Property Market Highlights
- Average Annual Property Prices Rose 0.3% Across Key Scottish Markets
- Property Sales Volumes Grew 2.6% Between January – March 2024
- Properties Achieved 100.9% of Their Home Report Valuation at Sale
- On Average, Properties Went Under Offer in 31 Days – Three Days Slower Year-on-Year
Average Annual Property Prices Rose 0.3% Across Key Scottish Markets
In the ever-changing landscape of Scottish real estate, the first quarter of 2024 showcased the market’s resilience and stability.
The latest figures from ESPC report that average property prices held steady across Edinburgh, the Lothians, Fife and the Borders between January and March 2024 – enjoying a 0.3% increase compared to the same period last year and bringing average property prices in Scotland to £270,366.
The ever-popular Dunfermline enjoyed the sharpest rise in average property prices, with a growth of 14.9% year-on-year, bringing the average property price to £213,808. Amidst this surge, the city also proudly retained its reputation for affordability, with two-bedroom flats going for only £126,172 – making it a hotspot for first-time buyers and smaller households alike.
The nation’s capital continued to command the top spot as the most sought-after and expensive region to purchase property, with the City of Edinburgh boasting average prices of £284,965. On the other end of the scale, the Borders emerged as a haven for homebuyers seeking affordability, with average prices of £216,225.
Zooming in on local markets now, we see that Edinburgh East emerged as a vibrant neighbourhood with plenty of growth, experiencing an impressive 8% increase year-on-year in average selling prices – now resting at £262,537. Notably, the Leith area also witnessed a swell in demand, with one-bedroom flats along Leith Walk and Easter Road experiencing an 8.2% annual increase, reaching average selling prices of £178,635. Similarly, two-bedroom flats in central Leith and The Shore saw a notable rise of 9.1% year-on-year, now averaging at £246,778.
Property Sales Volumes Grew 2.6% Between January – March 2024
Across Edinburgh, the Lothians, Fife, and the Borders, property sales volumes rose by an encouraging 2.6% compared to the previous year.
Leith continued to captivate buyers’ interests, with two-bedroom flats securing the spotlight as the highest-selling property type for the third consecutive month, according to ESPC. Three-bedroom houses in Dunfermline followed closely behind, while Leith’s one-bedroom flats claimed the third spot – a testament to the enduring appeal of this popular neighbourhood.
Despite a modest 14.7% decrease in sales compared to the previous year, Dunfermline also boasted the highest volume of transactions of all local markets. Meanwhile, a notable trend emerged in the Edinburgh area of Dalry, with one-bedroom flats experiencing a 66.7% surge in sales volumes year-on-year. Priced at £161,008 on average, these properties symbolise an attractive option for first-time buyers seeking affordability without compromising proximity to the capital’s city centre.
Looking inward now, the MOV8 purchasing team was delighted to report an 8% surge in new purchase transactions in March – echoing the latest findings from ESPC. Notably, New Builds represented 20% of new open cases, marking a significant 5% increase from February, while there was also heightened interest in land purchases, as more clients expressed a desire to embark on self-building projects. Our team took 59 properties to a closing date in March, reflecting a steady 8% rise compared to February. And while there was a slight slowdown in new offer numbers for March, the renewed life spring typically breathes into the property market is sure to lead to a surge in activity in the coming months.
Properties Achieved 100.9% of Their Home Report Valuation at Sale
According to ESPC, the first quarter of the year saw properties across Edinburgh, the Lothians, Fife and the Borders sell at figures closely aligned with their Home Report valuations. On average, buyers secured properties for 100.9% of the Home Report valuation at sale, a slight decrease of two percentage points from the previous year.
While all areas experienced a dip in the amount paid over the Home Report valuation, East Lothian faced the most significant impact, with a decrease of 2.8 percentage points compared to the previous year. Nevertheless, properties in East Lothian and Midlothian continued to command the highest premiums overall – with buyers paying 101.4% of the valuation at sale to secure homes in these desirable locations.
For savvy buyers seeking value, the Borders and West Lothian emerged as prime sports for bargains, with properties fetching 99.9% of their valuation figure on average. Meanwhile, in Edinburgh, properties achieved 101% of their valuation, with Edinburgh East witnessing the highest demand, boasting an average successful bid of 101.6%.
In total, 68.1% of properties achieved their Home Report valuation or higher at sale, representing a slight decrease from 77.1% the previous year. However, this can easily be attributed to the increased supply of properties entering the market, with reduced competition influencing the premiums that buyers are willing to offer. With so many options available, smart buyers are securing properties amid a more balanced market landscape.
Based on our recent analysis, the MOV8 sales team is pleased to report that sellers are increasingly aligning with current market trends, accepting offers more in line with home report valuations. In March this year, properties sold for an average of 100.31% of the valuation, a slight decrease from the previous year but still indicative of strong market performance. Similarly, in February, while the number of offers accepted was comparable to last year, properties sold for an average of 101.05% of their home report valuation (a little ahead of the ESPC average), showing consistent and healthy buyer-seller dynamics. Overall, our clients are demonstrating realistic pricing strategies, with popular properties often selling slightly above or below the home report valuation – presenting excellent opportunities for savvy buyers looking to get more bang for their buck.
On Average, Properties Went Under Offer in 31 Days – Three Days Slower Year-on-Year
During the initial quarter of 2024, the property market exhibited a gentler pace, with properties taking a median time of 31 days to sell – three days slower than the same period last year. Similarly to the figures above, this trend can be attributed to the increased influx of properties entering the market, alleviating pressure on buyers to make quick decisions.
In West Fife & Kinross, properties displayed the fastest movement, going under offer in 23 days, although this marks a slight deceleration from the previous year. Conversely, neighbouring East Fife experienced a reduction in selling times by ten days year-on-year, reaching 33 days to secure an offer.
Edinburgh’s median selling time mirrored the regional average at 33 days. Yet, within the city, the fastest-selling properties were two-bedroom flats in the Edinburgh East area of Bonnington, which eager buyers snapped up in just 14 days.
Thinking of Selling Your Property?
If you’re thinking of selling your property, our team of experts is here to help you get the best possible price in the quickest possible time. With decades of experience under our belt, we’ve seen all possible market conditions over the years and are perfectly placed to help you navigate the current property landscape. Get in touch today!
Fill in our free online home valuation form here
Call us on 0345 646 0208 (Option 1)
or email [email protected] to organise a free valuation of your home or to get a full, transparent breakdown of the costs of selling your home.
Thinking of Buying?
Our specialist Purchasing Team helps thousands of buyers every year to get the best deal on their next dream home, while our friendly and expert lawyers will guide you step-by-step through the Scottish buying process until you have the keys in your hand.
Get a quote for buying online here
Call us on 0345 646 0208 (Option 2)
or email [email protected], and we’ll be delighted to help.
Leave a Reply