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THE PROPERTY MARKET

The House Price Report: April 2024

We share the latest property market data from across Edinburgh,
the Lothians, Fife and the Borders.

he average selling price of property Home Report valuation. Buyers paid 102% of
across Edinburgh, the Lothians, Fife and the Home Report valuation on average, which
Tthe Borders during February-April 2024 is 1 percentage point less than in February – The quickest-selling properties were two-
was £269,963, which is 1.5% higher year-on-year. April 2023. bedroom flats in Bonnington, and one-bedroom 140
flats in Leith, which had median selling times
of 16 days (a year-on-year decrease of 12 days solicitor estate agents
Edinburgh was the most expensive area to Buyers paid the highest premium to live in
buy a property, with average selling prices Edinburgh, with the average successful bid and four days respectively), showing how in- ready to help you buy and sell homes
reaching £285,585 (an increase of 2% annually). sitting at 102% of the valuation figure, which demand these areas are.
Meanwhile, the Borders was the most affordable is 1% less than the same time last year. In Over
place, with property prices sitting at £207,593 on contrast, buyers could pick up a bargain in West 20% of properties for sale went to a closing 2,600
average, 2% down on February-April 2023. Lothian, with homes attaining 99.8% of their date during February – April, which is down homes for sale
valuation figure on average, a 1.5 percentage from 23% at the same time in 2023.
The most affordable property type was two- points decline. 693,000
bedroom flats in Dunfermline, with an average There was a significant uplift in the volume
selling price of £114,037. Interestingly, the city The average selling time was 33 days, which is of properties coming on to the market during My ESPC emails sent during April
of Dunfermline experienced a sharp rise in six days slower than the same time last year. February – April, with insertions increasing by
prices over this period; the average selling price 19% year-on-year.
overall was £200,455, almost 7% higher than Homes in West Fife and Kinross sold the
February – April 2023. quickest, taking 22 days to go under offer, Property sales volumes stayed much the same in a long time. While this means slower selling
although this is also six days slower than in February – April 2024 as the previous year, times and lower bids, with less of a need to pay
Buyers continued to make the most of a February – April 2023. Properties in the Borders with a marginal decline of 0.1%. a premium, sellers appear to remain confident
highly saturated property market, as they were the slowest to sell, going under offer in 42 in the market and are continuing to list their
were able to secure properties closer to the days, which is ten days slower year-on-year. Two-bedroom flats in Leith were once again homes in high numbers, as well as choosing
the top-selling property, with sales volumes to list their homes for ‘offers over’. Of course,
increasing 9% year-over-year. sellers themselves can also benefit from the
abundance of properties to choose from if they
Key points £269,963 What does it all mean? are making an onward purchase.
Paul Hilton, CEO of ESPC, commented:
average selling price
“The data for the period of February-April
“It’s not the easiest market for sellers, which is
is consistent with what we’ve been seeing in
why it’s more important than ever to consult
Prices increased 1.5% during February-April.
recent months. There’s been a huge influx of
properties coming onto the market, perhaps your local solicitor estate agent for up-to-date
advice on the latest market trends and the best
as a result of fixed mortgage terms coming way to market your property, including setting it
102% 33 days to an end and homeowners deciding to move at the correct price to attract the most attention
on, rather than absorb a higher cost in their in a crowded marketplace.
average percentage of Home median time to sell existing property.
Report valuation achieved
“If you’re thinking of buying or selling a
1 percentage point lower than last Six days slower than the same time “This is teamed with lower numbers of buyers, home in Edinburgh, the Lothians, Fife or the
year, in good news for buyers. last year. meaning that there’s a huge variety of options Borders, contact your local ESPC solicitor
to choose from that the market hasn’t offered estate agent today.”
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