The average selling price of property in Edinburgh, the Lothians, Fife and the Borders was £284,624 during May to July 2024, which is almost exactly the same as the average seen in May to July 2023 (£284,167), according to the latest ESPC House Price Report. 

According to ESPC, the figure “clearly demonstrates” that the Scottish market has been operating well and “offering great opportunities for buyers and sellers alike to make informed choices when moving home”.

Homes in the City of Edinburgh had an average selling price of £302,863, which is 1.3% less than the same time last year. 

However, the decline was more pronounced in East Lothian, where average selling prices fell 4.7% annually to a new average of £271,663. 

By contrast, the localised nature of the Scottish property market was clearly evidenced in West Fife & Kinross and West Lothian, with both areas recording increases on their average property selling prices compared to May to July 2023: up 9% and 11.6% respectively.

Properties in the sought-after Edinburgh South achieved some of the highest prices, with homes in this part of the city selling for an average of £360,702 – again, very similar to prices recorded in May to July 2023 (just a 0.2% difference year-on-year).

Homes in the popular North West of Edinburgh saw some of the most drastic price changes, with a 15% annual increase in selling prices, taking the average cost of a property purchase in this area of the capital to £340,946.

Dunfermline offered more affordable options than many other areas, with an average selling price of £209,181 – a 3.5% increase on the same time last year. One- and two-bedroom flats in the city were among the most budget-friendly properties available, with average selling prices of £92,755 and £132,524 respectively, making them an ideal choice for first-time buyers or those in the earlier stages of their property journey.

Paul Hilton, CEO of ESPC, said: “The three months of May to July provide welcome news for both active buyers and sellers, and those thinking of buying or selling imminently. 

“We’ve seen a very healthy market over this period, with supply and demand working well to satisfy the market’s needs and some reassuringly consistent figures when it comes to average selling prices and median selling times, especially that the current average selling price is so close to that of the same time last year, offering real stability.

“Clearly, both buyers and sellers are feeling much more confident in the market compared to last summer, and the recent announcement of the Bank of England’s decision to lower the interest rate should only serve to boost this in the months to come.”