Page 14 - March 2024

HOUSE PRICE REPORT

The House Price Report: February 2024
140 2,300 620,000

We look at what’s been happening in the local property market over solicitor estate agents homes My ESPC emails
the last three months. ready to help you buy and sell homes for sale sent during February

he volume of properties sold in coming onto the market compared to the
Edinburgh, the Lothians, Fife and the previous year; perhaps in line with ongoing 85% of sellers listed their homes for offers to previous years, which will help everyone
TBorders during December 2023-February consultation around rental legislation, we over, up from 78%, showing that there is high move on up the ladder. This is filtering through
2024 rose 13.4% annually, highlighting may be seeing the impact of landlords with a confidence in the market, even with increasing to sellers too, who are continuing to show
increasing confidence in the market from portfolio of one-bedroom flats choosing to exit competition. confidence in the market, by listing their homes
homeowners compared to the same time the rental market. at offers over and continuing to list their homes
last year. in droves, despite increased competition.
The average amount of Home Report valuation
The average selling price of properties across paid was 101%, down 2.3 percentage points
Trendy Leith was where the most properties Edinburgh, the Lothians, Fife and the Borders annually. This is good news for buyers and “Increasing options means that sellers need to
were sold, followed by family-friendly stayed much the same as the previous year indeed for sellers with onward purchases to work closely with their solicitor estate agent to
Corstorphine (where sales volumes rose by a during the three months of December 2023 make, and could reinvigorate the market after develop the correct pricing strategy and ensure
staggering 105% annually), and Dunfermline in – February 2024, declining by a modest 1% to years of buyers having to pay huge premiums, their home stands out in a crowded market to
third place. Two-bedroom flats in Leith were the £271,624. In Edinburgh, property prices were impacting affordability. grab the attention of buyers who have a wealth
most popular property type to be purchased. much the same as the previous year, with a of options.
small decrease of 1.5%, meaning the average Properties took a median time of 27 days to sell,
More properties came onto the market, with price in the Capital was £286,675. five days slower than the same time last year. “It’s incredibly interesting to see where demand
margins rising 22% year-on-year, giving buyers Homes in West Fife & Kinross were the quickest lies, with our data indicating strong buyer interest
plenty of options. Dunfermline had the most The most affordable property type was sellers, going under offer in 22 days, which is in areas that are traditionally more affordable,
properties listed for sale, followed by Leith and two-bedroom flats in Dunfermline, priced one day faster annually. with Dunfermline, Leith, Musselburgh and
then Corstorphine. at £136,909. By contrast, Edinburgh’s most Corstorphine proving especially popular month
affordable property was one-bed flats in Gorgie, 19.5% of properties for sale went to a closing after month. Yet again, we’re seeing higher
ESPC data highlights that there were substantial selling for £149,981 on average. date, which is down from 23% in December volumes of one-bed homes coming onto the
increases in the volume of one-bedroom flats 2022-February 2023, and down further from market, especially in first-time buyer hotspots
34% in December 2021-February 2022, meaning such as Leith.
buyers have less need to bid competitively “If you’re thinking of buying or selling a
Key points £271,624 What does it all mean? property in Edinburgh, the Lothians, Fife, or
and can be choosier.
the Borders, contact your local ESPC solicitor
average selling price
estate agent today.”
Paul Hilton, CEO of ESPC, explains: “The property
Prices declined 1% annually during December – February.
market appears to be working in buyers’ favour,
which can only be good news, and for sellers
who plan to make onward purchases. A higher Leith
101% 27 days volume of homes for sale means that in turn,
homes sell at a slower pace, fewer closing dates
average percentage of Home median time to sell are set, and there is a reduced need to make
Report valuation achieved significant overbids to secure homes. We need
buyers with intention and drive, and for the
2.3 percentage points lower than Five days slower than the same time
last year, in good news for buyers. last year. market to make it possible for them to purchase
– this appears to be the case currently, with a
good balance of buyers and sellers compared

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