Page 12 - April 2024

THE PROPERTY MARKET

The House Price Report: March 2024
140 Over 621,000
We share the latest property market data from across Edinburgh, solicitor estate agents 2,500 My ESPC emails
the Lothians, Fife and the Borders. ready to help you buy homes for sale sent during
and sell homes March
he average selling price of property paid, on average, 101% of the valuation
stayed much the same in the first three figure to secure a property, which is two
Tmonths of 2024 as in the first three percentage points lower than the same time
months of 2023; a marginal 0.3% increase last year.
meant that the average was £270,366. The fastest-moving region was West Fife & which is up from 79% in January-March
Overall, 68% of properties sold for at least Kinross, where properties went under offer in 2023, once again indicating increasing seller
The most expensive region to buy a property their Home Report valuation, which is down 23 days. Properties in neighbouring East Fife confidence that, despite hot competition in
in was Edinburgh, at £284,965, while the from 77% last year. With such an influx of saw properties sell in 33 days, ten days quicker the market, their properties will still achieve a
most affordable was the Borders, where properties coming up for sale, there is less than the same time last year. good price at sale.
homes cost £216,225 on average. competition than the market is traditionally
used to, which has affected the premiums Edinburgh’s median selling time was also 33 What does it all mean?
Dunfermline saw a significant increase in that buyers are willing to offer to secure days, but the Capital was home to the fastest- Paul Hilton, CEO of ESPC, said: “The first
average selling prices, with a 15% annual rise a property. selling properties overall: two-bedroom flats quarter of 2024 presents a consistent picture
meaning that the average cost of a home in Bonnington, which were snapped up in just for the property market, with the trends of
in the city was £213,808. Dunfermline was The market was gentler in the opening 14 days. the past few months continuing. We are
home to the most affordable property type three months of 2024, with properties certainly seeing a market that is favourable
too, with two-bedroom flats there selling for taking a median time of 31 days to sell – 19% of properties had a closing date set for buyers, with plenty of options available,
£126,172 on average. three days slower than the same time last during this period, down from 23% in January- reduced expectations to pay high premiums,
year. However, again selling times have March 2023, and 34% in January-March 2022, fewer closing dates and longer selling times,
During January-March 2024, properties were been undoubtedly affected by the increase demonstrating just how much the market has giving househunters ample opportunity to
sold for figures much closer to their Home in properties coming onto the market, with moved in buyers’ favour over the last two years. shop around to find their ideal home. There is
Report valuation. During this time, buyers buyers under less pressure to act quickly. plenty of interest and activity among property
Property sales volumes rose 2.6% year- buyers, but with more properties on the
on-year during January-March 2024. Two- market it allows for calmer seas for those in a
bedroom flats in Leith were, for the third position to purchase.
Key points £270,366 to buy, followed by three-bedroom houses in “The bottom line is that homeowners thinking
month in a row, the most popular property
Dunfermline, and Leith’s one-bedroom flats in
of selling should be encouraged to do so, and
average selling price
third place.
sellers who are planning to make an onward
Prices increased 0.3% annually during January-March.
of the property market. We recommend
The volume of properties coming onto the purchase can benefit from the current status
market rose by 16.5% year-on-year, indicating working closely with your solicitor estate
101% 31 days a surge of confidence in the market from agent to establish the correct pricing strategy,
to help your home stand out in a busy market.
sellers. Dunfermline had the highest number
average percentage of Home median time to sell of properties coming onto the market, up 30%
Report valuation achieved on the same time last year. “If you’re thinking of buying or selling a
property in Edinburgh, the Lothians, Fife or
2 percentage points lower than Three days slower than the same
last year, in good news for buyers. time last year. 86% of sellers chose to list their properties the Borders, contact your local ESPC solicitor
using the ‘offers over’ marketing method, estate agent today.”

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