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THE PROPERTY MARKET

The House Price Report: May 2024
140 Over 765,000
We share the latest property market data from across Edinburgh, solicitor estate agents 2,700 My ESPC emails
the Lothians, Fife and the Borders. ready to help you buy and sell homes homes for sale sent during May

SPC’S CEO, Paul Hilton, talks us through school league tables can all impact average
the latest developments in the property selling prices, which of course factor in how
E market during March-May 2024. much a buyer would pay over the property’s “March-May presented a healthy level of both interest in any given location. Over the past few
Home Report valuation. new property listings, and property sales. New months, we’ve seen rates of closing dates fall in
property listings rose by 19% year-on-year, correlation to the rising volumes of properties
“The average property selling price across
Edinburgh, the Lothians, Fife and the Borders “When we discuss property prices, we’re while property sales volumes were up 11%, coming onto the market, and this is once again
was £275,170, which is exactly 1% higher than also talking about the perceived value showing that there continues to be high levels the case in our latest figures. Across the board,
the same time last year. It’s a small increase of a property alongside its Home Report of stock becoming available for buyers in a 22% of homes had a closing date set, which is
that reflects the market conditions we’re valuation, and this can ebb and flow. position to proceed. This does make a slightly 3% less than the same time last year.
seeing, offering sellers a small uplift, while We’re in a different position to two or more competitive market for sellers, but this
remaining somewhat manageable for buyers three years ago, when properties were is a continuation of a trend we have seen “Overall, the market offers much to be positive
to keep up with in an otherwise challenging regularly achieving upwards of 10-15% developing throughout 2024 so far. about, despite there being some challenges
financial climate. over valuation: during March-May, buyers ongoing for both buyers and sellers. I would
paid an average of 102%, which is down “As we can predict with almost certainty by this always recommend speaking to your local
“If we look at specific market areas, the 1 percentage point. point, yet again two-bedroom flats in Leith were ESPC solicitor estate agent if you’re thinking
landscape is changeable. In East Fife, for the most popular property type to sell, closely of buying or selling a home in Edinburgh, the
example, average selling prices rose 4% year- “Some areas did still see incredibly high followed by one-bedroom flats in the same area. Lothians, Fife and the Borders, to get the most
on-year and East Lothian experienced a 3% demand; in Musselburgh, homes achieved Leith shows no signs of waning in popularity – in up-to-date and informed local knowledge
rise, but the Borders’ average selling price 115% of the Home Report valuation on fact, the sales volumes of one-bed flats in the and advice.”
declined 1.5%, and Midlothian saw a decrease average, so this is an area to certainly keep area rose 50% year-on-year, showing how high
of 2%. Factors including changing lifestyles, an eye on if you’re thinking of buying or in demand this neighbourhood continues to be
commutes, availability of stock and even selling there. with first-time buyers.
“The speed of sale is another important factor
to consider when looking at the overall market.
Key points £275,170 more properties coming onto the market,
It’s not unexpected to see that, with so many
selling times slow down as buyers enjoy
average selling price
more time to view the increasing numbers of
Prices increased 1% during March-May.
properties available. During March-May, the
median selling time of property was 27 days,
which is three days slower than last year but still
102% 27 days shows that generally, homes are selling within
a month of going onto the market, which is a
average percentage of Home median time to sell healthy pace for buyers and sellers.
Report valuation achieved
“Closing dates are a good indicator of how the
1 percentage point lower than last Three days slower than the same
year, in good news for buyers. time last year. market performs in each area – although of
course, this can be affected by an especially Musselburgh
outstanding property generating huge levels of

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