Property Market Highlights
- Registers of Scotland release latest Property Market Report
- Average property selling price across Scotland’s key local markets reaches £280,419 between April and June – a 0.3% increase year-on-year
- Properties sold for 102.2% of their Home Report valuation at sale, dipping 1.3 percentage points from the same period last year
- Properties went under offer in a median time of just 23 days, four days longer compared to 2023
Registers of Scotland Release Latest Property Market Report
The Registers of Scotland published their latest Property Market Report at the end of last month. Here’s a quick overview of the key findings:
Property Sales
Between June 2023 and 2024, nearly two-thirds of all residential property sales in Scotland were priced between £40,000 and £250,000. In the past year, there were 404 residential sales exceeding £1 million across the country – a slight decrease from the 427 sales recorded in 2022-23. East Renfrewshire showcased the most diverse price range, with 60% of sales falling between £160,000 and £455,000. On the other hand, Na h-Eileanan Siar in the Outer Hebrides had the most consistent pricing, with 60% of properties selling for between £106,000 and £215,000.
Most Popular Property Types
In 2023-24, detached properties enjoyed the highest median price among all property types at £305,000. Meanwhile flats, offering the greatest affordability, had a median price of £128,500. Despite flats having the highest sales volume, their price growth over the past decade has been a steady 29% – compared to the more robust 41-48% growth seen in other types of houses. This section of the report underscores the diversity and dynamic nature of the Scottish property market, which caters to a wide range of preferences and budgets.
Top Destinations for Buyers
Between June 2023 and 2024, cities made up 31% of all residential property sales in Scotland. Although urban price growth has been slower than the rest of Scotland over the past 20 years, cities like Edinburgh remain strong with a median price of £265,000, while Aberdeen offers great value, with a median price of £127,250. Accessible rural areas stood out with the highest median price of £265,000 and an impressive 38% growth over five years. According to the report, these rural areas consistently lead in prices, featuring more detached houses compared to the flats common in cities. Interestingly, despite the higher overall median prices in rural areas, each property type is still more affordable than those in more urban areas, offering a variety of options for buyers.
Interested in learning more? Read the full report here.
Average Property Selling Price Across Some of Scotland’s Key Local Markets Reaches £280,419 Between April and June – A 0.3% Increase Year-on-Year
According to the latest figures published this month by ESPC, the average property price across some of Scotland’s key local markets – Edinburgh, the Lothians, Fife, and the Borders – hit £280,419 between April and June 2024. This marks a 0.3% increase compared to the same period last year and follows the recent trend of incremental growth we’ve witnessed in previous months. This is great news for sellers and buyers alike, signalling a consistently robust market that continues to thrive despite the twists and turns of the economic landscape.
Examining the top performers this period, West Fife & Kinross experienced the most significant rise in average property prices, which soared by 8.2% year-on-year to £220,715. While this area remains one of Scotland’s most affordable places to buy, ESPC suggests that buyers bidding substantially over Home Report valuations at sale could be behind the recent jump. On the other end of the scale, East Lothian saw the largest decrease, with a 4% drop bringing the average property price to £283,066. However, after several years of high averages, it’s not surprising to see prices in East Lothian aligning more closely with regional trends. Meanwhile, Edinburgh continues to hold the title of the most expensive region in Scotland, with an average selling price of £298,591.
Delving into specific areas now, there’s a noticeable difference between the most expensive and most affordable places to buy a home. Edinburgh’s Craiglockhart topped the list with an average property price of £501,944, while Galashiels in the Scottish Borders was revealed to be the most budget-friendly locale, with properties averaging £125,539. Notably, one-bedroom flats in Galashiels were also the most affordable property type between April and June this year, averaging just £61,956.
This snapshot of the market highlights the diverse range of opportunities available for buyers across Scotland.
Properties Sold For 102.2% Of Their Home Report Valuation At Sale, Dipping 1.3 Percentage Points From The Same Period Last Year
In the last twelve months, we’ve noticed a significant shift in how much buyers are willing to pay above the Home Report valuation at sale. With more properties entering the market (up 14.4% year-on-year as reported by ESPC), the pressure on buyers has eased somewhat, allowing them to secure homes without having to pay substantial premiums. This trend was evident from April to June, with 74.4% of properties selling for at least their Home Report valuation or higher, down from 79.7% the previous year. Great news for buyers – this shift indicates that more people were able to purchase properties at prices closer to their value.
For those properties that did sell above their Home Report, buyers paid an average of 102.2% of the reported value at sale, a slight decrease from the previous year. Buyers snapped up the greatest deals in West Lothian, with homes selling for an average of 99.9% of their Home Report valuation. Meanwhile, East Lothian, known for its desirability, saw homes selling at an average of 102.7% of the Home Report valuation. This demonstrates that while some areas still command a premium, the overall market is becoming more accessible for buyers.
Zooming in on our own stats here at MOV8, our clients’ properties sold for an impressive average of 101.99% of the Home Report valuation in June 2024 – up from 100.91% in May and 101.82% in April. This consistent increase highlights the strong local market performance and demonstrates the excellent value our clients are achieving with their property sales.
Properties Went Under Offer in a Median Time of Just 23 Days, Four Days Longer Compared to the Same Period in 2023
According to ESPC, the median selling time for properties was 23 days between April and June 2024 – just four days longer than the same period in 2024. This means that homes are still selling relatively quickly on average, with a turnaround time of a little over three weeks after listing. Moreover, with an influx of properties hitting the market (a rise of 14.4% as mentioned previously), it’s no surprise that selling times have slowed a bit, allowing buyers to take their time and explore the increasing number of available options.
There is, of course, some variation across different areas. Homes sold the fastest in West Fife & Kinross, with properties going under offer in just 18 days. In Edinburgh, three-bedroom houses in the suburbs of Currie, Balerno, and Juniper Green were snapped up quickly, with a median selling time of 13 days. The fastest sellers overall were two-bedroom houses in Dunfermline, which had a remarkable median selling time of just nine days – five days quicker than the same period last year.
Considering our own findings here at MOV8, we’re thrilled to share that we agreed sales on 56 of our properties in June 2024 – up from 50 in June 2023 and 51 in May 2024. Similarly, 9 properties went to closing dates in June, compared to 3 in May 2024 and 2 in June 2023. This boost really demonstrates just how much demand there is for our clients’ properties, highlighting the great work our team is doing to get fantastic results.
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!
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