ESPC has released its June report and the average selling price of property across Edinburgh, the Lothians and Fife is continuing to soar month on month.
During April-June 2022, the average selling price of property across all regions rose by 3.9% to £280,782 and the media selling time of property was 13 days.
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Overall, Edinburgh saw average property selling prices rise 5.2%, taking the average to £302,699 - in the city centre, prices rose 5% year-on-year, to an eye-watering £360,848.
As for the neighbourhoods with the highest price rise, in Cramond, Barnton and Cammo, three-bedroom houses sold for £410,830, a 26.9% annual rise - this was followed by Liberton and Gilmerton where three-bed houses sold for an average of £335,104 – an increase of 18%. In South Queensferry and Dalmeny, this type of property achieved £309,027 on average, 6% higher year-on-year.
Three-bedroom houses in Corstorphine sold in the highest volumes during this April - June 2022 period, with levels up 33.3% annually and an average selling price of £428,697. One and two-bedroom flats in Leith, which have been popular with buyers for much of 2021 and the beginning of 2022, saw significant drops in sales volume of 24.4% and 17.2% respectively, suggesting that the market in this area is levelling after two intense years of activity.
Looking at Edinburgh specifically, the fastest-selling homes could be found in Corstorphine and Trinity, both going under offer in a median time of 12 days. When analysing specific housing types, three-bedroom houses in Corstorphine and two-bed flats in Easter Road were snapped up the fastest, going under offer in 12 days – a reduction of two and five days respectively.
The biggest change for property selling times in Edinburgh was for three-bedroom houses in Liberton, which sold 21 days faster than they did in April-June 2021, in 11 days.
However, the highest price increases during April-June 2022 were not seen in Edinburgh and instead were found in West Lothian where market activity has ramped up in recent months thanks to buyers seeking larger, more affordable homes within easy reach of the capital's city centre.
In this area, property selling prices rose by 11.2% to £256,458. Midlothian, which continues to be popular with families who want to live on the Edinburgh commuter belt, saw an average selling price increase of 6.6%, taking it up to £242,330 annually.
Paul Hilton, CEO of ESPC, said: “Following a strong start to the year in February-April, the period of April-June shows the market is returning to pre-pandemic activity levels.
"Commuter-friendly areas, such as parts of West Lothian, Midlothian and West Fife, continue to be incredibly popular with buyers, as well as particular suburbs of Edinburgh such as Corstorphine. There's continued demand for three-bedroom houses as families search for properties outwith Edinburgh that still have good access to the city centre.
“If you are thinking of buying or selling a home in Edinburgh, the Lothians, Fife or the Borders, get in touch with your local ESPC agent today.”
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