Behind Closed Doors: The 2021 Property Market Overview for Edinburgh, the Lothians and Fife
As the year draws to a close and we prepare to herald in 2022, it’s the perfect time to review the past twelve months and discover how the 2021 property market has fared. Given the impact of the pandemic, plus two UK lockdowns, the Edinburgh property market has undoubtedly ebbed and flowed with the unprecedented struggles we’ve faced over the past two years.
However, looking over the last year, we were elated to see some incredibly positive stats signalling that many sellers in Edinburgh, the Lothians and Fife enjoyed many benefits when selling their homes this year, including increased sales prices, shorter on-the-market times and even sales over and above their Home Reports.
Read on for an overview of some of the most prominent 2021 property market stats.
1. The Average Selling Price of Properties Increased
For those thinking of selling their homes in 2022, you’ll be glad to discover that the average selling price of properties throughout Edinburgh, the Lothians, Fife and the Borders increased an impressive 1.6%. The average house sold for £271,587 between September and November this year. Let’s take a look at each area in more detail for a clearer picture of this year’s selling price trends:
- Looking at Edinburgh, sellers throughout the city enjoyed increased property selling prices.
Edinburgh’s South-West boasted a 16.7% rise towards the end of 2021 compared with the 1st and 2nd quarters, with an average selling price of £386,144. In Currie, Balerno and Juniper Green, three-bedroom properties enjoyed an increase of 30%, with homes selling for an average of £409,996. Properties in Edinburgh’s East also experienced a rise, with property selling prices rising 6.4% to an average of £251,569. - Lucky East Lothians enjoyed the most significant annual rise, benefitting from an 8.7% growth and pushing the average selling price to £290,31 — boasting one of the highest averages in the area.
- For sellers in West Fife and Kinross, property selling prices enjoyed a notable boost in the last quarter of this year, with homes selling for an average of £207,851 — an impressive 6.2% higher than those during the same period of 2020.
- Unfortunately, it wasn’t all good news. The Borders experienced the most significant drop in average property selling prices, with a decrease of 15% and an average of £212,121. However, demand for this area amongst buyers remains high, signalling that this trend may be due to an increased number of lower-value properties on the market.
All in all, 2021’s property market shaped up to be a profitable year for sellers across Edinburgh, the Lothians and Fife. After a promising year post-lockdown, many reluctant would-be sellers may be considering putting their properties on the market. If you’re unsure about making the jump, a property valuation can help you decide.
2. On Average, Buyers Paid Above Home Report Valuations for Coastal and City Properties
In 2021, the sellers’ dream came true for many lucky property owners. On average, buyers paid over and above the estimated price predicted in Home Report valuations for homes on the coast and in the City of Edinburgh.
While there was a higher volume of lower-priced properties entering the market between September and November of this year (with an average valuation of 3% lower than the previous year), many buyers purchasing coastal and city-centre properties paid well over the Home Report, with average prices reaching 107% more than was estimated in valuations.
Buyers paid the most over valuation estimates for properties in East Lothian, averaging a whopping 111% over the Home Report price. In East Fife, buyers paid 110.2% over valuation estimates for properties and signalled the coast as the place to be for many people this year.
In Edinburgh’s ever-popular city centre, there was a noticeable increase in buyer interest, reflected in many buyers paying well above valuation estimates. For example, in the Bellevue, Broughton and Hillside neighbourhoods, properties sold for an average of 137.2% over their valuations — 34.3% higher than what was paid in 2020.
As the trends testify, valuations are a great way to see how much your home is estimated to make once it goes to market. However, with rising interest and a surge of new buyers this year, many sellers stand to make over and above their Home Report valuations. So, if you’re considering making the leap this new year and selling your home, your first port-of-call should be a professional valuation of your home.
3. The Average Amount of Time Properties Spent on the Market Decreased
Selling your home can be an anxiety-inducing test of patience — especially if you have your next dream home already lined up. Still, sellers in 2021 didn’t have to worry about that, with the median time a property spent on the market falling to just 15 days, three days less than in 2020.
West Fife and Kinross properties sold the fastest, with an impressive 11-day average turnaround. In Fife and the Borders, property demand was notably high, as homes sold around 24 days faster than in 2020.
Sellers in Edinburgh, however, spent around one day longer on the market, with a median selling time of 17 days compared to 2020. It’s not all bad, however. Three-bedroom properties in popular neighbourhoods like Blackhall, Davidson Mains, Currie and Silverknowes each enjoyed only 10 days on the market before going under offer. While two-bedroom houses in Dalkeith, Midlothian, were the fastest property type to sell, with an average of only seven days on the market.
Don’t Miss Out on the Sale of Your Dreams, Book a Valuation with Beveridge, Philp & Ross Today
Numerous people selling their properties in 2021 have enjoyed a number of benefits this year, with many selling far above their estimated Home Report throughout Edinburgh, the Lothians and Fife. The average selling price of homes also increased substantially this year, while their time on the property market reduced, averaging only 15 days.
If you want to revel in these same successes and sell your beloved home, a valuation is the place to start. So, book a free valuation with us and make your property work harder for you. Call us on 0131 554 6244 or email: mail@bprsolicitors.co.uk.