In the recent months of February to April 2024, the average selling price for properties across Edinburgh, the Lothians, Fife, and the Borders slightly increased to £269,963, marking a 1.5% rise compared to the previous year. This period also witnessed a significant 19.4% increase in property listings, though sales remained relatively stable, showing only a marginal 0.1% decline.
The market dynamics showed properties were typically purchased for 101.6% of the Home Report valuation, slightly down from last year. The median time for properties to go under offer extended to 33 days, a slowdown of six days year-on-year. Notably, 20.4% of listed properties set a closing date, indicating continued competition in certain areas.
Regionally, Edinburgh maintained its position as the most expensive area, with an average property price of £285,585, up 1.8% from the previous year. In contrast, the Borders offered more affordable housing, with average prices at £207,593, marking a 1.8% decrease.
Specific local insights showed that two-bedroom flats in Leith, The Shore, and Granton were particularly popular, experiencing a 9.8% price increase to an average of £248,337. Conversely, Dunfermline emerged as the locale with the most affordable two-bedroom flats, priced at an average of £114,037, though it too saw a general price increase of 6.6%.
As buyers navigated this diverse market, the overall selling times increased, and the percentage of homes selling for at least their Home Report valuation dropped from 77% last year to 69.1%. This trend was also reflected in the bids, where the average successful bid in Edinburgh was at 102% of the valuation figure, a slight decrease from the previous year.
Paul Hilton, CEO of ESPC, said: “The data for the period of February-April is consistent with what we’ve been seeing over the past few months, and it hints that this will continue well into the summer.
“Overall, we’re seeing a huge influx of properties coming onto the market (up 37% in April alone versus last year), perhaps as a result of fixed mortgage terms coming to an end and homeowners deciding to move on to a new home, rather than absorb a higher cost in their existing property.
“This is teamed with lower numbers of buyers in the market, meaning that for the buyers that are ready and able, they can enjoy a huge variety of options to choose from that the market hasn’t offered in a long time.
“While this means slower selling times and lower bids, with less of a need to pay a premium to secure a home, sellers appear to remain confident in the market and are continuing to list their homes in high numbers, as well as choosing to list their homes using the ‘offers over’ marketing method.
“Of course, sellers themselves can also benefit from the abundance of properties to choose from if they are also making an onward purchase.
“It’s not the easiest market for sellers, which is why it’s more important than ever to consult your local solicitor estate agent for up-to-date advice on the latest market trends and the best way to market your property, including setting it at the correct price to attract the most attention in a crowded marketplace.”
