Page 9 - Property market report-Mar-Aug24

The sales
East Lothian selling price was in East Lothian was up
The average
volume of properties
East Lothian
£277,106, properties went 10.4% annually during
a reduction of 1.4% under offer in a March-August, while
year-on-year new property insertions
median time of
23 days increased 8.9%

Buyers in
East Lothian paid
23.1%
102.6% of the of properties
Home Report valuation for sale went to a
on average
closing date

The average selling price declined East Lothian buyers paid closer to Properties took longer to sell as East Lothian’s property market

slightly as buyers bought in more valuation prices across the region. buyers enjoyed more options to experienced a healthy burst of activity
affordable areas. Buyers also paid closer to the Home Report choose from. from buyers and sellers.

The average selling price of property in East Lothian valuation figure, which does of course impact The median selling time of properties in East Throughout March-August 2024, there was a vivid burst
experienced a small annual decline of 1.4% during overall average selling prices. On average, Lothian was 23 days during March-August 2024, of activity that indicated confidence in the market from
March-August 2024, taking the new average to £277,106. properties achieved 102.6% of the Home Report which is three days slower than the same time in buyers and sellers, following on from a cooler period the
valuation at sale, which is 1.7 percentage points 2023. However, with a higher volume of properties previous year. The volume of new properties coming
Examining the data in more detail, the reduction in less than they did in March-August 2023. coming onto the market, this signals that buyers onto the market rose 8.9% year-on-year, meaning that
selling prices appears to be due to increasing numbers were perhaps enjoying the wealth of options there was a healthy boost in the options available to
of sales for properties priced in lower brackets, or It should be noted that all areas in the ESPC available to them and the reduced competitive buyers across a variety of budgets and locations in this
located in more affordable areas, thus skewing the regions experienced a decline in the amount of element of the house-hunting process. Of all sought-after region.
overall averages rather than being indicative of an Home Report valuation paid by buyers on average, the ESPC regions, East Lothian homes were the
actual drop in property values across the region. For and of all the regions, East Lothian still attracted second-fastest to go under offer, only beaten by Similarly, sales volumes increased annually by 10.4% as
example, sales volumes for properties in the traditionally the highest premium, indicating that this region homes in West Fife & Kinross (16 days). buyers felt more comfortable and confident to proceed
affordable Tranent rose 79.4% year-on-year during this remains incredibly sought-after with buyers who in the market after a period of economic uncertainty.
period (where average selling prices were £223,519), are willing to pay over a property’s value to call Two-bedroom houses in Haddington were the
while there was a 28.6% decline in sales in the more this area their own. fastest to fly off the market, with a median selling Two-bedroom flats and three-bedroom houses in
expensive Gullane (where property prices averaged time of 13 days (five days faster than the same ever-popular Musselburgh were the properties that
£398,300). Homes in East Linton attracted the highest time last year). They were closely followed by sold in the highest volumes, as young professionals
premium, with buyers paying 105.7% of the Home two-bed and three-bed houses in Dunbar, and and growing families sought homes in this affordable
The most expensive place in East Lothian to buy a Report valuation on average (although this is 1 two-bedroom flats in Haddington, which all had a coastal commuter favourite.
property was East Linton, where properties sold for percentage point less than they did last year). median selling time of only 14 days.
£452,195 on average. By contrast, Tranent was the most Buyers searching for a home in Wallyford could Musselburgh was also where the largest number
affordable location. The cheapest property available enjoy the best bargain, as homes here achieved 23.1% of properties in East Lothian set a closing of properties came onto the market, followed by
to purchase in East Lothian was one-bedroom flats in 100.5% of their valuation figure on average, date, which is a small shift from the 25% seen in Haddington, Tranent, Dunbar and Prestonpans, showing
Musselburgh, which came with an average price tag leaving buyers more in their budgets to put the previous March-August and again indicative that there has been a huge surge of activity from sellers
of £146,984, making them a great option for first-time towards their mortgage deposit. of the impact of more properties for buyers to in these traditionally more affordable locations, in good
buyers as they come in under the LBTT threshold. choose from. news for aspiring buyers.

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