August 2020 proved to be another exceptionally busy month for the Scottish property market.

The number of homes in Edinburgh, the Lothians, Fife and the Borders listed on ESPC during this month was up 41% compared to the previous year. In the capital, the volume of new homes coming to market was up 48% year-on-year.  

The average asking price recorded by ESPC in these areas during August 2020 was £250,718 compared to £232,737 last year. In Edinburgh, the average asking price was £264,626 compared to £242,426 last August.  

Out of the properties listed by ESPC during August 2020, 93.7% were marketed as “offers over” compared to just 79.3% last year. In Edinburgh, 97.4% of properties were marketed as “offers over”.

In August 2020, the number of properties placed “under offer” on ESPC was up 43% compared to August 2019 and there was a 70% year-on-year increase in the number of closing dates set for properties advertised.

On the firm’s website there was a 69% year-on-year increase in web traffic sessions in August, along with a 58% increase in Home Report downloads, a 220% increase in viewing requests and a 49% increase in the number of  buyer accounts set up to receive property alerts.   

Property valuation requests are up 87% year-on-year and just slightly behind the record volume received in July. 

Paul Hilton, CEO of ESPC, said: “August 2020 has been another exceptionally busy month for the local property market, with ESPC agents across many of the areas we cover reporting high volumes of enquiries and lots of competition for property.  

“The UK faces some economic uncertainties going forward and this could impact property market activity, as could any further localised lockdowns in Scotland, such as the one recently in Aberdeen and the one which has just begun in Glasgow.

“However, currently there is a high level of activity in most ESPC areas, which hopefully means the Scottish market is in a relatively strong position going forward.”