The Property Market Report, for September 2023 to February 2024, recorded The City of Edinburgh properties as the most expensive at an average of £290,445, while the Borders were the “most affordable” at £208,987. One-bedroom flats in Galashiels were the cheapest property type at £62,045 on average.

During the period, buyers paid 102% of home report valuations on average, down 3.5 percentage points year-on-year. Though listings rose 10.4%, sales volumes fell 1.3%. Properties took 24 days to sell, six days slower than the previous year, with 20.3% going to a closing date.

In Edinburgh, the eastern neighbourhoods saw a 1.7% price rise to £264,477 as the southwest surged 13.5% to £335,069. One-bedroom flats around Polwarth rose 7.3% to £210,986, indicating first-time buyer demand. Buyers paid 102.1% of Home Report valuations, down 3.2 percentage points.

Across East Lothian, the average price was £271,417, down 11.9%. In Midlothian, it rose 2.1% to £259,851 as buyers sought affordable alternatives to Edinburgh. West Lothian saw the biggest increase at 8.1% to £246,181 amid high demand for family homes.

The Scottish rental market cooled in Q4 2023, but remained competitive, according to Citylets. Edinburgh’s average rent rose 9.7% to £1,503, with one-beds up 14% to £1,052. Properties took 18 days to let, four days longer than 2022.