ESPC House Price Report: April 2024
Property Market Data - Key Points:
- The average selling price of property across Edinburgh, the Lothians, Fife and the Borders during February-April 2024 was £269,963, an annual increase of 1.5%.
- Property insertions rose 19.4% year-on-year, while sales declined a marginal 0.1%.
- Buyers paid 101.6% of the Home Report valuation on average.
- Properties took a median time of 33 days to go under offer, six days slower year-on-year.
- 20.4% of properties for sale set a closing date.
What were property prices like in April 2024?
The average selling price of property across Edinburgh, the Lothians, Fife and the Borders during February-April 2024 was £269,963, which is 1.5% higher than the same time the previous year.
ESPC data reveals that across the core areas, average selling prices experienced marginal increases and decreases that hovered around 2%. Edinburgh was the most expensive area in which to buy a property, with average selling prices reaching £285,585 (an increase of 1.8% year-on-year). Meanwhile, the Borders was the most affordable place, with property prices sitting at £207,593 on average, a decrease of 1.8% compared to February-April 2023.
Digging deeper into specific areas, the well-heeled Edinburgh suburb of Fairmilehead was the most expensive neighbourhood to buy a home, with properties here selling for an average of £471,549. Conversely, the cheapest location was the charming Borders town of Galashiels, where a home could be snapped up for £134,223 on average.
If we examine Edinburgh’s property market in closer detail, Edinburgh South was the most expensive place in Edinburgh to buy a home, at £363,053 on average, while Edinburgh West offered the most affordable properties in the capital, selling for £192,508.
Delving deeper and looking at particular property types, two-bedroom flats in Leith, The Shore and Granton were especially sought-after, with prices rising 9.8% annually to £248,337. Alongside this, three-bedroom houses in popular, family-friendly suburbs also experienced significant increases in selling prices: three-bedroom houses in Liberton and Gilmerton leapt 24% to £325,984.
The most affordable property type on the market was two-bedroom flats in Dunfermline, with an average selling price of £114,037. Interestingly, the city of Dunfermline experienced a sharp rise in prices over this period; the average selling price overall was £200,455, which is 6.6% higher than the same time last year.
How much of the Home Report valuation did buyers pay in April 2024?
Buyers continued to make the most of a highly saturated property market during February – April 2024, as they were able to secure properties closer to the Home Report valuation. Continuing a trend we’ve seen over the last few months, buyers paid 101.6% of the Home Report valuation on average, which is 1.1 percentage points less than in February – April 2023.
Overall, all the reported areas experienced a decline in the amount over the Home Report valuation buyers were willing to offer. Buyers paid the highest premium to live in Edinburgh, with the average successful bid sitting at 102% of the valuation figure, which is 0.8% less than the same time last year. However, there was huge variation in the trends within the Capital: properties for sale in Edinburgh City Centre attained 99.9% of the Home Report valuation on average (1.7 percentage points down on last year), while in the West of Edinburgh, buyers bid 108.1% of the valuation on average, which is 5.7 percentage points higher year-on-year.
Buyers could pick up a bargain in West Lothian, with homes attaining 99.8% of their valuation figure on average, 1.5 percentage points less than last year.
These figures are reflected in the overall data, which shows that 69.1% of homes for sale during February - April 2024 sold for at least their Home Report valuation, which is down from 77% in February – April 2023.
How long did properties take to go under offer in April 2024?
The average selling time across Edinburgh, the Lothians, Fife and the Borders during February – April 2024 was 33 days, which is six days slower than the same time last year.
Homes in West Fife and Kinross sold the quickest, taking 22 days to go under offer, although this is also six days slower than February – April 2023. Properties in the Borders were the slowest to sell, going under offer in 42 days, which is ten days slower year-on-year.
The quickest-selling properties were two-bedroom flats in Bonnington, and one-bedroom flats in Leith, which had median selling times of 16 days (a year-on-year decrease of 12 days and four days respectively), showing how in-demand these areas are.
Properties in Craigentinny, also in Edinburgh East, proved particularly popular – homes here sold the fastest overall, in just 13 days, and 60% of properties for sale in this neighbourhood went to a closing date. Buyers also paid a premium, offering an average of 105.7% of the Home Report valuation to live in this locale.
20.4% of properties for sale across Edinburgh, the Lothians, Fife and the Borders went to a closing date during February – April, which is down from 23% at the same time in 2023.
How many properties came onto the market in April 2024?
There was a significant uplift in the volume of properties coming on to the market during February – April, with insertions increasing by 19.4% year-on-year. This is good news for buyers, who can enjoy a wealth of options to choose from, thus reducing the need for highly competitive bidding or moving at speed to secure a property. Sellers making an onward purchase can also benefit from this.
Dunfermline had the highest volume of new property listings, with volumes 15.8% higher year-on-year. Leith was in second place, where volumes rose by 37.1% annually, and Corstorphine had the third-highest levels of insertions, up 25.2% on February – April 2023.
84.6% of properties that came onto the market were listed for ‘offers over’, which is up 5.3% on the same time last year and indicates high confidence from sellers, even in a saturated market.
What were property sales like in April 2024?
Property sales volumes across Edinburgh, the Lothians, Fife and the Borders stayed much the same in February – April 2024 as the previous year, with a marginal decline of 0.1%. This, coupled with the sharp rise in property insertions, indicates a wealth of properties on the market but a lack of able buyers, which results in the slower selling times, fewer closing dates and the lower overbids made by buyers who feel less pressure to act competitively.
Two-bedroom flats in Leith were once again the top-selling property, with sales volumes increasing 8.7% year-over-year. They were followed by three-bedroom houses in Dunfermline (of which sales volumes decreased 10.3% annually), and one-bedroom flats in Leith, volumes of which were down 14.8% compared to the same time last year.
What does it mean for the local property market?
Paul Hilton, CEO of ESPC, commented: “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.
“If you’re thinking of buying or selling a home in Edinburgh, the Lothians, Fife or the Borders, contact your local ESPC solicitor estate agent today.”
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