THE average cost of buying a home in East Lothian has increased by more than seven per cent compared to last year, according to data from property portal ESPC.

It means that the average price of a home in the county is now £290,229.

Musselburgh saw the biggest average price increase of 18.9 per cent, from £182,126 to £216,630, while North Berwick witnessed a 17.5 per cent increase in its average selling price to £483,545.

House prices in Haddington rose by 10.4 per cent for the same June to August period compared with last year. The average house price in the town rose from £275,464 to £304,002.

While Prestonpans and Dunbar both saw an 8.6 per cent increase in average selling price, from £192,296 to £208,738, and £263,134 to £285,641 respectively.

But not everywhere experienced rises; Tranent’s average selling price decreased 10.8 per cent to £189,188. A spokesperson for ESPC said that this decrease was due to a larger volume of one and two-bedroom properties selling in 2021 compared with 2020.

One-bedroom flats in Musselburgh were the most affordable property type, with an average selling price of £142,744.

The volume of property sales in East Lothian, for the three months from June to August, increased by 108.3 per cent year-on-year.

An ESPC spokesperson believed that the figures might have been slightly skewed by June last year being affected by lockdown restrictions, adding that a fairer comparison might be against 2019’s figures, which were fractionally lower than the level of sales currently seen.

The spokesperson added: “This trend may also be due to the increase in buyers looking for homes with additional space to accommodate homeworking, private gardens or even detached, more rural properties, along with good commuter links to Edinburgh.”

Musselburgh had the largest volume of property sales in the county, up 134.2 per cent. Haddington and Tranent also experienced a big increase in sales, up 121.1 per cent and 117.6 per cent respectively.

However, the number of properties that came onto the market decreased by 13.4 per cent compared with last year, a figure which is also lower than 2019’s.

The spokesperson said: “This may be due to property owners seeing no need to sell; the reduced need for commuting and the popular attractions, coastline and open spaces of East Lothian may mean that owners are less inclined to sell their properties, even as buyer demand increases.”

Homes sold faster between June and August this year compared with the same time last year.

The median time for a property in East Lothian to go under offer was just 12 days – 15 days quicker than both 2020 and 2019.

Tranent and Wallyford had a median selling time of eight days.

During this time, 52.2 per cent of county homes went to a closing date, up from 17.9 per cent last year and 17.6 per cent in 2019.

The average percentage of home report valuations attained in the county was 109.2 per cent, up 7.3 percentage points on last year.

This was higher than anywhere else in the Lothians, Borders and Fife. Homes in Dunbar achieved the highest percentage of home report valuation attainment, averaging 119 per cent.

Paul Hilton, CEO of ESPC, said that the demand for homes in the county “remained strong”.

“We’ve seen a continual increase in the average selling price of properties, with some particular locations appearing in especially high demand, such as North Berwick, Dunbar and Musselburgh,” he added.

“Homes are selling faster; there’s been a sharp increase in the number of closing dates set and buyers are willing to pay more over Home Report valuation than anywhere else across Edinburgh, the Lothians, Fife and the Borders, which shows just how strong the desire is for homes in this region.

“We expect to see prices continue to rise if the 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-working lifestyle, meaning buyers feel more confident to purchase a coastal or countryside home that offers them easy access back into Edinburgh when needed.”