The housing market across Edinburgh, the Lothians, Fife, and the Borders ended 2024 on a strong note, marked by rising prices, faster sales, and increased market activity.
ESPC’s latest report revealed that the average property price rose by 5.8% year-on-year during October to December, reaching £286,017. The robust price growth reflects continued healthy demand, even during typically quieter months.
West Fife & Kinross recorded the largest annual increase in average prices, climbing 17.5% to £229,004, with Dunfermline showing an impressive 29.3% rise.
Edinburgh also experienced notable gains, with North West Edinburgh seeing a 21.9% increase to £316,219 and the city centre rising by 15.1% to £343,793.
Demand in these areas is believed to be influenced by the anticipated VAT increase for private schools, prompting families to seek homes near well-regarded state schools.
Sales activity rose significantly, with volumes increasing by 25.1% compared to the same period in 2023. Dunfermline led in terms of property sales, followed by Edinburgh’s Leith and Corstorphine.
Listings also rose by 4.4%, indicating continued seller confidence. Two-bedroom flats in Leith remained the most sought-after property type, with a 35.6% increase in sales volumes year-on-year.
Despite high demand, the premium paid over Home Report valuations fell slightly, with properties achieving an average of 101.9% of their valuation—just 0.4 percentage points lower than in late 2023.
However, certain areas, including East Edinburgh, continued to see significant competition, with properties around Leith Walk, Easter Road, and Pilrig fetching 105.4% of their valuation on average. Willowbrae recorded the highest buyer demand, with half of the properties listed going to a closing date.
Median selling times improved, with properties going under offer in an average of 21 days—one day faster than during the same period last year. Homes in West Fife & Kinross sold the quickest, taking just 14 days to go under offer, while East Fife was the slowest at 42 days.
Paul Hilton, CEO of ESPC, commented on the findings: “The final three months of 2024 saw the year end on a positive note for the housing market, with incredibly healthy levels of activity across the board. We’ve seen everything from rising property prices to decreasing sales times, and generous increases in the volumes of both property listings and property sales—key indicators of a buoyant market.”
He added: “Dunfermline and East Edinburgh stand out as particularly active markets, driven by demand from families and first-time buyers. With private school VAT increases on the horizon, we’re likely seeing families move towards properties near strong state schools earlier than expected. If you’re thinking of buying or selling in these regions, contact your local ESPC solicitor estate agent for the latest insights.”
