Less Scaremongering and More Straightforward - Housing Market May 2024

What’s going on with the housing market in May 2024?

“Cost of Living Crisis” and pending elections are the latest culprits for apparently spooking the ever-shaky housing market. The ESPC’s House Price Report for April 2024 outlines what’s actually going on. Based on stats and not the headlines.

Property Prices

The average selling price of property across Edinburgh, the Lothians, Fife and the Borders during February-April 2024 was up 1.5% from last year to £269,963. Although Edinburgh saw a 1.8% increase to a £285,585 average selling point, the Borders dipped by 1.8% to an average selling point of £207,593. Prices rose a whopping 9.8% annually for two-bedroom flats in Leith, The Shore and Granton to an average of £248,337. Are we starting to see the effects of the trams?

What are they selling for?

Buyers paid 101.6% of the Home Report valuation on average from February-April 2024, down 1.1% from February-April 2023. It’s believed this coincides with the 19.4% increase in properties coming to marketing during this period last year. More options for buyers mean less need for highly competitive bidding or moving at speed to secure a property.

How long are homes on the market in Edinburgh?

Properties took a median time of 33 days to go under offer, six days slower year-on-year. However for popular areas, like one-bedroom flats in Leith, there was a median selling time of 16 days, 4 days faster than this time last year.

What’s next?

Shawn Wood, Head of Conveyancing at Watermans, said

“We are hopeful that interest rates will begin to drop next month, making it easier for people to buy as monthly mortgage payments will reduce. Lower mortgage rates will give buyers more confidence in the market, allowing them to make the step up from 2 bed flats to 3 and 4 bed houses. A knock-on effect of this is that the market will become more competitive, so I would encourage buyers to act quickly if they see a property that they like.”

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Our property expert

“My clients would describe me as being approachable, down to earth and easy to get on with. This allows me to build relationships with my clients and provide straightforward legal advice without all the jargon.”

Shawn Wood, Head of Conveyancing