Page 16 - February 2024

HOUSE PRICE REPORT

The House Price Report: January 2024
140 560,000
We look at what’s been happening in the local property market Over
over the last three months. solicitor estate agents 2,300 My ESPC emails
ready to help you buy and homes for sale sent during January
sell homes
he market across Edinburgh, the Lothians, The average property selling price across
Fife and the Borders remained steady Edinburgh, the Lothians, Fife, and the
T during this traditionally quieter period, Borders declined 4% during November –
with a small rise of 3% in property sales volumes, January, to £271,106. Properties took 24 days to go under offer, buyers, especially those looking for smaller
hinting at increasing numbers of buyers. five days slower annually. West Fife & Kinross flats in Edinburgh hotspots, perhaps due to
Edinburgh’s average property price boasted the fastest-selling properties, going rising numbers of landlords deciding to exit the
Dunfermline secured the highest volumes declined 4% to £289,363, while one- under offer in 19 days. By contrast, properties rental market and offload their properties in
of property sales, however levels were down bedroom flats in Dunfermline presented in West Lothian took the longest to sell, at response to ongoing legislation around rental
10.5% on the previous year. Leith was the the most affordable opportunity, selling 36 days. rates, leading to an influx of first-time buyer-
second most-popular place to buy, where for £110,685 on average. friendly homes coming on to the market. The
volumes soared 18%. This was overshadowed by In Edinburgh, properties in the East were the average selling price has declined overall, but
third-place Corstorphine, where sales rocketed Sellers were very active in the market; quickest to sell, taking 19 days, although one- as with our previous report, if we look past the
38% annually. new property insertions increased by bed flats in the Easter Road area sold in as little headline figures, we can clearly see reasons
14%. Unsurprisingly, Dunfermline, Leith as nine days, suggesting a high volume of first- for this that should reassure homeowners that
Two-bedroom flats in Leith were the biggest and Corstorphine generated the most time buyers coming to the market. there hasn’t been a wide-ranging decline in
sellers, up 16% year-on-year. Gorgie has property listings, rising by 19%, 17% and property values.
long been touted as an up-and-coming 24% respectively. Buyers took advantage of the high levels
neighbourhood, and it was increasingly popular of competition in the market, as they made “Our latest report also indicates an increase
with buyers: sales of one-bedroom flats in Two-bedroom flats in Leith were the increasingly savvy bids to secure properties. in seller confidence in the market, which is
Gorgie rose by 83% - unsurprising given this most commonly listed, followed by three- Properties attained 102% of their Home Report again welcome news to help reinvigorate
is the Capital’s most affordable property type, bedroom houses in Dunfermline. valuations, down 3 percentage points on the proceedings. There’s been a healthy increase
selling for £148,518 on average. same time the previous year. in property listings, which is great news
for buyers too. We can see the effects of
20% of properties went to a closing date, down rising numbers of properties coming on to
from 26%. the market – fewer closing dates and lower
Key points £271,106 What does it mean for the property important to remember that this isn’t negative
overbids are all examples of this – but it’s
news for sellers, who can also reap the
market?
average selling price
benefits in their onward property purchases.
Paul Hilton, CEO of ESPC, said: “November-
Prices declined 4.4% annually during November-January.
January is typically a much quieter time for
for offers over, rather than a fixed price, also
the property market, however, it’s clear to see An increase in the volume of properties listed
that this wasn’t the case this time. The market demonstrates confidence and optimism in
102% 24 days appears steady overall, and all the signs point the market once again.
to increasing numbers of first-time buyers
average percentage of Home median time to sell coming into the market, which is very welcome “If you’re thinking of buying or selling a
Report valuation achieved
news after a very difficult period financially property in Edinburgh, the Lothians, Fife, or
3 percentage points lower than Five days slower than the same time for many in their position. There has been a the Borders, contact your local ESPC solicitor
last year, good news for buyers. last year. significant increase in the available options for estate agent today.”

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