The ESPC’s latest House Price Report reveals a nuanced picture of the property market across Edinburgh, the Lothians, Fife, and the Borders, with different areas reflecting varied changes in property values and selling times.
The average selling price across these regions held steady at £287,820, a marginal increase of 0.4% in comparison to the same time last year. East Lothian and Midlothian saw small increases in selling prices, around 2%, taking averages there to £289,387 and £256,027 respectively.
Contrastingly, West Lothian experienced the largest decrease of 8.2%, taking the average selling price to £242,323, possibly due to increased sales of lower-value properties. Other declines were noted in West Fife and Kinross, which dipped 4.4%, and the Borders, where the average decreased by 2.8%.
In Edinburgh itself, varied trends emerged, with a 6% decrease in the average selling price in the city centre, while the suburbs of the South West saw a rise of 7.4% to £380,382.
Dunfermline offered the most affordable property, with two-bedroom flats selling for an average of £143,452, and other areas including Musselburgh, Gorgie, and Dunfermline offered good options for first-time buyers.
Homes across the region achieved an average of 103.8% of their Home Report valuation, down 4.8 percentage points from last year. Sales volumes decreased by 10.3%, with median selling times increasing by six days. Fixed-price listings marked a significant shift, up 62% from last year.
One-bedroom flats in Leith sold in the highest volumes, increasing 25% year-on-year, and Dunfermline had the most homes listed for sale, showing a 0.6% increase from last year. Leith’s property volumes also went up by 5.7%.
Paul Hilton, CEO of ESPC, said: “The start of summer is traditionally a quieter period for the property market, and along with the current financial climate, the figures from ESPC’s latest House Price Report are not unexpected.
“It’s clear to see that the market is holding well and while the frenzy of the past few years has slowed, the market is still performing very well overall.”
