Page 12 - Property market report-Mar-Aug24

The average selling
West Lothian
Average selling prices leap in a much
busier summer for West Lothian.
The average selling price of property across West
Lothian during March-August 2024 was £263,367,
a significant annual increase of 17.3% (the biggest
increase seen across all ESPC areas). Closer
examination of the data shows that March-August
2023 was a quieter period overall for property
sales across the region, so a bump in activity seen
during March-August 2024 is responsible for higher
average selling prices overall.
Higher-value properties were generally more
popular in West Lothian in 2024 than in 2023
(perhaps in response to a cooling in the cost-of- 60% of homes in West Lothian sold for at least
living/financial crisis which loomed large over 2023),
which again affects the overall average selling
prices.
Winchburgh was the most expensive area of West
Lothian to buy a home, with properties selling for
£310,999 on average. East Calder was the most
affordable area, with properties recording an
average selling price of £226,543.
12 | PROPERTY MARKET REPORT
Buyers paid close to the Home Report
valuation to secure a home.
West Lothian buyers were able to secure properties
very close to the Home Report valuation figure
throughout March-August 2024, as homes achieved
100.5% of their valuation on average. This is very similar
to the figure recorded in March-August 2023, with just a
0.1 percentage point decrease, showing that the market
has remained very consistent over the past twelve
months. It is, however, a significant downturn from the
figures seen at the peak of the market in March-August
2022, when buyers paid an average of 107.5% to secure
a property in West Lothian.
their Home Report valuation, meaning buyers could
reasonably expect to buy a property very close to,
if not below, the valuation figure, allowing them
to channel more of their savings into a mortgage
deposit. This is a reduction from the 68.9% seen in
March-August 2023, and a substantial decline from
the 93.3% seen in March-August 2022 but is largely
in line with patterns and trends seen throughout the
regions covered in this report.
price of property in
West Lothian was
The market was thriving, with £263,367
significant increases in buyer and
during March-August
seller activity. 2024, a leap of 17.3%
year-on-year
The property market across West Lothian enjoyed
a significant boost in both buyer and seller
Buyers paid
activity in March-August 2024, a welcome change
of affairs following a much quieter spring and 100.5% of the
Home Report valuation,
summer in 2023.
much the same as
The volume of new properties coming onto the 14.2% March-August
2023
market rose by 20.9% year-on-year, offering of homes went to a
buyers ample choice across a range of property closing date
sizes, styles and price brackets. Livingston provided
the highest number of properties coming onto
the market, followed by Winchburgh, East Calder, Sales volumes
Linlithgow and Bo’ness. rose by 25.9%
annually, while
Properties took insertions jumped
70.9% of properties for sale were listed using
the ‘offers over’ marketing method; this is lower 26 days to 20.9%
than the 73% seen in 2023 and much lower than sell, ten days faster
compared to the
the 89.9% recorded in the incredibly competitive same time last
2022 market, showing that sellers have perhaps
year
been nervous about the activity levels in the local
West Lothian market compared to previous years,
although confidence is high overall.
Sales volumes also enjoyed a substantial boost, West Lothian homes sold much
increasing 25.9% throughout March-August 2024 in faster year-on-year.
comparison to the same time last year. Livingston West Lothian enjoyed a huge shift in selling times
unsurprisingly secured the most property sales, during March-August 2024, as properties flew off
followed by Broxburn, East Calder, Winchburgh the market ten days faster than the same time last
and Bo’ness. Three-bedroom houses in Livingston year; the median selling time for properties in West
were by far the most in-demand property type, Lothian was 26 days during this period. This makes
selling in the highest volumes – sales volumes for West Lothian the only area covered by ESPC to
this property type were up 50% year-on-year. see homes selling faster in 2024 than in 2023, even
with substantial increases in the number of homes
In fact, three-bedroom family houses were available on the market.
incredibly popular across West Lothian during
March-August 2024 compared to the previous 14.2% of properties for sale set a closing date,
year, indicating incredibly strong interest and down from 17.9% in March-August 2023 and again,
demand from family buyers. The number of significantly lower than the 35.5% recorded at the
three-bedroom houses sold across West Lothian height of the market in March-August 2024. 23%
during this period was 44% higher than the same of homes for sale in Livingston set a closing date,
time last year, while the number of four-bedroom demonstrating the strong demand this area holds
houses that sold doubled year-on-year. with competitive buyers.
PROPERTY MARKET REPORT | 13