Property Market Highlights
- Average selling prices rose 2.3% between June and August, hitting £287,488
- New properties coming to the market and property sales volumes grew 7.2% and 13.4%, respectively
- Homes sold on average in 21 days – two days slower year-on-year
- Sellers attained 102.7% of their property’s Home Report valuation at sale
Average Selling Prices Rose 2.3% Between June and August, Hitting £287,488
According to the latest data published by ESPC, average property price across Scotland’s key local markets (Edinburgh, the Lothians, Fife, and the Borders) saw encouraging growth between June and August, with the average selling price hitting £287,488 – a 2.3% increase compared to the same period last year.
Zooming in on specific areas, most regions enjoyed healthy rises in property values. The Borders experienced a positive 3.4% increase, while West Fife & Kinross saw a similarly strong 3.6% boost. Even in East Lothian, where the average price dipped by 4.3% to £270,654, the shift reflects a notable trend of growing demand for affordable homes, paired with fewer sales of high-end properties.
Edinburgh continued to thrive, particularly in the city centre, where property prices jumped 5.3% to £324,614. The West End and New Town saw a significant 15.8% rise in two-bedroom flat prices, averaging £437,008. Edinburgh West also remained a popular choice for budget-conscious buyers, with prices growing 4.1% to £215,873. Meanwhile, in sought-after suburbs like Blackhall, Davidsons Mains, and Silverknowes, three-bedroom house prices adjusted down by 9% to £476,708, presenting a great opportunity for families looking for spacious homes.
Lastly, Dunfermline stood out for those searching for the most budget-friendly options, with one-bedroom flats available at an average of £95,073 – showcasing the town’s affordability for first-time buyers and investors alike.
New Properties Coming to Market and Property Sales Volumes Grew 7.2% and 13.4%, Respectively
The property market enjoyed a lively couple of months between June and August, with new properties coming to the market across Edinburgh, the Lothians, Fife, and the Borders up 7.2% year-on-year – underscoring the fantastic array of options for buyers.
Dunfermline took the lead with an impressive 18.8% increase in new property listings year-on-year, making it the most active market. While Leith and Corstorphine experienced a modest decline in listings, with drops of 6.8% and 9%, respectively, they continue to attract strong buyer interest due to their enduring appeal. In particular, three-bedroom houses in Dunfermline saw a 31.8% surge in availability, offering an excellent option for growing families or buyers needing more space.
The bustling market showed up in other areas, too, with property sales volumes across Scotland jumping by 13.4% year-on-year, indicating strong interest from buyers. Many may have been encouraged by the much-anticipated interest rate cut in August, feeling more empowered to take the plunge into homeownership.
Two-bedroom flats in Leith were the top sellers, with a 27.1% increase in sales compared to last year. Not far behind were one-bedroom flats in Leith, up 2.2%, while three-bedroom houses in Dunfermline saw a slight dip in sales by 24.4% – perhaps due to the flurry of new listings offering more options for buyers to consider.
The recent rise in sales activity mirrors our own data here at MOV8. In August, our Purchasing team handled offers at 61 closing dates – an 8% increase compared to July. This uptick not only highlights a vibrant market but also underscores the strong demand for properties, giving sellers the advantage of competitive offers and ensuring they achieve the best possible outcome for their sale.
Properties Sold in 21 Days – Two Days Slower Year-on-Year
Sellers across East Central Scotland enjoyed a brisk market during June-August, with the median time to secure a sale at just 21 days – only two days longer than last year.
West Fife & Kinross stood out with properties flying off the market in just 14 days, matching last year’s pace. Dunfermline led the pack in this region, where homes were snapped up in an impressive 13 days, shaving off an extra day compared to the previous year.
In contrast, while homes in East Fife and Midlothian took a bit longer to sell, they still moved quickly, with a median of just 25 days – only a slight increase of three and four days year-on-year, respectively. Meanwhile, West Lothian sellers experienced a surge in demand, with properties scooped up in just 18 days – 16 days faster than 2023.
Three-bedroom houses were a particular favourite among buyers. In Galashiels, these homes were the quickest to sell, vanishing from the market in just eight days – an incredible 24 days faster than last year. A remarkable turnaround was also seen in Cramond, Barnton, and Cammo, where three-bedroom houses sold in 18 days, a full month quicker than in 2023, cutting the time on the market by 32 days.
Although 23.7% of properties set a closing date, down from 27% last year, this reflects the healthy flow of properties entering the market, easing the pressure on buyers and reducing the rush for closing dates.
Sellers Attained 102.7% of their Property’s Home Report Valuation at Sale
Properties for sale in Edinburgh, the Lothians, Fife, and the Borders achieved an average of 102.7% of their Home Report valuation between June and August 2024, just slightly down by 1 percentage point from the previous year. This shift reflects a healthy market with plenty of choices, easing the pressure on buyers to pay the hefty premiums we’ve commonly seen in the last few years.
Most regions saw a slight dip in the percentage paid over valuation, save for West Lothian, where the average remained steady at 100.8%, matching last year’s figures. East Fife, on the other hand, experienced a significant jump, with properties fetching an average of 109.7% of their Home Report valuation – up 5.7 percentage points and highlighting the strong demand in this area.
Overall, 76% of properties sold for at least their Home Report valuation or higher, compared to 80.4% the previous year, further indicating that the increased availability of homes is working in favour of buyers, offering them more opportunities to secure their ideal property without facing intense bidding wars.
Considering our own findings here at MOV8, our clients’ homes achieved an impressive 103.20% of the Home Report valuation at sale last month – up from 101.19% in July. This marginal increase reflects a buzzing market where sellers are seeing strong returns on their properties, demonstrating the continued demand and value buyers place on well-presented homes.
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