The average selling price in Edinburgh has risen by a whopping 6.4 percent - with average home price now coming in at £295,979.
The annual increase of 6.4 percent is compared to March to May 2021, with the north west suburbs recording the highest price change - a 21.4 percent increase in average selling price, meaning properties here sold for £282,751.
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The latest report from ESPC showed that, in fact, three bedroom homes in South Queensferry and Dalmeny reported at 27.6 percent annual increase, with an average selling price over the last three months of £310,612.
Nearby, three bedroom homes in Cramond, Barnton and Cammo had the highest annual average selling price increase, a significant 29.1 percent rise to £439,957, with ESPC reporting that they've 'consistently seen high demand in this area over the last year'.
As for the city's up and coming areas - there was a 4.3 percent increase in new insertions of properties in Leith over the last three months, whilst Bonnyrigg in Midlothian and Portobello in Edinburgh also saw a notable increase in new listings of 41.0 percent and 25.6 percent respectively.
Around the Lothians and Fife, homes in East Fife saw the highest price increase according to ESPC, with prices rising 17.5 percent annually to £289,561 'with the popularity of living in this stunning area continuing to grow'.
West Lothian has also witnessed a significant increase in the average selling price, with an average selling price of £255,171 – an increase of 12.7 percent annually.
As for affordable property, two bed homes in Dunfermline offered some of the most affordable opportunities for buyers in the region between March and May 2022, with two bed flats achieving an average selling price of £107,325 and two bed houses here achieving £134,590 on average.
One bed flats in Musselburgh in East Lothian were also reported by ESPC as being a 'good option for first time buyers' with an average selling price of £133,693.
Despite the rising costs, ESPC have shared that 'over the past few months, properties has continued to sell quickly', with the median time for an offer to be accepted in Edinburgh, the Lothians, Fife and the Borders at now just 14 days, a reduction of seven days from last year.
It's great news for people looking to sell in West Lothian sold the fastest, with the average property going under offer in just 11 days, eight days quicker than last year.
Meanwhile properties in the Borders and City of Edinburgh both went under offer at a median time of 14 days, 13 and 12 days quicker than the same time last year. In Dunfermline, the median days to under offer was also just 11 days.
Within the Edinburgh city boundaries three bedroom houses in Blackhall, Silverknowes and Davidsons Mains went under offer fastest at a median time of seven days, with ESPC saying that 'this suggests strong buyer demand in this area'.
Paul Hilton, CEO of ESPC, said: “This has been a very active three months in the property market, where we continue to see strong evidence of high buyer demand driving up prices and speeding up the market. We are seeing that the volume of listings and sales are levelling off which is encouraging for the long-term sustainability of the market.
"Three bed family homes have dominated the data this month, highlighting that home buyers may still be looking for additional space to accommodate a post-Covid lifestyle. This is a trend that we’ve been witnessing for the past few months and one that is likely to continue over the next few months."
