Average House Price Scotland - ESPC House Price Report - August 2024

Property Market Data - Key Points:

• The average selling price of property in Edinburgh, the Lothians, Fife and the Borders rose 2.3% year-on-year to £287,488 during June-August 2024.
• Properties achieved 102.7% of their Home Report valuation on average, down 1.3 percentage points.
• New property insertions rose 7.2% annually, while sales volumes increased 13.4% compared to June-August 2023.
• The median selling time was 21 days, two days slower than the same time last year.
• 23.7% of properties for sale set a closing date, down from 27% last June-August.

Average selling prices experienced a small but healthy increase.

The average selling price of property in Edinburgh, the Lothians, Fife and the Borders was £287,488 in June-August 2024, an annual increase of 2.3%.

If we look at the specific market areas, most of the regions enjoyed similarly small but healthy increases in average selling prices, with the Borders seeing a 3.4% annual increase and homes in West Fife & Kinross rising 3.6% annually. The only exception was East Lothian, where average selling prices declined 4.3% year-on-year to £270,654; however, as we have seen in recent months, this is more likely due to a rise in demand for smaller or lower-priced properties in more affordable areas, coupled with fewer sales of larger, more expensive homes in pricier neighbourhoods.

In Edinburgh, there was a notable jump of 5.3% in the average selling price for property in the city centre, taking the new average to £324,614. Two-bedroom flats in the West End and New Town were especially in-demand, with the average selling price of this property type rising 15.8% annually to £437,008.

Meanwhile, the average selling price of Edinburgh’s most affordable area, Edinburgh West, saw a 4.1% annual increase, taking the new average to £215,873 and ensuring this part of the city remains an attractive prospect for buyers.

The average selling price of three-bedroom houses in the popular areas of Blackhall, Davidsons Mains and Silverknowes dropped 9% year-on-year, to £476,708.

The most affordable property type on the market during June-August 2024 was one-bedroom flats in Dunfermline, which came with an average price tag of £95,073, making them an extremely alluring option for first-time buyers and property investors.

Selling times were speedy across the board

Sellers across Edinburgh, the Lothians, Fife and the Borders could continue to expect a speedy sale during June-August, with a median selling time of just 21 days – although this is two days slower than the same time last year.

Properties flew off the market in West Fife & Kinross, taking a mere14 days to go under offer (the same median selling time as June-August 2023). Looking specifically at this region, Dunfermline took the crown for the fastest-selling homes overall, with properties in the city going under offer in only 13 days, one day quicker than last year.

By contrast, homes in East Fife and Midlothian sold the slowest, although their median selling time was still only 25 days (three days and four days slower year-on-year respectively). Sellers in West Lothian experienced a real rush from home-hunters, with properties selling 16 days faster than they did in June-August 2023, being snapped up in 18 days.

Three-bedroom houses appeared to be particularly popular with househunters; three-bedroom houses in Galashiels were the quickest to sell overall, disappearing from the market in only eight days – 24 days quicker than the same time last year. However, the biggest change in fortunes applies to three-bedroom houses in Cramond, Barnton and Cammo: these homes sold in 18 days during June-August, meaning they spent over a month less on the market than they did last year (32 days quicker).

23.7% of properties for sale had a closing date set, down from 27% in June-August 2023, which is consistent with the flow of available properties on the market reducing the overall pressure on buyers and thereby lessening demand for closing dates.

Properties achieved less of a premium on their Home Report valuations

Properties for sale in Edinburgh, the Lothians, Fife and the Borders achieved 102.7% of their Home Report valuation on average, which is 1 percentage point less than in June-August 2023. This is a consistent trend with the property market, where the saturation of available properties consistently ensures that there is lower pressure on buyers to pay the premiums the market was perhaps used to, in order to secure a purchase.

All areas experienced a drop in the amount of Home Report valuation paid, except for West Lothian, where an average 100.8% paid was exactly the same as in June-August 2023, and in East Fife, where a significant rise of 5.7 percentage points meant the average premium paid was 109.7% of the Home Report valuation, indicating high demand for homes in this locale.

76% of properties sold for at least their Home Report valuation, down from 80.4% the previous year, once again indicating the impact that the high level of availability continues to have on the market, in good news for buyers.

Sales volumes increased significantly year-on-year

Property sales volumes across Edinburgh, the Lothians, Fife and the Borders increased 13.4% year-on-year during this period, signalling healthy activity from buyers, including those perhaps feeling energized by the long-awaited interest rate cut in August and feeling empowered to purchase.

As has become something of an expected trend, two-bedroom flats in Leith were the most popular properties, selling in the highest volumes across June-August 2024 (with volumes up 27.1% on June-August 2023 too). This was followed by one-bed flats in Leith (up 2.2% year-on-year), and three-bedroom houses in Dunfermline, for which sales volumes were actually down by 24.4%.

Insertion volumes continued to rise, offering buyers plenty of options

Once again, property insertion volumes were on the rise, with the numbers of new properties coming onto the market across Edinburgh, the Lothians, Fife and the Borders up 7.2% on June-August 2023, meaning that there was plenty of choice in the market for buyers.

Dunfermline brought the most properties to market during this time (with insertion volumes up 18.8% year-on-year), followed by Leith and Corstorphine, where volumes were down 6.8% and 9% respectively, hinting at a slowing in the listings for these regions, which continually prove extremely popular with buyers.

Three-bedroom houses in Dunfermline appeared most commonly on the market during June-August, with 31.8% more of these properties being listed compared to the same time last year.

Overall, 85.8% of properties coming onto the market were listed using the offers-over pricing method, up just over 10 percentage points from last year and showing that sellers have strong confidence in the market and in their property’s potential, despite increasing numbers of homes becoming available.

What does it all mean for the property market?

CEO Paul Hilton, said: “Following on from a positive few months in the property market, it’s great to see a continuation of the trends with this month’s data. Once again, there’s plenty of activity from both buyers and sellers, which helps to keep a much-needed healthy balance across the market. We’re once again seeing a lot of stability when we compare this period to the same time last year, which will be welcome news for buyers and sellers looking to make an onward purchase. There are more clear signs of high confidence in the market, and we can only hope to see this continue into the autumn, as we expect to see that ‘last push’ of activity for those who want to move home before Christmas.

“Of course, it’s no surprise to see Leith and Dunfermline among the most popular places to buy a home, but it’s great to see that areas of the Borders, like Galashiels, are high in demand for family homes, as well as a return to high demand for homes in East Fife and in the sought-after West End and New Town of Edinburgh too. There is clearly a huge variety in terms of the buyers currently in the market for a new home, with the variety in their budgets to match.

“As we head into the autumn, this month’s report should reassure buyers and sellers alike that once again, confidence and choice both remain abundant in the local property market, so it’s a great time to power up your property search and get moving. As ever, ESPC solicitor estate agents are the best placed to offer their local expertise and insights specific to your property search, so 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.”

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