Page 13 - Property market report-Mar-Aug24

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

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