to 33 last year.
Paul Hilton, CEO of ESPC, said: “Over the past three months, we saw average selling prices rise year-on-year along with faster selling times, indicating strong demand for homes. Fewer homes coming to market so far in 2021 is likely resulting in increased competition for properties in Edinburgh, the Lothians, Fife and the Borders.
“There are a few different possible reasons for the fall in new property listings year-on-year, including the strong start to 2020 in terms of homes coming to market, the current stay-at-home guidance and impact of home schooling.
“However, we are continuing to see strong numbers of property valuation requests, indicating a high level of demand to sell in the near future. With the recent announcements regarding more pupils going back to school during March and the end of the stay-at-home guidance in April, we may start to see more properties coming to market in the coming months.”
