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The latest monthly home value report from major real estate portal ESPC, which looked at the region’s real estate market over the past three months and at the end of the year, also showed that while homes continued to sell temporarily and prices rose, there were fewer homes on the market and sales volume even decreased by a fifth compared to 2020.
However, housing demand in Edinburgh continued from October to December 2021, with prices rising by 1. 3% year-on-year, raising the average selling price in the capital to £288,706.
In the city, homes in the south-west were popular, with sale prices up to 8. 1% at a new average of £371,061. Family homes were sought; Three-bedroom homes in Corstorphine, Clermiston, South Gyle and East Craigs increased 20. 9% year-over-year, and in Currie, Balerno and Juniper Green, the average selling value of these types of assets increased by 20. 3%.
However, apartments in the city were also more popular with buyers. Two-bedroom apartments in the coveted spaces of Morningside and Merchiston saw a 13. 7% increase, bringing the average promotional value to £340,894, while the first-time buyer-friendly spaces of Leith Walk, Easter Road, Pilrig and Bonnington saw a 7. 2% increase in the sale value of one-bedroom apartments. with a new average of £177,836.
West Lothian homes saw the highest build in average selling value from October to December, with homes emerging 15. 8% to £258,909 as buyers looked for more affordable homes just by reaching Edinburgh and the wider centre belt.
Homes in the Borders experienced a 12. 5% drop in average sale value, compared to October-December 2020, however, this can be attributed to a higher volume of small homes entering the market, than to an overall relief in value, while the maximum The type of affordable assets was in Dunfermline, where one-bedroom apartments had an average sale value of £80,988, an ideal choice for first-time buyers and asset investors.
Buyers pay for Home Report appraisal as demand intensifies
In October-December, buyers who wished to move before the end of 2021 acted accordingly to secure the homes they had chosen. Buyers in Edinburgh, Lothians, Fife and the borders paid an average of 106. 9% of the Home Report assessment, a construction of 3. 1 percentage emissions compared to the same was in 2020.
Buyers paid the maximum in asset valuations in East Lothian, where they paid 111% on average, a cumulative of 6. 4 percentage points, while the largest accumulation in the amount paid was in East Fife, where homes reached 7. 2 percentage points more than in 2020. , an average of 109% of the paid Home Report assessment.
In the capital, homes averaged 106. 2% of the Home Report assessment, a year-over-year backlog of 1. 9 percentages of problems. the assessment, a cumulative of 12. 2 percentage emissions from October to December 2020.
Homes sold faster as buyers rushed to arrive before the end of the year.
The classic rush to put the finishing touches before Hogmanay continued into 2021, as buyers and distributors temporarily acted to have sales completed. From October to December, the average sales time in Edinburgh, Lothians, Fife and the borders dropped to 16 days, two days faster than at the same time in 2020.
Homes in West Fife and Kinross were the fastest to be offered, with an average promotion time of just 11 days, two days faster than in 2020, while the largest replenishment has occurred in East Fife, where the average promotion time was reduced to 22 days. bringing the new median to 17 days. Border houses were also acquired quickly, with a relief of ten days in the average time to sell: only 19 days to 29 in 2020.
As for Edinburgh, the average selling time for many spaces remained the same as in 2020, however, houses in the south-west of the city sold out 8 days faster, with an average selling time of thirteen days and, in contrast, houses in the city centre took 4 days longer to sell out than in 2020, with a median time of 29 days.
Four-bedroom homes in Corstorphine and Dunfermline sold faster overall, with an average lead time of just 8 days, and high demand, with 35. 3% of homes having a final date from October to December.
Sales volumes and real estate listings declined at the end of the year.
In a historically quieter era of the year, sales volumes and new listings declined from October to December 2021 across the region, with overall sales volumes down 20. 5% year-on-year, while insertions experienced a 25% relief, a sign that the housing market is returning to more “normal” expected activity levels.
The type of assets that were sold in the highest volume of two-bedroom apartments in Leith, however, this figure was down 6. 1% compared to the same was in 2020, while Dunfermline is the domain with the highest number of new homes put up for sale, once again. , this figure is lower than that of 2020, with a volume relief of 18. 4%.
Paul Hilton, CHIEF Executive officer of ESPC, said: “The last quarter of the year is historically a quieter time, with fewer homes entering the market and fewer buyers actively looking for a new home. It’s reassuring to see that activity patterns have been the best this time around, yet they’re returning more to the degrees we expected to see at this time of year.
“We also expect to see a trend that shows increased urgency, such as faster sales times and higher degrees of Home Report score achieved, as buyers and distributors are eager to finish before the holiday season. Our most recent figures show that this was once again the case in Edinburgh, Lothians, Fife and the borders, suggesting that the most recent Covid rules have not affected the preference for moving at this time.
“While outdoor homes in the capital continue to be popular, it’s smart to see sustained levels of activity for homes in Edinburgh, after an eventful year. Family homes and apartments in the city centre have been particularly popular, and we hope to see the continuation of the call for housing in the locality until 2022.
“For buyers just beginning their genuine real estate journey, Leith and the surrounding neighborhoods, as well as Dunfermline, will offer wonderful opportunities in terms of costs and volumes of available housing. “
To be more informed about ESPC or see homes lately on the market, espc. com.