Page 5 - Property market report-Mar-Aug24

New property
listings were up 13.1%
Area overview Properties took while sales volumes Properties achieved
increased
23 days
102.1% of the
to sell, two days slower 14.2% Home Report valuation,
than March-August down 1.2 percentage
2023 points
22.7%
of homes for sale
The average selling price set a closing date,
of property across Edinburgh, down from
the Lothians, Fife and the 26.1%
Borders was £280,271
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.
Average selling prices experience a Buyers paid closer to Home Report The market enjoyed a healthy balance
The median selling time for property across
slight increase across the regions. valuation across the regions. of listings and sales across the regions. Edinburgh, the Lothians, Fife and the Borders was 23

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

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