Page 13 - ESPC_Sept24

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.”
12 | espc.com espc.com | 13