In Edinburgh, the Lothians, Fife, and the Borders, the property market has remained stable in the first quarter of 2024, with a marginal 0.3% annual increase in selling prices, taking the average to £270,366, according to ESPC. Listings saw a 16.5% annual rise, and sales volumes grew by 2.6%.
Buyers paid slightly over the Home Report valuation at 100.9% on average, a decrease from last year’s premium.
Properties are spending a median of 31 days on the market before receiving offers, indicating a slight slowdown. Notable price increases were seen in certain areas, like Dunfermline with a 14.9% rise in average selling prices and Edinburgh East with an 8% jump, particularly for flats in Leith.
Paul Hilton, CEO of ESPC, said: “The first quarter of 2024 presents a consistent picture for the property market… We are certainly seeing a market that is favourable for buyers… 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.”
Hilton also noted the appeal of Edinburgh East and West Fife & Kinross as regions of high interest. He advises homeowners considering selling to feel encouraged by the market conditions and suggests sellers looking to purchase onwards benefit from the current market status. He recommends engaging with a solicitor estate agent to devise a suitable pricing strategy in what is a busy market.
