Average House Price Scotland - ESPC House Price Report - November 2024

Property Market Data - Key Points:

• The average selling price of property across Edinburgh, the Lothians, Fife and the Borders rose 5.3% annually to £286,263 during September-November.
• Sales volumes rose by a significant 24.1% compared to the same time last year.
• New property listings rose by 7.4% year-on-year.
• Properties achieved 102.1% of their Home Report valuation on average, just 0.6 percentage points less than at the same time last year.
• 21.8% of properties on the market went to closing dates, an increase of 1 percentage point annually.

Average selling prices experienced significant increases across the board

The average selling price of property across Edinburgh, the Lothians, Fife and the Borders saw a significant 5.3% boost during September-November 2024, compared to the same time last year, taking the new average price to £286,263.

All regions (with the exception of East Fife) experienced healthy boosts to their average selling prices; West Fife & Kinross experienced an 11.2% annual rise, taking the average there to £228,389, while the Borders’ 9.1% increase meant properties sold for an average price of £214,973.

Edinburgh’s average selling price enjoyed a 4.3% annual boost to £306,320, making it the most expensive region to buy a home in. In the city centre, property prices rose by a substantial 8.8% year-on-year, with a new average selling price of £342,540.

Dunfermline offered a mix of results; its average selling price was £228,574, a significant increase of 20.2% compared to September-November 2023. However, two-bedroom flats in the city were the most affordable properties on the market overall, coming in at £124,541 on average. This indicates that the city is increasingly popular with buyers at a variety of life stages, with something to suit across a range of budgets. The figures reveal that two-bedroom properties in the city sold in the highest volumes overall, but there were increasing volumes of three- and four-bedroom houses sold, which has likely contributed to the significant boost in the city’s average selling prices.

The most expensive neighbourhood in which to buy a property was Edinburgh’s affluent Grange area, where the average selling price was £611,866 – almost double Edinburgh’s overall average. Jedburgh in the Scottish Borders was the most affordable location, with homes in the town selling for £143,467 on average.

Sales volumes increased significantly across the regions

Continuing a pattern we’ve seen over the past few months, property sales volumes across Edinburgh, the Lothians, Fife and the Borders increased once again – in September-November, volumes were up 24.1% compared to the same time last year.

Unsurprisingly (and continuing a trend we’ve seen throughout 2024), two-bedroom flats in Leith were the top-selling property type and most in-demand with buyers. Indeed, sales volumes of these properties were up a substantial 48.8% on September-November 2023.

The subsequent most-popular properties to sell were four-bedroom houses in Dunfermline, followed by three-bedroom houses in Dunfermline and one-bedroom flats in Leith. This tells us that there appears to be a significant number of first-time buyers and young professionals buying first- or early-stage homes in Leith, while Dunfermline appears to be attracting family buyers in their droves.

Insertions continued to increase, offering buyers abundant options

Once again continuing trends we’ve seen over the last few months, September-November appeared to offer a strong market for buyers, with the volume of properties coming onto the market increasing again, this time by 7.4% year-on-year. This means that there were plenty of options available for buyers, lessening competition and allowing buyers more opportunities to secure their ideal home.

Dunfermline offered the greatest volume of insertions, with the level of properties coming onto the market in the city up 17.2% compared to the same time last year.

In another sign of strong confidence in the market, despite rising numbers of available properties, 81.9% of sellers chose to list their properties using the ‘offers over’ marketing method (as opposed to listing for a fixed price) – a figure which is almost 10 percentage points higher than it sat during the same time last year.

Properties achieved less of their Home Report valuation, with some significant exceptions

Properties for sale across Edinburgh, the Lothians, Fife and the Borders achieved 102.1% of their Home Report valuation on average during September-November. This is just 0.6 percentage points less than in the same time last year, hinting at good consistency in the market and offering some reassurance for sellers that the market remains fairly predictable.

Indeed, across all the regions covered, only two areas saw a rise in the amount of Home Report valuation that buyers paid: West Fife and Kinross experienced an increase of 1.7 percentage points, while West Lothian’s average increased by a marginal 0.1 percentage point.

West Fife & Kinross was clearly in high demand with buyers (as we’ve seen from the figures pertaining specifically to Dunfermline), as buyers paid the highest premium to live in this region; properties for sale in the area achieved 103.6% of their Home Report valuation on average.

By contrast, the Scottish Borders offered the best bargain for buyers on a budget, with homes in the region achieved 99.5% of their Home Report valuation on average.

If we look at specific neighbourhoods, buyers paid the highest premium to live in the popular Edinburgh suburb of Willowbrae; properties here attained 107.9% of their Home Report valuation, hinting at strong demand for this family-friendly pocket of the city.

Overall, 75.5% of properties sold for at least their Home Report valuation, which is down slightly on last year (76.7% of properties achieved this in September-November 2023).

Time to sell remains consistent, but West Fife moves at a faster rate

Properties across Edinburgh, the Lothians, Fife and the Borders had a median selling time of 21 days during the three months of September-November, which is no change from the same period last year.

West Fife & Kinross was the fastest-selling region, with homes selling in just 15 days. It’s also the area that had the biggest shift in selling times year-on-year, as homes sold five days faster than they did in September-November 2023. Within the region, Dunfermline saw incredibly fast selling times, with homes selling in only 13 days (this is 11 days faster than the same time last year).

By contrast, neighbouring East Fife was the slowest-selling region, with homes taking 35 days to go under offer, which is two days slower than we saw last year.

Examining specific property types, two-bedroom houses in Dunfermline were the quickest sellers overall, with buyers snapping them up in a median time of only nine days.

21.8% of properties for sale went to a closing date, which is one percentage point higher than at the same time last year. Edinburgh’s leafy Duddingston was in the highest demand with buyers, as 50% of the properties listed for sale here set a closing date.

What does it all mean for the property market?

Paul Hilton, CEO of ESPC, said: “This month’s figures offer a fascinating insight into the current property market across Edinburgh, the Lothians, Fife and the Borders. It’s clear to see that there’s one standout region in West Fife & Kinross, and one standout city that’s grabbing plenty of attention: all signs are pointing to a real surge in popularity and demand for Dunfermline, with properties of various types and sizes commanding plenty of attention from buyers. The clear demand for family homes is certainly suggestive of increasing numbers of families and second steppers relocating to the city, while the interest in two-bedroom flats and houses certainly indicates that younger buyers are also interested in calling this city home.

“Elsewhere, it’s great to see yet another month of high sales volumes and increasing property listings, showing in no uncertain terms that the market remains incredibly active – something that should offer buyers and sellers alike plenty of reasons to feel confidence and optimism in their own property journeys. Property prices have risen overall compared to last year, but the premiums paid by buyers remain fairly consistent, largely thanks to the increasing numbers of properties on the market helping to maintain a level of balance and healthy competition. The autumn is typically a period where the market begins to slow, so it’s great to see that this autumn has bucked all the trends on that front, with plenty of prospective buyers and homeowners looking to make a change ahead of the New Year.

“As ever, if you’re considering buying or selling a property in Edinburgh, the Lothians, Fife and the Borders, consult your local ESPC solicitor estate agent for the most up-to-date information and local market insights.”