ESPC: Leith leads as property confidence grows

ESPC: Leith leads as property confidence grows

The property market across Edinburgh, the Lothians, Fife, and the Borders has shown encouraging signs, marked by increased confidence among homeowners and a surge in property sales volumes, according to the latest ESPC House Price Report.

Property sales volumes in the region rose by 13.4 per cent annually from December 2023 to February 2024.

Among the top-performing areas, Leith emerged as the leader with a 105.3 per cent increase in sales volumes. Corstorphine, known for its family-friendly environment, followed closely with a surge of 105.3 per cent. Dunfermline, despite a 15.4 per cent decrease in sales volumes, presented a significant number of new property insertions.

The influx of new properties coming to the market witnessed a 21.8 per cent increase. Dunfermline led in property listings with a 22.9 per cent rise.

Two-bedroom flats in Leith dominated sales, experiencing a 26.5 per cent annual increase, showcasing the sustained popularity of this property type. One-bedroom flats in Leith were the second most-popular choice among buyers, with sales volumes up 21.7 per cent.

Average selling prices remained stable across the region, with a modest 0.9 per cent decrease to £271,624 annually. Regional variations included a 5 per cent rise in West Fife & Kinross, in contrast to a 10.6 per cent decrease in East Fife.

Homes achieved 101.2 per cent of their Home Report valuation on average, marking a 2.3 percentage point decrease. This shift towards lower premiums benefits buyers, with East Fife experiencing the most significant decrease at 4.4 percentage points.

The median selling time increased by five days to 27 days annually, reflecting buyers’ increased deliberation. Notably, closing dates decreased to 19.6 per cent, indicating reduced competitiveness and a buyer-friendly market.

Paul Hilton, CEO of ESPC, explained: “The property market during the last three months appears to be working in buyers’ favour, which can only be good news for the market, and for sellers who plan to make onward purchases.

“A higher volume of homes for sale means that in turn, homes sell at a slower pace, fewer closing dates are set, and there is a reduced need to make significant overbids to secure homes. We need buyers with intention and drive, and for the market to make it possible for them to purchase – this appears to be the case currently, with a good balance of buyers and sellers compared to previous years, which will help everyone move on up the ladder.

“This is filtering through to sellers too, who are continuing to show confidence in the market, by listing their homes at offers over and continuing to list their homes in droves, despite news of increased competition.”

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