House Price Report June 2021
Property market data - key points
- From April to June 2021, the average selling price of properties in Edinburgh, the Lothians, Fife and the Borders rose by 11.2% year-on-year to £270,773, and up 6.8% compared to the same period in 2019.
- Properties sold quickly with a median selling time of just 16 days, two days faster than last year and four days faster than 2019.
- On average, properties achieved 104.4% of their Home Report valuation, compared to 103.7% in the same period last year, and 103.3% April to June 2019.
- New property listings were up 517% on the April to June 2020, however this is to be expected due to the tight lockdown restrictions of this period last year. New listings were up 5.95% on the same time period in 2019.
- Sales volume was also much more active, with a 347% increase year-on-year. There was a 10% increase on property sales volume compared to the same three month period in 2019.
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Properties selling quickly as buyer confidence remains high
The property market has been moving quickly, with the median time to sell between April and June 2021 being just 16 days. That is two days quicker than the same period last year, and four days quicker than the same period in 2019. With strong interest for properties, it is clear that buyers are needing to act quickly to purchase their property of choice.
We have recorded some regional variations. Edinburgh is slightly slower, with a median time to sell of 18 days. However, in both East Lothian and West Fife and Kinross the median days to sell stood at just 12 days over the last three months. In Midlothian it was 13 days, whilst it was 17 days in East Fife and 18 days in West Lothian.
Selling prices remain high
The average selling price of properties in Edinburgh, the Lothians, Fife and the Borders increased by 11.2% between April and June this year compared to last year. The average property price in these areas now stands at £270,773.
Of course, there are some notable differences across these areas.
Edinburgh had the highest average selling price during these three months, recorded at £285,729. This was closely followed by East Lothian, with an average selling price of £281,547 over the past three months.
The average selling price for properties in Midlothian was £228,682, whilst the average selling price of properties in West Lothian was £236,036 between April and June 2021. In the Borders, properties sold for an average of £229,515 during this time period.
In West Fife and Kinross, we see a trend of some more affordable housing with the average selling price at £199,391, however in East Fife the average selling price was £256,098 during this time.
All of these locations have recorded a year-on-year increase in average selling price, and all locations have an increased average selling price on the same time period in 2019. This suggests that there is high demand from buyers, who have confidence in the housing market and are keen to make their next home move.
Properties are often selling for more than their Home Report valuation
On average, properties across Edinburgh, the Lothians, Fife and the Borders achieved 104.4% of their Home Report valuation between April and June this year. This is an increase from 103.7% last year, and from 103.3% in 2019. This increase in the percentage of Home Report valuation attained provides further evidence of buyer confidence in the local property market.
Properties in Dunfermline in West Fife and Kinross achieved an average of 104.2% of their Home Report value, up from the wider area average of 103.7%. Homes in Edinburgh South West, which includes locations such as Balerno, Currie and Juniper Green achieved 109.1% of their Home Report value on average, whilst homes in East Lothian recorded an average 106.5% of their Home Report valuation over the last three months.
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New listings up year-on-year but some drops on 2019
In Edinburgh, the Lothians, Fife and the Borders we’ve seen an annual increase in new listings of 517%. However, given the tight lockdown restrictions in place for most of April to June 2020 this was to be expected as it was particularly difficult to list a property with just a few exceptions. If we look across Edinburgh, the Lothians, Fife and the Borders back to April to June 2019 we can see an overall 6% increase in new listings this year. This is perhaps a fairer reflection of overall current market activity.
Over the last three months in Edinburgh, we’ve seen a 525% annual increase alongside an 11% increase on the same period in 2019.
However, across the Lothians and Fife whilst we see a year-on-year increase in the volume of new property listings, we have witnessed some declines on 2019 figures in terms of new homes being brought to market. We are seeing strong selling prices, and have recorded properties selling quickly particularly across areas like East Lothian and Midlothian, but with slightly less homes coming to market it is clear that there is strong demand for those that are advertised.
In East Lothian, we’ve seen a 589% annual increase in new home listings, but a 16% reduction on April to June 2019, whilst in Midlothian we’ve seen a 307% annual increase compared to a 9% decrease on the same period in 2019. In West Fife and Kinross this stands at a 406% annual increase, but 19.7% decrease in new home listings in April to June 2021 compared to 2019.
The volume of properties selling remains high
The number of properties selling over the last three months has risen 347% year-on-year and 10% compared to the same period in 2019. As with the volume of new property listings, comparing to the volume of property sales in 2019 provides a more relevant comparison given the restrictions in place during this time period in 2020.
In Edinburgh, we’ve seen a 376% year-on-year increase in the volume of properties selling, and an increase of 11.4% on the same period in 2019.
In East Lothian, we’ve seen a 285.5% year-on-year increase and a 12.7% increase on 2019, whilst in Midlothian we’ve seen 367% more properties selling than between April and June 2020, and up 9.7% on the same period in 2019.
Across the Firth of Forth however we have seen some decreases on the sales volumes compared to 2019. In West Fife and Kinross we have recorded 257% more sales between April and June than the same period last year, whilst we’ve seen an 18% decrease compared to April to June 2019. In East Fife we’ve seen a 318% annual increase but a 9.6% decrease on 2019.
Paul Hilton, CEO of ESPC, said: “We’ve consistently witnessed high levels of activity in the property market since the easing of home moving restrictions last June. This three month period has been no exception. It is clear from the speed of sale and the volume of properties achieving in excess of their Home Report valuation that there is strong buyer demand with people actively looking to move to their next home.
“As highlighted in this month’s figures, there is strong demand for homes out with Edinburgh, particularly in East Lothian, Midlothian and West Fife and Kinross. This could be great time for home owners in this area to be selling if they are looking to do so. We’ve seen some fantastic property listings in these areas recently and it is clear that there are lots of people looking to make the move to these locations. Similarly, it is a great time for those looking to buy a home in Edinburgh, due to the high volume of properties available.
If you are considering buying or selling in any of our of these areas, get in touch with your local ESPC solicitor estate agent today. ”
Find out more
Find out average property selling prices for different areas and property types in our house price table.
See data for previous months and years in our historical house price spreadsheet.
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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. Sellers can also get a free property valuation with ESPC agents.