The average selling price of property across Edinburgh, the Lothians, Fife and the Borders during February-April 2024 was £269,963, which is 1.5 per cent higher than the same time the previous year.

ESPC data reveals that across the core areas, average selling prices experienced marginal increases and decreases that hovered around two per cent. Edinburgh was the most expensive area in which to buy a property, with average selling prices reaching £285,585 (an increase of 1.8 per cent year-on-year). Meanwhile, the Borders was the most affordable place, with property prices sitting at £207,593 on average, a decrease of 1.8 per cent compared to February-April 2023.

The Edinburgh suburb of Fairmilehead was the most expensive neighbourhood to buy a home, with properties here selling for an average of £471,549. Conversely, the cheapest location was the charming Borders town of Galashiels, where a home could be snapped up for £134,223 on average.

The south of the city was the most expensive place in the city to buy a home, at £363,053 on average, while the West offered the most affordable properties, selling for £192,508.

Two-bedroom flats in Leith, The Shore and Granton were especially sought-after, with prices rising 9.8 per cent annually to £248,337. Alongside this, three-bedroom houses in popular, family-friendly suburbs also experienced significant increases in selling prices: in Liberton and Gilmerton, the average selling price for a three-bedroom house leapt 24 per cent to £325,984.

The most affordable property type on the market was two-bedroom flats in Dunfermline, with an average selling price of £114,037. Interestingly, the city of Dunfermline experienced a sharp rise in prices over this period; the average selling price overall was £200,455, which is 6.6 per cent higher than the same time last year.

Paul Hilton, CEO of ESPC, said: “The data for the period of February-April is consistent with what we’ve been seeing over the past few months, and it hints that this will continue well into the summer. Overall, we’re seeing a huge influx of properties coming onto the market (up 37 per cent in April alone versus last year), perhaps as a result of fixed mortgage terms coming to an end and homeowners deciding to move on to a new home, rather than absorb a higher cost in their existing property.

“This is teamed with lower numbers of buyers in the market, meaning that for the buyers that are ready and able, they can enjoy a huge variety of options to choose from that the market hasn’t offered in a long time. While this means slower selling times and lower bids, with less of a need to pay a premium to secure a home, sellers appear to remain confident in the market and are continuing to list their homes in high numbers, as well as choosing to list their homes using the ‘offers over’ marketing method. Of course, sellers themselves can also benefit from the abundance of properties to choose from if they are also making an onward purchase.”