Page 4 - Property market report-Mar-Aug24

New property
Area overview
Average selling prices experience a
slight increase across the regions.
The average property selling price across
Edinburgh, the Lothians, Fife and the Borders
experienced a marginal annual increase during
March-August 2024, with the new average selling
price reaching £280,271.
Unsurprisingly, the City of Edinburgh claimed the
highest average selling price at £298,848, while
the most affordable region in which to purchase a
home was Dumfries & Galloway at £187,451.
Within the regions, Greenbank, in the sought-
after Edinburgh South, was the most expensive
neighbourhood in which to purchase a property,
with an average selling price of £544,136. By
contrast, Dumfries Town was the most affordable
area, with homes selling for an average of £140,555.
The most affordable property type on the market
was one-bedroom flats in the Scottish Borders
town of Galashiels, which came with an average
price tag of £60,568.
4 | PROPERTY MARKET REPORT
Properties took
23 days
to sell, two days slower
than March-August
2023
of property across Edinburgh,
Borders was £280,271
Buyers paid closer to Home Report
valuation across the regions.
Properties for sale across Edinburgh, the Lothians,
Fife and the Borders attained 102.1% of their Home
Report valuation on average during March-August
2024, which is 1.2 percentage points less than the
same time last year. As we will see throughout
this report, this is a trend which affects all areas
and could largely be due to increasing numbers
of properties coming onto the market, lowering
competition and allowing buyers to make more
savvy bids, with less pressure on them to pay high
premiums to secure a home.
The affluent Edinburgh neighbourhood of Colinton
Mains attracted the highest premium, with buyers
bidding an average of 106.5% of the Home Report
valuation in order to purchase a property in this
well-heeled locale.
74.2% of properties sold for at least their Home
Report valuation figure, down from 79.3% in
March-August 2023, however this is indicative of
the current market status. It demonstrates that
sellers may be more open to accepting lower bids
to secure a quicker sale and onward purchase,
which is good news for buyers and allows the
market to keep moving at a healthy pace.
listings were up 13.1%
while sales volumes Properties achieved
increased
102.1% of the
14.2% Home Report valuation,
down 1.2 percentage
points
22.7%
of homes for sale
The average selling price set a closing date,
down from
the Lothians, Fife and the 26.1%
during March-August 2024:
1.2% higher than the same
time last year
Slightly slower selling times overall,
but the market still moved at a
brisk pace.
The market enjoyed a healthy balance
The median selling time for property across
of listings and sales across the regions. Edinburgh, the Lothians, Fife and the Borders was 23
Throughout March-August 2024, the property market days during March-August 2024, which is two days
across Edinburgh, the Lothians, Fife and the Borders slower than the same time last year. However, this
enjoyed a healthy burst of activity, with notable is likely due to rising numbers of properties coming
increases in both the volumes of properties coming onto the market, meaning buyers take more time to
onto the market, and subsequent sales. consider their options – and properties are still selling
in just over three weeks, making for a very healthy
During this period, new property insertions rose by pace for sellers to enjoy.
13.1%, meaning that there were plenty of options coming
onto the market to sate demand from buyers. This was Dalgety Bay, in West Fife & Kinross, was the place
matched very well by a 14.2% boost in property sales, where properties sold the fastest, with a median
signalling a thriving and busy market across the regions selling time of only 11 days. This is 14 days faster
with a very healthy balance of supply and demand. than the same time last year, showing extremely
high demand for homes in this picturesque coastal
Dunfermline offered the most properties for sale, commuter town.
followed by Leith, Corstorphine, Musselburgh and
Liberton – this was mirrored exactly in the areas with Overall, three-bedroom family houses in Galashiels
the highest volumes of property sales. were the quickest sellers, flying off the market in just
eight days – 24 days faster than the median selling
Two-bedroom flats in Leith were both the most time for this property type in March-August 2023.
commonly listed property type and the biggest seller,
continuing a trend we have seen throughout 2024 so far. 22.7% of properties for sale set a closing date, down
from 26.1% in March-August 2023, however this is
81.2% of properties coming onto the market were listed to be expected given the lower pressure on buyers
for ‘offers over’, which is 4.4 percentage points higher and the rising numbers of properties on the market.
than the levels seen in March-August 2023 and is Inverkeithing boasted the highest levels of closing
indicative of high seller confidence in their property’s dates, with 50% of homes for sale in this town
potential despite higher competition. choosing to set one.
PROPERTY MARKET REPORT | 5