ESPC House Price Report: March 2024
Property Market Data - Key Points:
- Across Edinburgh, the Lothians, Fife and the Borders, property selling prices maintained during January-March 2024, with a marginal 0.3% annual increase meaning the average was £270,366.
- Property listings increased by 16.5% annually, coupled with a 2.6% rise in sales.
- Buyers paid 100.9% of the Home Report valuation on average, two percentage points less than the same time last year.
- Properties took a median time of 31 days to go under offer in the first quarter of 2024, three days slower than the first quarter of 2023.
What were property prices like in March 2024?
The average selling price of property across Edinburgh, the Lothians, Fife and the Borders stayed much the same in the first three months of 2024 as in the first three months of 2023; a marginal 0.3% increase meant that the average selling price was £270,366.
The most expensive region to buy a property was Edinburgh, with an average price of £284,965, while the most affordable place to buy a home was the Borders, where homes cost £216,225 on average.
The ever-popular Dunfermline saw a significant increase in average selling prices, with a 14.9% annual rise meaning that the average cost of a home in the city was £213,808. Dunfermline was home to the most affordable property type too, with two-bedroom flats in Dunfermline selling for £126,172 on average.
Another rising property hotspot, Edinburgh East saw its average selling price leap 8% year-on-year, meaning a property in this trendy area cost £262,537. In particular, flats in the Leith area saw the largest jumps; one-bedroom flats around Leith Walk and Easter Road reported average prices rising 8.2% annually, to £178,635, while two-bedroom flats in central Leith and The Shore rose 9.1%, to £246,778.
How much of the Home Report valuation did buyers pay in March 2024?
During January-March 2024, properties across Edinburgh, the Lothians, Fife and the Borders were sold for figures much closer to their Home Report valuation. During this time, buyers paid, on average, 100.9% of the valuation figure to secure a property, which is two percentage points lower than the same time last year.
All areas experienced a dip in the amount over the Home Report valuation paid by buyers, but the worst-affected was East Lothian, where buyers bid 2.8 percentage points less than last year. However, homes in East Lothian (along with properties in Midlothian) still attracted the highest premium overall, with buyers paying 101.4% of the Home Report valuation to live in these locations.
The biggest bargains could be found in the Borders and West Lothian, where properties attained 99.9% of their valuation figure on average.
In Edinburgh, properties achieved 101% of their valuation, but properties for sale in Edinburgh East commanded the highest demand, with an average successful bid of 101.6%. Digging deeper into this part of the city, homes in the sought-after Brunstane neighbourhood, commanded the highest overall premium across Edinburgh, with buyers paying 106.7% of the Home Report to call this area their home.
Overall, 68.1% of properties sold for at least their Home Report valuation, which is down from 77.1% last year. With such an influx of properties coming up for sale, there is less competition than the market is traditionally used to, which has affected the premiums that buyers are willing to offer to secure a property when there are so many other options open to them.
How long did properties take to go under offer in March 2024?
The market was gentler in the opening three months of 2024, with properties taking a median time of 31 days to sell – three days slower than the same time last year. However, again selling times have been undoubtedly affected by the increase in properties coming onto the market, with buyers under less pressure to act quickly.
The fastest-moving region was West Fife & Kinross, where properties went under offer in 23 days (although this is four days slower than in January-March 2023). Properties in neighbouring East Fife saw their selling times decrease by ten days year-on-year, going under offer in 33 days.
Edinburgh’s median selling time was also 33 days, but the Capital was home to the fastest-selling properties overall: two-bedroom flats in Bonnington (Edinburgh East), which were snapped up by keen buyers in just 14 days.
19.4% of properties had a closing date set during this period – again, likely a result of the number of properties coming onto the market, watering down the competition, and reducing the need for closing dates. This figure is down from 23.1% in January-March 2023, and 33.6% in January-March 2022, demonstrating just how much the market has moved in buyers’ favour over the last two years.
Properties in family-friendly Balerno were the most in-demand, with 58% of homes for sale in Balerno going to a closing date.
What were property sales like in March 2024?
Property sales volumes across Edinburgh, the Lothians, Fife and the Borders rose 2.6% year-on-year during January-March 2024.
Two-bedroom flats in Leith were, for the third month in a row, the highest-selling property type, followed by three-bedroom houses in Dunfermline, and Leith’s one-bedroom flats in third place.
Dunfermline had the highest volume of property sales overall; however, levels were down 14.7% year-on-year across the city.
Another trend to note was that one-bedroom flats in Dalry experienced a 66.7% boost in sales volumes year-on-year. The average price of this property type was £161,008, hinting at huge popularity with first-time buyers looking for a cheaper alternative close to Edinburgh city centre.
How many properties came onto the market in March 2024?
The volume of properties coming onto the market during January-March 2024 rose by 16.5% year-on-year, indicating a surge of confidence in the market from sellers.
Dunfermline had the highest number of properties coming onto the market, and this level was up 29.7% on the same time last year, indicating a shift from homeowners in this area.
Two-bedroom flats in Leith were once again the most commonly listed property type, with an average Home Report valuation of £230,660.
85.6% of sellers chose to list their properties using the ‘offers over’ marketing method, which is up from 79% in January-March 2023, once again indicating increasing seller confidence that, despite hot competition in the market, their properties will still achieve a good price at sale.
What does it mean for the local property market?
Paul Hilton, CEO of ESPC, said: “The first quarter of 2024 presents a consistent picture for the property market, with the trends of the past few months continuing. We are certainly seeing a market that is favourable for buyers, with plenty of options available, reduced expectations to pay high premiums, fewer closing dates and longer selling times, giving househunters ample opportunity to shop around to find their ideal home. There is plenty of interest and activity among property buyers, but with more properties on the market it allows for calmer seas for those in a position to purchase.
“It’s no surprise to see the trendy neighbourhoods of Edinburgh East commanding so much attention from househunters; it’s home to popular areas such as Leith, Portobello, Bonnington and Brunstane, and the figures certainly show that this part of the Capital is ultra-appealing to a broad range of buyers. West Fife & Kinross is also home to hot property, with Dunfermline continuing to draw interest across a range of budgets and life stages.
“The bottom line is that homeowners thinking of selling should be encouraged to do so, and sellers who are planning to make an onward purchase can benefit from the current status of the property market. We recommend working closely with your solicitor estate agent to establish the correct pricing strategy, to help your home stand out in a busy market.
“If you’re thinking of buying or selling a property in Edinburgh, the Lothians, Fife or the Borders, contact your local ESPC solicitor estate agent today.”
FIND OUT HOW MUCH YOUR HOME IS WORTH
Want to find out more about our House Price Reports? Read our House Price Report FAQs, or check out our House Price Reports Explained series.
Find out average property selling prices for different areas and property types in our house price table.
See data for previous months and years in our historical house price spreadsheet.
ESPC is the home of property and we're here to help you with every step of your home-buying and selling journey. If you're thinking of buying or selling a property soon, you can make use of our free phone service to be put in touch with a property expert to help answer your questions. Sellers can also get a free property valuation with ESPC agents.