The average house price in East Lothian rose 7% last year: see how much it has risen in your city
THE average cost of buying a home in East Lothian has increased by more than seven percent from last year, according to data from ESPC real estate portal.
This means that the average price of a house in the county is now £ 290,229.
Musselburgh saw the largest average price increase of 18.9%, from £ 182,126 to £ 216,630, while North Berwick saw a 17.5% increase in its average sale price to £ 483,545.
House prices in Haddington rose 10.4% for the same June to August period compared to a year ago. The average price of houses in the city has increased from £ 275,464 to £ 304,002.
While Prestonpans and Dunbar both saw their average selling prices rise 8.6% from £ 192,296 to £ 208,738 and from £ 263,134 to £ 285,641 respectively.
But not everywhere experienced increases; Tranent’s average sale price fell 10.8% to £ 189,188. A spokesperson for ESPC said the decrease was due to a higher volume of one and two bedroom properties sold in 2021 compared to 2020.
One-bedroom apartments in Musselburgh were the most affordable type of property, with an average asking price of £ 142,744.
The volume of real estate sales in East Lothian, for the three months of June to August, increased 108.3% year-on-year.
A spokesperson for the ESPC said the figures may have been skewed slightly in June of last year being affected by the lockdown restrictions, adding that a fairer comparison could be with the 2019 figures, which were slightly below the level of sales currently observed.
The spokesperson added: “This trend may also be due to the increase in the number of buyers looking for homes with additional space to accommodate work from home, private gardens or even more rural isolated properties, as well as good suburban links to Edinburgh. ”
Musselburgh recorded the highest volume of real estate sales in the county, up 134.2%. Haddington and Tranent also saw strong sales increases, up 121.1% and 117.6% respectively.
However, the number of properties put on the market was down 13.4% from last year, also lower than in 2019.
The spokesperson said: “It may be that the owners do not see the need to sell; the reduced need for travel and popular attractions, coastline and open spaces of East Lothian may mean that homeowners are less inclined to sell their properties, even as buyer demand increases.
Homes sold faster between June and August of this year compared to the same time last year.
The median time for a property in East Lothian to go up for sale was only 12 days, up 15 days from 2020 and 2019.
Tranent and Wallyford had a median selling time of eight days.
During that time, 52.2% of the county’s homes reached a close date, up from 17.9% last year and 17.6% in 2019.
The average percentage of house report ratings achieved in the county was 109.2 percent, up 7.3 percentage points from last year.
It was higher than anywhere else in the Lothians, Borders and Fife. Dunbar Homes achieved the highest home report appraisal completion percentage, averaging 119 percent.
Paul Hilton, CEO of ESPC, said demand for housing in the county “remains strong”.
“We have seen a continuous increase in the average selling price of properties, with some particular locations appearing to be particularly in demand, such as North Berwick, Dunbar and Musselburgh,” he added.
“Houses sell faster; there has been a sharp increase in the number of closing dates set and buyers are willing to pay more on the Home Report assessment than anywhere else in Edinburgh, Lothians, Fife and Borders, showing just how there is a strong desire for houses in this region.
“We expect prices to continue to rise if current demand for properties continues to outweigh supply. This may well be a likely scenario, as there appears to be a permanent shift towards a flexible lifestyle, which means buyers feel more confident in purchasing a coastal or country home that offers them easy access to Edinburgh in case of need.