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HOUSE PRICE REPORT

             The House Price Report: August 2024
                                                                                              76%  of  properties  sold  for  at  least  their
              We share the latest property market data from across Edinburgh,                 Home  Report valuation,  down  from  80%   140
                           the Lothians, Fife and the Borders.                                the  previous year, once again indicating
                                                                                              the impact that the high level of availability   solicitor estate agents
                                                                                              continues to have on the market.      ready to help you buy and sell homes
             he average selling price of property   Properties flew off the market in West Fife
             in Edinburgh, the Lothians, Fife and   & Kinross, in just 14 days. Sellers in West   Property sales volumes increased 13.5%   Over
         Tthe  Borders  was  £287,488  in  June-  Lothian experienced a rush, with properties   year-on-year, signalling healthy activity from   2,900
         August 2024, an annual increase of 2.3%.   selling in 18 days, 16 days faster than last year.  buyers,  including  those  perhaps  feeling   homes for sale
                                                                                              energised by the long-awaited interest rate
                                                                                              cut in August and feeling empowered to
         Most regions enjoyed similarly small but   Properties achieved 103% of their Home                                          717,000
         healthy increases in average selling prices,   Report valuation on average, which is 1   purchase.
         with the Borders rising 3.5% and West Fife   percentage point less than in June-August                                     My ESPC emails sent during August
         & Kinross up 3.5%. The only exception   2023. This is a consistent trend, where the   Two-bedroom  flats  in  Leith  were  the  most
         was East Lothian, with a decline of 4%   saturation of available properties consistently   popular properties, selling in the highest
         to  £270,654.  In  Edinburgh,  there  was  a   ensures that there is lower pressure on   volumes. This was followed by one-bed
         notable jump of 5% in the city centre,     buyers to pay the premiums the market was   flats in Leith and three-bedroom houses in   we can only hope to see this continue into
         to £324,614.                      used to.                                           Dunfermline.                       the  autumn,  as  we  expect  to  see  that  ‘last
                                                                                                                                 push’ of activity for those who want to move
         The most affordable property type was   All areas experienced a drop in the amount   Property insertion volumes were also on the   home before Christmas.
         one-bedroom flats in Dunfermline, with an   of Home Report valuation paid, except for   rise,  with  levels  up  7%  annually,  meaning
         average price tag of £95,073.     West Lothian, where an average 101% paid           that there was plenty of choice for buyers.   “It’s no surprise to see Leith and Dunfermline
                                           was exactly the same as last year, and in East     Dunfermline brought the most properties to   among the most popular places to buy a
         Sellers could continue to expect a speedy   Fife, where a significant rise of 5.7 percentage   market, followed by Leith and Corstorphine.   home, but it’s great to see that areas of the
         sale, with a median selling time of just 21   points meant the average premium paid                                     Borders, like Galashiels, are high in demand
         days – although this is two days slower   was 110% of the Home Report valuation,     Overall, 86% of properties were listed using   for family homes, as well as a return to high
         year-on-year.                     indicating high demand in this locale.             the offers-over pricing method, up just over   demand for homes in East Fife and in the
                                                                                              10 percentage points from last year and   West End and New Town of Edinburgh too.
                                                                                              showing that sellers have strong confidence   There is clearly a huge variety in terms of the
                                                                                              in the market.                     buyers currently searching for a new home,
          Key points  £287,488                                                                What does it all mean for the property   “As we head into the autumn, this month’s
                                                                                                                                 with the variety in their budgets to match.
                                                                                              market?
               average selling price
                                                                                                                                 report should reassure buyers and sellers
                                                                                              Paul Hilton, CEO of ESPC, said: “Following on
                                                                                              from a positive few months, it’s great to see a
               Prices increased 2.3% year-on-year.
                                                                                                                                 alike that once again, confidence and choice
                                                                                              continuation of the trends with this month’s
                                                                                              data. Once again, there’s plenty of activity   both remain abundant, so it’s a great time
                                                                                                                                 to  power  up  your  property  search  and
               103%                            21 days                                        from both buyers and sellers, which helps to   get moving. As ever, ESPC solicitor estate
                                                                                                                                 agents are the best placed to offer their
                                                                                              keep a much-needed healthy balance. We’re
               average percentage of Home      median time to sell                            seeing a lot of stability when we compare   local expertise and insights specific to your
               Report valuation achieved                                                      this period to the same time last year, which   property  search,  so  if  you’re  thinking  of
                                                                                              will be welcome news for buyers and sellers   buying or selling a property in Edinburgh, the
               1 percentage point lower than last   Two days slower than the same             looking to make an onward purchase. There   Lothians, Fife or the Borders, contact your
               year, in good news for buyers.  time last year.
                                                                                              are more clear signs of high confidence, and   local ESPC solicitor estate agent today.”
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