Average House Price Scotland - ESPC House Price Report - January 2025

Property Market Data - Key Points:

• The average selling price of property in Edinburgh, the Lothians, Fife and the Borders was £287,184 during November 2024 - January 2025, up 4.6% year-on-year.
• Properties achieved 101.6% of their Home Report valuation on average, down 0.1 percentage points on the same time last year.
• New property listings were down 2.1% while sales volumes increased 21.6%.
• The median selling time for property was 22 days, two days quicker than seen in the period November 2023 - January 2024.
• 21.6% of homes went to a closing date, up from 18.8% last year.

Strong increase in average selling price of property

The average selling price of property in Edinburgh, the Lothians, Fife and the Borders experienced a significant increase during November 2024 - January 2025, rising 4.6% annually to £287,184. This yearly rise demonstrates robust market demand even during traditionally slower months, resulting in the strong activity trends observed in the latter half of 2024 continuing into 2025.

We have experienced in an increase in the average selling price across the majority of areas covered in this report, most noticeably in West Fife & Kinross where the average selling price increased 11.8% to £231,582. Midlothian saw its average selling price rise to £260,237, an increase of 4.4% year-on-year, while Edinburgh’s average rose 3.6% to £300,744. In the Scottish Borders, property prices increased by 5.1% to £227,164, while in East Lothian, the average selling price dropped marginally 0.1% to £275,007. West Lothian also experienced a slight dip in average selling price, decreasing 0.6% to £241,818.

In the capital, Edinburgh North West saw a significant increase in average selling prices, with an annual rise of 20% resulting in the average cost of a home being £290,041. Highlighting the area as a popular place to live for easy commutes into the city centre, locations in Edinburgh North West saw notable growth. Kirkliston increased 37.1% year-on-year to an average price of £331,044, while the sought-after South Queensferry rose 17.4% to £273,420.

In the east of Edinburgh, ever-popular Leith saw notable increases with two-bedroom flats rising 12.5% annually to an average of £261,486. One-bedroom flats in Leith also saw a healthy increase, jumping up 8% year-on-year to £183,797. In Portobello, two-bedroom flats enjoyed an increase of 11.7% annually, to an average selling price of £303,516.

Overall market stability demonstrated through Home Report valuations

Property sales from November to January continued to sell for closer to their Home Report valuation, with homes selling for an average of 101.6% of their valuation. However, this represents only a 0.1 percentage point drop compared to the same period last year, indicating a slowdown in the decline and further emphasizing the trend of market stability that we've seen in recent months. Further reinforcing this steady trend year-on-year, 72.5% of homes on the market sold for at least their Home Report valuation which is exactly the same as November 2023-January 2024.

All but two of the areas covered by ESPC experienced a decrease in the amount over the Home Report valuation paid by buyers; West Fife & Kinross rose 1.9% points to a healthy 103.2% over the Home Report valuation, and Edinburgh increased 0.1% to 101.9%.

Although experiencing a decrease in percentage points of 0.8 and 1.1 respectively, Midlothian and East Lothian still achieve average selling prices above the Home Report valuation. In East Lothian, sellers on average will achieve 101.9% above the Home Report valuation, and the figure for Midlothian sits at 101.2%.

In Edinburgh, where properties achieved 101.9% of their valuation, it was Edinburgh East that commanded the highest demand, with an average of 103.5%. Taking a more granular look at this area, the data shows that the neighbourhoods of Willowbrae, Easter Road and Portobello performed particularly well. Willowbrae attained 106.5% of the Home Report valuation, with Easter Road close behind at 106.3% and Portobello also achieving a healthy 105.3%.

Strong demand from buyers with speedy sales across the regions

The market was a little more dynamic than the same period the previous year, with the median selling time of a property being 22 days, which is two days faster than November 2023-January 2024.

West Fife & Kinross boasted the fastest-selling properties, with homes going under offer in just 14 days. This was five days faster than the median time recorded for the area in November 2023-January 2024. By contrast, neighbouring East Fife was the slowest to sell, with homes taking 37 days to be snapped up – this is ten days slower than the same time last year.

