Property report indicates high levels of seller confidence and buyers moving swiftly

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The property market across Edinburgh, the Lothians, Fife and the Borders reveals continuing signs of regional divergence, according to ESPC’s house-price report covering May-July.

The report found that average selling prices increased by 2.7 per cent annually across the regions, to £296,298. In East Fife, the average sale price rose 5.4 per cent, while East and West Lothian experienced increases of 8.2 per cent and 9.5 per cent respectively, indicating rising interest in higher-priced properties and premium locations.

While external factors, such as geopolitical uncertainty, contributed to a more cautious market, especially during May, June and July appeared more stable compared to the previous year.

Despite a decline in sales volumes, confidence appears high among sellers, the property-marketing company reports, with 85 per cent of properties listed using the ‘offers over’ pricing strategy, up 8.7 percentage points on the same time last year.

There was no change in the median selling time, with properties continuing to go under offer in 21 days.

Dunfermline recorded a strong period of activity, with a particular drive towards lower-priced properties. The average selling price fell by 6.8 per cent annually, likely due to a large reduction in the sales of four-bedroom properties aligning with a sharp rise in the sales of two- and three-bedroom properties.

The demand for the city remains especially strong, with buyers paying 103.5 per cent of the home-report valuation on average. Median selling time is just 13 days.

Paul Hilton, ESPC chief executive  commented: “Last month’s report presented a strong

drive in demand for premium properties, especially in East Lothian, and this month

we can see a continuation of that pattern.

“Buyers with bigger budgets are seeking premium homes in prestigious locations and the surrounding economic environment will be less impactful.

"For buyers in the middle ground, it’s no surprise to see a real drive towards locations such as Dunfermline, which offer the opportunity to purchase a long-term home at a much more affordable price. With so much variation in the market, accurate pricing and local market expertise remain highly important in securing a successful sale.

“More broadly, and encouragingly, we are continuing to see high levels of seller confidence, and buyers moving swiftly when the right property comes onto the market. Competition is less intense than we saw during the same time last year, but well-priced, well-presented homes are continuing to attract strong levels of interest and achieving healthy results.”

www.espc.com

Pictured: Dunfermline