The property market across Edinburgh, the Lothians, Fife, and the Borders has witnessed a significant upswing in sales volumes, demonstrating a 13.4% increase compared to the previous year during the December 2023 to February 2024 period.
Data from ESPC shows that Leith leads the pack in sales volume, appealing particularly to those drawn to its vibrant setting. Following close behind is Corstorphine, a family-friendly locale which has seen a remarkable 105.3% jump in sales volumes. Although Dunfermline observed a dip in sales by 15.4%, it remains a hotspot with the highest number of new listings, offering a wide selection for discerning buyers.
Midlothian areas, recognized for their convenience to Edinburgh, are becoming increasingly popular. Bonnyrigg, Dalkeith, and Penicuik all feature in the top ten areas for sales, with notable increases in property turnover.
Two-bedroom flats in Leith were the property type with the highest increase in sales volume at 26.5%, while one-bedroom flats in the same area also saw a surge of 21.7%. Three-bedroom houses in Dunfermline came in third, marking a 30% increase from last year.
New listings have seen a substantial rise of 21.8%, suggesting a robust market with plenty of choices for buyers. Dunfermline led the new listings, followed by Leith and Corstorphine. However, Musselburgh experienced a slower pace in new market entries, showing a 12.3% decline.
The average selling price across the regions slightly decreased by 0.9% to £271,624, with variations across specific areas. While West Fife & Kinross saw a 5% increase in average property prices, East Fife encountered a decline due to a higher number of lower-priced home sales. Edinburgh’s average property price slightly dipped by 1.4%, with variations across different city areas.
In terms of property valuations, the average home achieved 101.2% of the Home Report valuation, a 2.3 percentage point drop from the previous year, suggesting a more favorable market for buyers and sellers alike.
The median selling time for properties was 27 days, five days slower than last year, with West Fife & Kinross homes selling the quickest. The proportion of properties going to a closing date decreased to 19.6%, indicating less pressure on buyers to make competitive bids.
Paul Hilton, CEO of ESPC, commented on the market’s shift: “The property market over the last three months seems to be favoring buyers, which bodes well for the market overall, and for sellers looking to make onward purchases. An increased number of homes for sale leads to a slower sales pace, fewer closing dates, and less need for significant overbids. This balance of buyers and sellers is encouraging for those looking to move up the property ladder.”
Sellers are advised to work with their solicitor estate agents to develop an effective pricing strategy and presentation of their homes to stand out in a crowded market. With strong buyer interest in traditionally more affordable areas, it is evident that localities such as Dunfermline, Leith, Musselburgh, and Corstorphine remain favoured month after month.
Hilton adds, “If you’re considering entering the property market in Edinburgh, the Lothians, Fife, or the Borders, now is a strategic time to consult with your local ESPC solicitor estate agent.”
