Page 16 - ESPC_Oct24

THE PROPERTY MARKET

The House Price Report: September 2024 140 Over 660,500
solicitor estate agents 3,000 My ESPC emails
We share the latest property market data from across Edinburgh, ready to help you buy and sell homes homes for sale sent during September
the Lothians, Fife and the Borders.

he average selling price of property in Properties achieved 102% of their Home Of the properties listed for sale, 84% were on average offers plenty of opportunities that
Edinburgh, the Lothians, Fife and the Report valuation during July-September, marketed using the ‘offers over’ pricing were lacking in recent years, especially for
TBorders experienced a notable 5% which is one percentage point less than method, indicating high market confidence those looking to take their first steps onto the
annual increase during July-September 2024, in the same time last year. Buyers paid the from sellers. property ladder. It’s fantastic to see a return
taking the new average to £290,259. highest premiums in West Fife and Kinross, to high confidence in the market from buyers
at 103% of the Home Report valuation, while Aligning with this, sales volumes also rose and sellers alike, which will keep the market
Edinburgh’s average selling price rose in the Borders, buyers paid exactly 100% of annually, rocketing 19% year-on-year. Two- moving well into the autumn months.
almost 5% to £307,850, making it the the valuation figure on average. bedroom flats in Leith were once again the
most expensive place to buy a property. top-selling property type, closely followed “As ever, the East of Edinburgh and especially
West Fife was the most affordable, with an Properties in the extremely popular East of by one-bedroom flats in Leith, signalling that Leith is proving to be a mainstay when it comes
average property selling price of £229,635, Edinburgh secured the highest premium in there appears to be no slowing in demand for to property hotspots, while Dunfermline hints
although this is 6% higher year-on-year. the Capital, with keen buyers paying 103% of this neighbourhood. at increasing demand from buyers. West
The Borders experienced a significant 8% the Home Report valuation on average. Lothian and the Borders have also seen some
boost, meaning the average cost there was The median selling time was 22 days, which is positive uplifts in the data, which is great news
£240,052. The volume of properties coming onto the two days slower than the same time last year. for homeowners.
market was 13.5% higher than the same time West Fife and Kinross was the fastest-selling
Dunfermline experienced a 9% annual last year, meaning that buyers had many area at only 15 days, while East Fife was the “With so much happening in the market, there
increase meaning that the average selling more options to choose from, thus lowering slowest, with a median selling time of 34 days. appears to be little sign of slowing down,
price was £218,503. However, one-bedroom the high demand and competitive nature of West Lothian experienced the biggest shift; with high confidence and plenty of options
flats in Dunfermline were the cheapest the market, and increasing the likelihood of here, the median selling time sped up by 18 available for those thinking of making a move.
properties on the market, selling for £98,150 being able to secure a property for closer to days, with homes selling in 20 days compared As always, if you’re thinking of buying or selling
on average. its Home Report valuation price. to 38 days in July-September last year. a home in Edinburgh, the Lothians, Fife or
the Borders, contact your local ESPC solicitor
22% of properties for sale went to a closing estate agent today.”
date, down from 25% at the same time in 2023,
Key points £290,259 volume of properties on the market.
however this is to be expected with a larger
average selling price
What does it all mean for the property
Prices increased 5% year-on-year.
market?
Paul Hilton, CEO of ESPC, said: “The past few
102% 22 days months have seen some real reasons to be
cheerful when it comes to the property market,
average percentage of Home median time to sell and September’s report offers more of the
Report valuation achieved same. There’s been a healthy boost to average
selling prices, which is great news for sellers,
1 percentage point lower than last Two days slower than the same while for buyers, the volumes of properties
year, in good news for buyers. time last year. coming onto the market, and the reduction
in the amount of Home Report valuation paid

16 | espc.com espc.com | 17