Property Market Highlights
- Homes across key Scottish markets enjoyed a boost of 1% in average annual selling prices between March and May 2024, hitting £275,170
- On average, properties achieved 102.1% of their Home Report valuation
- Properties took 27 days to go under offer – three days slower year-on-year
Homes Across Key Scottish Markets Enjoyed a Boost of 1% in Average Annual Selling Prices Between March-May, Hitting £275,170
Great news for property sellers this month as average property prices across Scotland’s key local areas experienced year-on-year growth. Between March and May 2024, homes in Edinburgh, the Lothians, Fife and the Borders achieved an impressive average selling price of £275,170 – marking a 1% increase compared to the same period last year. This steady rise, reported by ESPC, highlights the enduring strength and resilience of the market.
When zooming in on specific areas, we see varied trends driven by differing demand levels. For instance, East Fife saw a significant 4.2% increase in average selling prices year-on-year, while East Lothian experienced a 3.4% rise. On the other hand, the Borders witnessed a 1.4% decline and Midlothian saw a 2.1% decrease. Commenting on the findings, Paul Hilton, the CEO of ESPC, suggested several things could be behind these results – citing changing lifestyles, commuting patterns, the availability of properties and even the recently published school league tables, as possible factors.
On Average, Properties Exceeded Their Home Report Valuation By 102.1% At Sale
Continuing the trend we’ve seen throughout 2024, properties achieved slightly above their Home Report valuation at sale, with sellers paying 102.1% of Home Report valuation, on average, between March to May. Although this is a slight decrease of 0.9% year-on-year, it reflects a balanced market, with plenty to be positive about.
As expected, these figures vary significantly based on location, property type, and market conditions. Moving away from the high demand for rural and coastal properties seen post-pandemic, this month’s data reveals a surge in popularity for two-bedroom flats in Edinburgh’s New Town and West End – with buyers paying 104% of the Home Report valuation at sale, up 4.6% from last year’s 99.4%.
On the opposite end, one-bedroom flats in areas popular with first-time buyers such as Edinburgh’s Abbeyhill and Meadowbank saw a bit of a decrease, with buyers now paying an average of 101.2% of the valuation at sale – 4.7% less than the previous year. Meanwhile, around Leith Walk and Easter Road, offers on average tended to match the Home Report valuation, resulting in a decrease of 5.1% compared to the same period last year. This indicates a good market for new buyers, who are likely securing homes much closer to their valuation figure than in previous months and years.
Some popular local areas continued to see significantly high demand, however, with properties in the coastal commuter town of Musselburgh achieving 114.8% of the Home Report valuation at sale – fantastic news for local sellers.
Properties Took 27 Days to Go Under Offer – Three Days Slower Year-on-Year
Between March and May 2024, properties spent a median 27 days on the market before going under offer – three days slower than the same period in 2023.
The data, published and commented on by ESPC, could be influenced by the number of new properties coming to market. As more properties become available, it’s natural for the selling times to extend slightly, giving buyers more opportunity to view and choose with less pressure to snap up the first property they find. With that in mind, the swift selling time still reflects a robust market where homes typically sell within a month, benefiting both buyers and sellers.
As usual, there are variations across key local markets. In the Scottish Borders, Selkirk stands out with the fastest-selling properties, going under offer in just eight days. In the ever-popular East of Edinburgh, the median selling time is 19 days. Meanwhile, buyers in Dunfermline acted quickly during this period, with two-bedroom houses selling in around ten days. This data highlights a dynamic market with a strong demand and varied opportunities for buyers across regions.
Considering our own findings, MOV8’s Property Sales Team was delighted to report an increase to 476 viewings booked in May 2024 from 404 in the previous month, indicating an increase in demand in the sector.
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