The latest house price report from ESPC reveals that the average selling price across Edinburgh, the Lothians, Fife and the Borders dropped 2.8% to £286,560 during June-August 2023 compared to the same period last year. The market also saw a 10.5% decrease in sales volumes year-on-year.
Properties are taking longer to go under offer, with a median time of 20 days compared to 13 days in the same period last year. This extends the time homes stay on the market, indicating a slowing pace in the property market.
Significantly, there was a 58% year-on-year increase in the number of properties listed for a fixed price. Properties achieved 103.8% of their Home Report valuation, down from 108.7% last year, showing that the market is becoming more balanced.
Despite the general downturn, certain areas registered growth. In the North West of Edinburgh, property prices rose 7.7% to £309,055. Three-bedroom houses in areas like Cramond, Barnton, and Cammo saw an average selling price increase of 28.6% to £488,953.
Paul Hilton, CEO of ESPC, said: “The three months of June-August are typically a quieter period for the property market, but it’s easy to lose sight of that when you compare it to the extraordinarily high levels of activity we have seen in the past few years. The market is going through a period of cooling generally, and the decline in figures across the board is not a shock.”
Hilton added: “While the data undoubtedly shows some decreases in areas like Edinburgh City Centre, certain areas and property types are still generating strong levels of demand. It’s also encouraging to see figures that mean the market is becoming more accessible to first-time buyers.”
