Property Market Highlights
- Average selling prices virtually unchanged year-on-year, hitting £284,624 between May – July 2024
- On average, buyers paid 102.4% over the Home Report valuation at sale
- New properties hitting the market rose 9.2%
- Property sales volumes grew 22.2% year-on-year
Average Selling Prices Virtually Unchanged Year-on-Year, Hitting £284,624 Between May – July 2024
According to the latest data published by ESPC, property prices across Edinburgh, the Lothians, Fife, and the Borders remained steady between May and July this year, averaging £284,624. This figure closely matches the £284,167 average from the same period in 2023, marking the first time in many months that selling prices have remained static.
Zooming in on local markets, we see that homes in northwest Edinburgh saw the most substantial growth, with a 15% increase in selling prices, bringing the average to £340,946 and underscoring the area’s rising popularity. West Lothian followed, recording an impressive 11.6% increase compared to May-July 2023, reflecting strong demand and a dynamic local market. Similarly, West Fife & Kinross experienced a 9% rise in property prices, highlighting the area’s growing appeal.
Dunfermline stood out as an affordable option for buyers, with an average selling price of £209,181 – up 3.5% from last year. Budget-friendly one- and two-bedroom flats, priced at £92,755 and £132,524, respectively, proved ideal for those climbing the property ladder’s first rung and offered excellent value in a thriving community.
Meanwhile, Edinburgh South continued to be a sought-after area, with homes selling for an average of £360,702 – nearly unchanged from last year and reflecting consistent demand and value. In the city centre, the average selling price was £302,863, a slight 1.3% decrease from last year. Nonetheless, this minor drop suggests excellent potential for savvy buyers looking to snap up great deals in the nation’s capital.
Finally, East Lothian saw a more significant price adjustment, with averages falling 4.7% to £271,663. This shift is primarily due to an increase in the sale of smaller, more affordable homes, like one-bedroom flats in Musselburgh and two-bedroom flats in Haddington, making the region more accessible to a broader range of buyers. Moreover, the modest decrease also aligns more closely with neighbouring areas – reflecting a more balanced market rather than a significant loss in value.
On Average, Buyers Paid 102.4% Over the Home Report Valuation at Sale
Homes across Edinburgh, the Lothians, Fife, and the Borders sold for an average of 102.4% of their Home Report valuation between May and July 2024 – a slight decrease of 1.3 percentage points year-on-year. Meanwhile, the number of properties achieving their Home Report valuation or higher at sale also dipped to 75.5% (down from 80.4% in 2023).
The most notable changes were seen in East Fife and Midlothian, where the average percentage of Home Report valuation paid dropped by 2.7 points to 101.3% in East Fife, and by 2 points to 101.7% in Midlothian.
These trends, observed over recent months, suggest buyers could slowly be gaining the upper hand. Increasing housing stock allows them to make strategic offers, secure homes closer to their valuation, ditch overbidding, and potentially allocate more funds towards their mortgage deposit – thus enhancing overall affordability.
New Properties Hitting the Market Rose 9.2%
Speaking of choice, new properties coming to market increased by 9.2%, providing buyers with even more options for their next home. This growth reflects strong confidence in the local market and a healthy balance of supply and demand. And, as ESPC argues, it’s particularly noteworthy considering that June and July (a.k.a. the holidays months) are typically quieter.
The top five locations for new property listings between May and July 2024 were Dunfermline, Leith, Musselburgh, Corstorphine, and Liberton. The stats highlight a dynamic market that caters to buyers of all budgets and inclinations. Whether you’re a first-time buyer, young professional, family, or seasoned veteran, there’s something for everyone.
Despite rising competition, sellers have shown remarkable confidence. 86% of properties were marketed at ‘Offers Over’ – up from 76.2% last year.
Property Sales Volumes Grew 22.2% Year-on-Year
The influx of new properties coming to market was matched by activity in property sales, increasing 22.2% compared to the same period in 2023.
Leading the charge, two-bedroom flats in Leith saw a remarkable 70.3% increase in sales volumes compared to May-July 2023, with an average selling price of £244,269. One-bedroom flats in Leith also performed well, with a 15.4% rise in sales and an average price of £188,843. Next up was Edinburgh’s Corstorphine, with sales volumes of three-bedroom houses rising by 55% and two-bedroom flats by 45%.
Dunfermline was another hotspot, with two-bedroom flats experiencing a 40.9% year-on-year jump in sales volumes, averaging £132,524, and highlighting Dunfermline’s appeal to first-time buyers, young professionals, and property investors alike. In Midlothian, three-bedroom houses in Penicuik were particularly sought after, while in East Lothian, one- and two-bedroom flats in Musselburgh topped ESPC’s sales charts.
Looking at our own data here at MOV8, our purchasing team was delighted to report an exceptionally strong month for closing dates. The team offered at 75 properties in July alone – the highest monthly figure of 2024 so far.
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