Covid sparks Edinburgh, Lothians, Borders and Fife property boom

The housing market across Edinburgh, the Lothians, Fife and the Borders has experienced a significant upturn over the course of the coronavirus pandemic, the latest figures show.
By Ilona Amos
Published 2nd Dec 2020, 16:45 BST
Updated 2nd Dec 2020, 16:58 BST
The latest figures from the ESPC show property prices across Edinburgh, the Lothians, Fife and the Borders have gone up by nearly 10 per cent in the past year, with the biggest rise seen in DunfermlineThe latest figures from the ESPC show property prices across Edinburgh, the Lothians, Fife and the Borders have gone up by nearly 10 per cent in the past year, with the biggest rise seen in Dunfermline
The latest figures from the ESPC show property prices across Edinburgh, the Lothians, Fife and the Borders have gone up by nearly 10 per cent in the past year, with the biggest rise seen in Dunfermline

Statistics from the Edinburgh Solicitors Property Centre (ESPC) show the value of homes in the region and the volume and speed of sales have all gone up in the past year.

The biggest increase in selling prices has been seen in Fife, with the cost of the average home in Dunfermline increasing by nearly 20 per cent to £184,598.

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Between September and November this year, the volume of property sales in Edinburgh, the Lothians, Fife and the Borders went up by nearly a third compared to the same time in 2019

The number of homes coming to market during this period in these areas also rose dramatically, going up by more than 42 per cent in the past 12 months.

Meanwhile, the median time for a property to be placed under offer over the past three months was 17 days, four days faster than in the same period in 2019.

Sellers also achieved good prices for their properties between September and November this year, whth the average amount paid above the Home Report valuation up from last year.

“Over the past three months there has been a significant uptick in property sales volume in Edinburgh, the Lothians, Fife and the Borders,” said Paul Hilton, chief executive of the ESPC:

“This reflects how busy the market has been, with sales that were started back in the late summer and early autumn being completed in the last couple of months.

“Activity is calming down a little in the run up to Christmas in comparison to the exceptional levels seen in summer and autumn, which is to be expected, but our agents have reported remaining very busy for this time of year.

“This is indicated by the number of new property listings over the last three months, up by over 42 per cent compared to 2019.

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“From September to November the average property selling price in Edinburgh, the Lothians, Fife and the Borders rose by nine per cent year-on-year, but price growth was particularly notable in Dunfermline.

“This looks to be caused by a combination of increased demand and higher value properties on the market.”

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