West Lothian Property Market Update: May-October 2021
West Lothian Property Market Update: Key Points
- The average property selling price rose 4.3% during May-October, to £225,343
- The volume of property sales increased by 34.4% year-on-year
- Properties coming onto the market were in higher supply, with an increase of 3.3%
- The median time for properties to go under offer in West Lothian dropped to 14 days
- 29.5% of properties for sale in West Lothian went to a closing date
- On average, buyers paid 105% of Home Report valuation for homes in West Lothian
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Average selling prices increase across West Lothian
The six months of May-October 2021 saw increasing levels of activity across the property market in West Lothian as buyers sought homes in the area, with average property selling prices rising steadily in comparison to the same time in 2020.
The average property selling price rose 4.3% during this time, to £225,343. This is a considerable increase on the figures seen in 2019, when the average property selling price was £189,251, showing the rise in popularity that West Lothian has experienced post-pandemic.
Homes in Winchburgh had the highest average selling price, at £259,179, while Livingston properties were the most affordable, with an average selling price of £161,476.
Sales volumes rise as buyers seek affordable homes in West Lothian
The volume of property sales increased by 34.4% year-on-year during May and October 2021, as buyers in greater numbers sought larger and more affordable homes in the suburbs and towns of West Lothian.
The highest volume of sales was in Livingston, which experienced a 16.7% increase. This was followed by Bathgate, where property sales rose by 66.7%.
Three-bedroom houses in Livingston sold in the highest volumes, with an average selling price of £174,194 for this type of property.
Properties coming onto the market were in higher supply across West Lothian, with an increase of 3.3% compared to May-October 2020.
Looking specifically at districts across West Lothian, the largest number of properties came onto the market in Livingston during this period, however this amount was down 19.4% on the figures seen during the same time last year.
Selling times speed up as buyers act fast to secure homes
The median time for properties to go under offer in West Lothian dropped to 14 days during the period May-October 2021 as buyers moved quickly to secure properties in the area. This time frame is 16 days quicker than the median sales time seen during May-October 2020, although these figures will be affected by the lockdown restrictions still in place for part of that period.
Properties in the districts of Broxburn and Winchburgh sold the fastest, with a median selling time of just 12 days.
29.5% of properties for sale in West Lothian went to a closing date during this time, up from 21.9% in May-October 2020, showing how strong the demand for homes in this location has become.
Homes sell for over Home Report valuation across West Lothian
Properties in West Lothian were in high demand with buyers throughout the past six months, as they continued to pay over the Home Report valuation in order to secure their chosen homes. On average, buyers paid 105% of Home Report valuation, an increase of 4.3% on the same time last year.
Buyers paid the most over Home Report valuation for properties in Winchburgh, paying on average 114.1% of the valuation, up 11.6% on 2020.
Paul Hilton, CEO of ESPC, said: “West Lothian has seen a buoyant property market over the past six months, with healthy levels of demand across the region. Average property prices have risen over the period, and selling times have reduced as buyers have sought the additional room and open spaces that properties in West Lothian can provide.
“Homes in Livingston, Broxburn and Winchburgh are currently holding the strongest appeal for buyers looking for close proximity and good commuter links to Edinburgh, balanced with strong local communities and plenty of access to green spaces.
“West Lothian provides a fantastic option for families searching for homes at a more traditionally affordable price than those in surrounding areas of Edinburgh.”
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