Page 14 - ESPC_Nov24

THE PROPERTY MARKET

The House Price Report: October 2024 140 2,800 720,000
solicitor estate agents homes My ESPC emails
ready to help you buy and sell homes for sale sent during October
We look at what’s been happening in the local property market
over the last three months.

he average selling price of property August-October 2024, which is down 1 In Edinburgh, the trendy East of the city Homes in West Fife & Kinross were the
in Edinburgh, the Lothians, Fife and percentage point on the same time last commanded the biggest premiums, selling quickest to sell, going under offer in just 13
Tthe Borders experienced a significant year. This continues a trend we have seen for 104% of the Home Report valuation. days. By contrast, neighbouring East Fife was
increase during August-October 2024, throughout 2024 so far, as increasing One-bedroom flats around Leith Walk, the slowest to sell, with homes taking 34 days
rising 5% annually to £288,071. volumes of properties on the market lower Easter Road, Pilrig and Bonnington to be snapped up.
expectations on buyers to pay a premium secured the highest premium of any
Many areas reported substantial annual to secure a property. property type in the city, selling for 106% What does it all mean?
increases in average property selling of valuation, indicating strong demand Paul Hilton, CEO of ESPC, commented: “Two
prices: for instance, the Borders rose 9.5% Buyers paid the highest premium for from first-time buyers. years on from the disastrous Truss mini-Budget
to £229,480, while Edinburgh’s average homes in West Fife & Kinross, with that sent interest rates soaring, the figures
jumped 6% to £308,132 – in the city centre, properties achieving 104% of their There was an 11% annual increase in that ESPC has recorded this month indicate
the increase was 13%, to £349,483. valuation on average – this is 0.7 the volume of properties coming onto a clear bounce-back for the Scottish property
percentage points more than the same the market, which coincides with this market over the late summer and into early
Dunfermline also experienced a large time last year. West Lothian also saw period marking two years since the Truss autumn. Interestingly, as mortgage rates were
increase in its average selling prices, an increase of 0.8 percentage points, as mini-Budget which affected the market finally reduced in August 2024, the figures for
with prices rising 14% to a new average buyers paid just under 102% of the Home so severely. August-October show an increasingly positive
of £223,724. One-bedroom flats in Report valuation on average. report in terms of activity, with the levels of
Dunfermline remained the most affordable Indicating strong seller confidence, 82% of property listings and sales significantly up on
on the market, selling for £99,383. The Borders offered the biggest bargain homeowners chose to list their properties the same time last year. This hints at strong
for buyers, with homes in the region selling for ‘offers over’, which is 10 percentage confidence in the market and a great desire
Properties attained on average 102% of for 100.5% of their Home Report valuation points higher than the levels seen last year. from both homeowners and buyers to move
their Home Report valuation figure during on average. up or onto the property ladder now that the
Sales volumes were also thriving, with overall financial climate offers a better picture
levels up 19% annually; this aligns with the than we have seen so far this year, or indeed in
first mortgage rate cut seen since autumn the last couple of years.
Key points £288,071 move up the ladder have decided to strike “As ever, Dunfermline and the East of
2022 and indicates that those wanting to
as soon as the financial climate showed
Edinburgh continue to be property hotspots,
average selling price
signs of improvement.
especially with first-time buyers and those
Prices rose 5.3% annually during August-October.
Once again, two-bedroom flats in Leith moving up the property ladder into their first
family homes. There’s also been positive
were the top sellers, with sales of this type signs across the Borders too.
102% 21 days of property up 17% year-on-year.
“If you’re thinking of buying or selling a home
average percentage of Home median time to sell in Edinburgh, the Lothians, Fife or the Borders,
Report valuation achieved The median property selling time during
August-October 2024 was 21 days, which contact your local ESPC solicitor estate agent
1.1 percentage points lower than No change from the same time is exactly the same as we saw in August- for the latest in-depth information and advice
last year, in good news for buyers. last year. October 2023. specific to your local area.”

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