ESPC: Buyer’s market emerges as listings rise and sales slow

ESPC: Buyer's market emerges as listings rise and sales slow

The average property selling price in Edinburgh, the Lothians, Fife, and the Borders declined 4.6% year-on-year to £272,096 between September 2023 and February 2024, according to ESPC.

The Property Market Report, for September 2023 to February 2024, recorded The City of Edinburgh properties as the most expensive at an average of £290,445, while the Borders were the “most affordable” at £208,987. One-bedroom flats in Galashiels were the cheapest property type at £62,045 on average.

During the period, buyers paid 102% of home report valuations on average, down 3.5 percentage points year-on-year. Though listings rose 10.4%, sales volumes fell 1.3%. Properties took 24 days to sell, six days slower than the previous year, with 20.3% going to a closing date.

In Edinburgh, the eastern neighbourhoods saw a 1.7% price rise to £264,477 as the southwest surged 13.5% to £335,069. One-bedroom flats around Polwarth rose 7.3% to £210,986, indicating first-time buyer demand. Buyers paid 102.1% of Home Report valuations, down 3.2 percentage points.

Across East Lothian, the average price was £271,417, down 11.9%. In Midlothian, it rose 2.1% to £259,851 as buyers sought affordable alternatives to Edinburgh. West Lothian saw the biggest increase at 8.1% to £246,181 amid high demand for family homes.

The Scottish rental market cooled in Q4 2023, but remained competitive, according to Citylets. Edinburgh’s average rent rose 9.7% to £1,503, with one-beds up 14% to £1,052. Properties took 18 days to let, four days longer than 2022.

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