Page 10 - Property market report-Mar-Aug24

Midlothian Home Report valuation and therefore average
selling prices too). Popular Penicuik had the
highest number of properties coming onto
20.3% the market, followed by Bonnyrigg, Dalkeith,
of homes in
Midlothian set Loanhead and Newtongrange.
a closing date
81.3% of sellers listed their properties for ‘offers
over’, indicating strong confidence in the market
despite rising competition.

Buyers paid closer to Home Report In alignment with this, sales volumes across
valuation to secure a Midlothian Midlothian also rose, by a significant 23.9% year-on-
home. year. This indicates high buyer demand for homes
across this hugely popular region, especially sought-
Properties in Midlothian achieved 101.6% of their
after by families and those looking to commute to
Home Report valuation figure during March-August
Edinburgh with ease.
2024, which is 1.4 percentage points less than the
same time last year. This is a pattern seen consistently
Sales volumes Three-bedroom houses in Penicuik were the most
across the region across the market, where an influx of properties in-demand homes, selling in the highest volumes
becoming available means buyers can enjoy more
leapt 23.9% during March-August, followed by three-bedroom
year-on-year, while choice and less pressure to pay an inflated premium houses in Bonnyrigg and two-bedroom flats in
The average insertions rose to secure a suitable home. Dalkeith.
property selling price 9.2%
in Midlothian during Buyers paid the highest premium to secure a home
March-August in sought-after Eskbank; properties here achieved Selling times were slower, but the
2024 was market still moved at a brisk pace
Properties took £259,110 103.4% of their Home Report valuation on average.
25 days 75.8% of properties for sale in Midlothian sold for at overall.
to go under The median selling time for homes in Midlothian
offer least their Home Report valuation, down from 82.6% during March-August 2024 was 25 days, which
in March-August 2023. This is indicative of the current
is two days slower than last year, but still a very
market in the area, with buyers more likely to be able
healthy pace. Higher numbers of homes on the
to secure a home for closer to or even lower than the
market can impact selling times, as buyers tend
Home Report valuation, and sellers potentially more
to view more properties and take more time to
open to accepting offers closer to valuation than they
consider their options.
were previously, in order to make their next move.
This is also reflected in the number of closing dates
Sales volumes and property listings
The average selling price in Midlothian value in comparison to the same time last year. both experienced a healthy boost. set by sellers; 20.3% of properties had a closing
remained consistent with the same Properties in Eskbank were the most expensive date set during this period, compared to 24.9% the
time last year. across Midlothian, with an average selling price of The property market in Midlothian experienced a previous year, however this is to be expected with
£359,589. By comparison, Mayfield offered the most healthy boost of activity during March-August 2024, lower levels of competition across the market.
The average property selling price in Midlothian
affordable properties, with homes in this with both sections of the market up on the same time
during March-August 2024 was £259,110, which is a Two-bedroom flats in Bonnyrigg were the quickest
area selling for an average of £168,502. last year.
0.1% rise on the same time last year. This marginal properties to sell, flying off the market in just ten
increase suggests strong stability in the market New property insertions were up 9.2% on March- days, which is six days faster than the same time last
across the region: excellent news for buyers who can The most affordable property type on the market August 2023, meaning that there were many more year, signalling high demand for properties
feel confident in their place in the market, and for across the region was two-bedroom flats in Penicuik, properties available on the market for buyers to of this type from young professionals and
sellers who can feel assured of their property’s likely which had an average price tag of £168,716.
choose from (thus impacting the premiums paid over commuters especially.

10 | PROPERTY MARKET REPORT PROPERTY MARKET REPORT | 11