The average selling price of homes in Edinburgh, the Lothians, Fife and the Borders was £284,624 from May to July 2024, almost exactly the same as it was in 2023.
Data from ESPC found that the median time for properties to go under offer was 21 days, while buyers paid 102.4% of the Home Report valuation on average.
In addition, the volume of property sales across the region rose 22.2% year-on-year, while property listings rose by 9.2%.
On a regional basis, homes in the City of Edinburgh had an average selling price of £302,863 on average, which is 1.3% less than the same time last year.
However, the decline was more pronounced in East Lothian where average selling prices fell 4.7% annually to a new average of £271,663.
In contrast, the localised nature of the Scottish property market was clearly evidenced in West Fife & Kinross and West Lothian, with both areas recording increases on their average property selling prices compared to May to July 2023 – up 9% and 11.6% respectively.
Properties in the sought-after Edinburgh South region achieved some of the highest prices, with homes in this part of the city selling for an average of £360,702 – again, similar to prices recorded last year.
Homes in the North West of Edinburgh saw some of the most drastic price changes, with a 15% annual increase in selling prices, taking the average cost of a property purchase in this area of the Capital to £340,946.
Dunfermline offered more affordable options than many other areas, with an average selling price of £209,181 – a 3.5% increase on the same time last year.
One-bedroom and two-bedroom flats in the city were among the most budget-friendly properties available, with average selling prices of £92,755 and £132,524 respectively, making them an ideal choice for first-time buyers or those in the earlier stages of their property journey.
Paul Hilton, CEO of ESPC, said: “The three months of May to July provide welcome news for both active buyers and sellers, and those thinking of buying or selling imminently.
“We’ve seen a very healthy market over this period, with supply and demand working well to satisfy the market’s needs and some reassuringly consistent figures when it comes to average selling prices and median selling times, especially that the current average selling price is so close to that of the same time last year, offering real stability.
“Clearly, both buyers and sellers are feeling much more confident in the market compared to last summer, and the recent announcement of the Bank of England’s decision to lower the interest rate should only serve to boost this in the months to come.”
He added: “When it comes to the most in-demand areas, it’s the usual suspects, with affordable and trendy areas like Leith, Dunfermline and Musselburgh coming up time and time again, especially for one- and two-bedroom flats, suggesting large volumes of either first-time or younger buyers choosing to set up home in these locations.
“The substantial leaps in sales volumes in these areas certainly hint at an influx of new residents excited to call these locations home.
“Overall, this month’s report is a positive read and should reassure buyers and sellers alike that there is plenty of confidence, optimism and most importantly choice in the market, and our solicitor estate agents are best placed to offer those hyper-local insights for anyone considering making a move this summer.
“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.”