In an interesting swing, properties in West Lothian sold on average, 17 days quicker than last year, with a median selling time of 22 days.

Two-bedroom houses in Dunfermline were the quickest-selling property type overall, with eager buyers snapping up these properties in only eight days – this is seven days faster than the median selling time of November 2023-January 2024.

Tying into where the highest premiums were paid, one-bedroom and three-bedroom flats in Portobello sold very quickly, flying off the market in just 17 days. Two-bedroom flats in Willowbrae sold in just 8 days, which was 13 days quicker than the previous year.

Strong start to the year with sales up 21.6%

Despite a slight decrease of 2.1% in the number of properties coming onto the market in November 2024-January 2025 compared to the previous year, sales volumes were remarkably higher. This year saw an increase of 21.6% in sales, hinting at increasing numbers of buyers in the market in comparison to winter 2023/24, which can only be positive news.

Leith continued to prove popular with buyers, as it secured the highest volumes of property sales, along with a substantial 34.5% increase compared to the previous year. Despite a slight decrease in sales volumes of 3.6% year-on-year, Dunfermline was the most sought-after location for property purchases.

In the north of the capital, the appealing suburb of Trinity continued its attractiveness to potential buyers with a sales volume increase of 81.3% year-on-year. Meanwhile, in East Lothian, Musselburgh, with it’s fantastic links to the city centre of Edinburgh, saw a huge surge in sales of 86.3%.

Looking at property types, two-bedroom flats in Leith were the biggest sellers, with sales volumes for this property type up 30% year-on-year. They were closely followed by one-bed flats in the same location; the sales volume of this property type increased by 36.4%, hinting at an influx of new buyers in the market looking to purchase for the first time.

Gorgie has been widely regarded as an emerging neighbourhood, and data from this three-month period highlights its growing appeal among buyers. Sales of one-bedroom flats in Gorgie saw a significant increase of 65%, a trend that comes as no surprise given that this is one of the most affordable property types in Edinburgh.

Outside of the Capital, four-bedroom houses in Dunfermline were the biggest sellers, seeing an increase in sales volume of 61.1% compared to November 2023-January 2024.

Steady volumes of new homes coming to the market

Despite the 2.1% drop in the volume of homes coming onto the market in November 2024-January 2025 compared to the previous year, there was still a decent amount of choice for potential buyers. However, the slight decrease would have brought more competition during the period, resulting in homes going under offer two days quicker than the previous period.

In a trend seen for many months, Dunfermline, Leith and Corstorphine generated the highest levels of property listings. Although achieving the most insertions, Dunfermline managed just a 1% increase year-on-year, while Leith was up 22.6%, and Corstorphine had 30.9% more listings than the same time the previous year.

Once again, two-bedroom flats in Leith were the most commonly listed, followed by three-bedroom houses in Dunfermline. There was a notable increase in the volume of one-bedroom flats in Gorgie coming on to the market, with levels rising 76.9% year-on-year, highlighting its potential as a great place to buy in the capital for first-time buyers.

It was good news for sellers when it came to marketing their properties too; 85.1% of homes were listed using the ‘offers over’ pricing structure, up from 75.5% the previous year.

What does it mean for the local property market?

CEO Paul Hilton commented: "The property market is usually much quieter between November and January, however there was a lot of positivity. Overall, the market has remained relatively stable, and although property listings have remained at similar levels, sales volumes have risen significantly."

"Buyers continue to have a wider range of options, particularly those looking for one- and two-bedroom flats in popular areas of Edinburgh. This may be due to an increasing number of landlords choosing to leave the rental market and sell their properties in response to ongoing legislative changes, such as the increase in Additional Dwelling Supplement (ADS) from six percent to eight percent. The average selling price continues to rise at a steady pace, showing strong market demand even in typically slower periods."

"Dunfermline, along with the areas surrounding Leith and East Edinburgh, remains a property hotspot, particularly popular with first-time buyers and those upgrading to their first family homes. There have also been positive signs in West Lothian, with homes being snapped up far quicker at this time of year compared to the previous year."

“If you’re thinking of buying or selling a property in Edinburgh, the Lothians, Fife, or the Borders, contact your local ESPC solicitor estate agent today.”