Paul Hilton

The City of Edinburgh saw its average selling price rise 4.7% to £307,850, making it the most expensive place throughout the regions in which to buy a property. By contrast, West Fife was the most affordable region, with an average property selling price of £229,635, although this is 5.8% higher than in the same time period last year.

The Borders experienced a significant 8% boost in selling prices, meaning the average cost of a property there was £240,052.

Within the Capital itself, the sought-after South of the city was the highest-priced area to buy a home, with properties in this coveted location costing £366,241 on average (9.7% more than they did in July-September 2023). The city centre experienced a substantial rise in average prices too, with a 14.1% leap taking the new average to £349,278.

The popular city of Dunfermline experienced a similar rise in fortunes, with a 9.2% annual increase in average selling prices meaning that the new average was £218,503. However, Dunfermline remained among the most affordable places overall; one-bedroom flats in the city were the cheapest properties on the market throughout Edinburgh, the Lothians, Fife and the Borders, selling for an average price of £98,150.

The median selling time of property across Edinburgh, the Lothians, Fife, and the Borders was 22 days, which is two days slower than the same time last year. However, this is to be expected as listing volume has increases leading to buyers spending more time to view the larger numbers of properties on the market.

West Fife and Kinross was the area where properties sold the fastest, with a median selling time of only 15 days (although this is one day slower than the same time last year). By contrast, neighbouring East Fife was the slowest-selling area, with a median selling time of 34 days – 14 days slower than July-September 2023.

West Lothian experienced the biggest shift in selling times; here, the median selling time sped up by 18 days year-on-year, with homes selling in 20 days compared to 38 days in July-September last year.

In Edinburgh, unsurprisingly the fastest-selling properties were in the East of the city, with a median selling time of 19 days. Three-bedroom houses in Galashiels were the homes that went under offer in the quickest time, taking only eight days to be snapped up by keen buyers.

Paul Hilton, CEO of ESPC, said: “The past few months have seen some real reasons to be cheerful when it comes to the property market, and September’s report offers more of the same.

“There’s been a healthy boost to average selling prices, which is great news for sellers, while for buyers, the volumes of properties coming onto the market, and the reduction in the amount of Home Report valuation paid on average offers plenty of opportunities that were lacking in recent years, especially for those looking to take their first steps onto the property ladder.

“It’s fantastic to see a return to high confidence in the market from buyers and sellers alike, which will keep the market moving well into the autumn months.”

Mr Hilton continued: “As ever, the East of Edinburgh and especially Leith is proving to be a mainstay when it comes to property hotspots, while Dunfermline has seen a significant leap in average selling prices which hints at increasing demand from buyers in the city. West Lothian and the Borders have also seen some positive uplifts in the data coming from these regions, which is great news for homeowners in the local area.

“With so much happening in the market, there appears to be little sign of slowing down, with high confidence and plenty of options available for those thinking of making a move.”