Page 13 - ESPC_Aug24

THE PROPERTY MARKET

The House Price Report: July 2024

We share the latest property market data from across Edinburgh,
the Lothians, Fife and the Borders. Dunfermline was especially fast-moving, with
a median selling time of only 15 days.
140
he average selling price of property in The average percentage of Home Report 24% of properties for sale went to a closing solicitor estate agents
Edinburgh, the Lothians, Fife and the valuation attained was 102%, which is date, which, coupled with the steady average ready to help you buy and sell homes
TBorders was £284,264 during May- 1.3 percentage points less than May-July selling price and consistent selling time
July 2024, which is almost the same as the 2023, similar to what we’ve seen recently, suggests that homeowners are listing their Over
average seen in May-July 2023 (£284,167). where rising stock levels mean that buyers homes at realistic prices. 2,800
This clearly demonstrates that the market are under less pressure to pay substantial
has been operating well and offering great premiums. Sales volumes rose 22% year-on-year, homes for sale
opportunities for buyers and sellers alike.
demonstrating strong levels of activity from
75% of properties sold for at least their Home keen buyers at all stages of the property 715,000
As we would expect, there are regional Report valuation, down from 80% in May- ladder. My ESPC emails sent during July
differences; homes in the City of Edinburgh July 2023. This continues to be very positive
had an average selling price of £302,863, news for buyers and onward purchasers, with Once again, one- and two-bedroom flats
which is 1% less annually, while in East selling prices now aligning with the Home in Leith sold in the highest volumes, with
Lothian, average prices fell 5% to £271,663. Report valuation, making the purchase more volumes rising 15% and 70% respectively and sellers are feeling much more confident
However, this is more likely due to a rise in affordable. annually. in the market compared to last summer, and
the number of smaller, cheaper properties the recent announcement of the Bank of
selling in the region. The median selling time was 21 days, just two This was coupled with a 9% rise in property England’s decision to lower the interest rate
days slower annually. This indicates stability listings, offering a wealth of choice. This should only serve to boost this.
By contrast, West Fife & Kinross and West in the market, with buyers able to view indicates a good flow of supply and demand
Lothian both recorded annual increases properties in a more considerate fashion, to satisfy the market. “When it comes to the most in-demand
in their average prices: up 9% and 12% and sellers assured that their homes could areas, affordable and trendy areas like Leith,
respectively. sell quickly.
Sellers clearly felt confident despite a rise in Dunfermline and Musselburgh come up time
competition over recent months, with 86% and time again, especially for one- and two-
of properties for sale listed using the ‘offers bedroom flats, suggesting large volumes of
either first-time or younger buyers.
over’ marketing method, up from 76% of
Key points £284,264 properties in May-July 2023. “Overall, this month’s report is a positive read
average selling price
and should reassure buyers and sellers alike
What does it all mean?
that there is plenty of confidence, optimism
Paul Hilton, CEO of ESPC, said: “The three
Prices stayed much the same as the previous May-July.
months of May-July provide welcome news
and our solicitor estate agents are best
for both active buyers and sellers, and those and most importantly choice in the market,
thinking of buying or selling imminently. placed to offer those hyper-local insights for
102% 21 days We’ve seen supply and demand working anyone considering making a move.
average percentage of Home median time to sell well to satisfy the market’s needs and some
Report valuation achieved reassuringly consistent figures, especially “If you’re thinking of buying or selling a
that the current average selling price is so property in Edinburgh, the Lothians, Fife
1 percentage point lower than last Two days slower than the same close to that of the same time last year, or the Borders, contact your local ESPC
year, in good news for buyers. time last year. offering real stability. Clearly, both buyers solicitor estate agent today.”

12 | espc.com espc.com | 13