Page 7 - Property market report-Mar-Aug24

Edinburgh buyers continued to Three-bedroom flats in Portobello were the
Edinburgh pay less of a premium to secure quickest sellers, flying off the market in only

The sales
volume of properties properties. 12 days (seven days faster than the same
time last year), indicating a huge demand for
Edinburgh properties in Edinburgh was up
went under offer in In a continuation of a trend seen throughout 2024 so family-friendly homes in this hugely popular
a median time of 15.2% annually far, Edinburgh buyers enjoyed paying less of a premium coastal town. They were closely followed by
24 days during March-August, to secure a property in the city during March-August. two-bedroom flats in Longstone, Leith Links
The average while new property Properties attained 102.3% of their Home Report and Oxgangs, all being snapped up in just 13
selling price was insertions increased valuation on average, which is 1.2 percentage points less days, again indicating huge demand for this
12%
consistent overall, rising than during March-August 2023. type of property in more affordable areas of
0.9% year-on-year to the city.
£298,848 Buyers in All areas of the city saw a decline in the amount
Edinburgh paid
paid over the Home Report valuation figure, which is 25.1% of properties went to a closing date,
102.3% of the
Home Report valuation indicative of the impact of higher numbers of properties down from 29.5% the previous year, however
on average coming onto the market, increasing choice for buyers this is again likely the impact of more
and lessening competition, and therefore reducing the properties coming onto the market and
25.1% pressure to pay over the odds to secure a home. lessening competition for buyers.
of properties for
sale went to a Buyers paid the highest premium for properties in the
closing date popular East of the city, spanning Leith, Portobello and Leith largely dominated a busy
The average selling price remained property market for buyers
Abbeyhill among other areas; properties in this part
consistent in comparison to 2023. of the Capital achieved 103% of their Home Report and sellers alike.

The average selling price of property in Edinburgh valuation on average (although this is still 1 percentage Following on from some cooler months in the
increased by 0.9% year-on-year during March-August point less than the same period of 2023). Two-bedroom aftermath of the economic climate and cost-
2024, signalling a stability in the market that will be a flats in Leith and Granton were of particular interest, with of-living crisis, the period of March-August
reassurance to buyers and sellers alike. buyers offering an average of 104.2% to secure this kind 2024 saw a healthy boost to Edinburgh’s
of property. property market for buyers and sellers alike,
Across the city, there were many variations in the with strong uplifts in activity across the board.
average selling price and changes therein. In the Edinburgh city centre offered the biggest opportunity The volume of new properties coming onto
city centre, the average selling price declined 2.3% to bag a bargain, with homes here attaining 101% of the the market increased 12% year-on-year,
annually to £319,455, but by contrast, homes in the Home Report valuation on average. offering buyers plenty of options to choose
North West of the city saw average prices leap 12.9% from, while property sales volumes rose by
to £324,659. Properties took longer to sell overall 15.2% compared to the same time in 2023.
but flew off the market in some
Homes in the East and West of the city also offered neighbourhoods. Two-bedroom flats in Leith were the
consistency, with properties rising 1% to £260,707 most popular properties to sell, as buyers
The median selling time of property in Edinburgh
and 0.2% to £209,140 respectively, making Edinburgh clamoured to snap up this sought-after
during March-August 2024 was 24 days, which is three
West the most affordable area of the city to purchase property type. One-bedroom flats in Leith
days slower than the same time last year. Again, this is
a home. were a close second, followed by three-
indicative of the impact higher numbers of properties
bedroom houses and two-bedroom flats
coming onto the market has, as buyers can enjoy more
The South of the city was the most expensive area in Corstorphine, long a popular choice with
time to peruse their options prior to committing.
in which to buy a property, with an average property family buyers but rising in popularity with
selling price of £350,940. young professionals too.
Homes in Edinburgh West went under offer the fastest,
in a median time of 20 days (one day quicker compared
The most affordable property type on the Edinburgh Leith also boasted the highest number of
to the same period in 2023). Homes in the city centre
market during March-August 2024 was two-bedroom properties coming onto the market, followed
were the slowest to sell, as they were on the market for a
flats in Oxgangs, selling for an average of £145,657. by Corstorphine, Liberton, Morningside and
median time of 34 days before going under offer – this is
seven days slower year-on-year. Newington.
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