ESPC saw an increase in the average selling price across the majority of areas covered in this report, most noticeably in West Fife & Kinross where the average selling price increased 11.8 per cent to £231,582. Midlothian saw its average selling price rise to £260,237, an increase of 4.4 per cent year-on-year, while Edinburgh’s average rose 3.6 per cent to £300,744.

In the Scottish Borders, property prices increased by 5.1 per cent to £227,164, while in East Lothian, the average selling price dropped marginally 0.1 per cent to £275,007. West Lothian also experienced a slight dip in average selling price, decreasing 0.6 per cent to £241,818.

In the capital, Edinburgh North West saw a significant increase in average selling prices, with an annual rise of 20 per cent resulting in the average cost of a home being £290,041. Highlighting the area as a popular place to live for easy commutes into the city centre, locations in Edinburgh North West saw notable growth. Kirkliston increased 37.1 per cent year-on-year to an average price of £331,044, while the sought-after South Queensferry rose 17.4 per cent to £273,420.

In the east of Edinburgh, ever-popular Leith saw notable increases with two-bedroom flats rising 12.5 per cent annually to an average of £261,486. One-bedroom flats in Leith also saw a healthy increase, jumping up 8 per cent year-on-year to £183,797. In Portobello, two-bedroom flats enjoyed an increase of 11.7 per cent annually, to an average selling price of £303,516.

Property sales from November to January continued to sell for closer to their Home Report valuation, with homes selling for an average of 101.6 per cent of their valuation. However, this represents only a 0.1 percentage point drop compared to the same period last year, indicating a slowdown in the decline and further emphasizing the trend of market stability that we’ve seen in recent months. Further reinforcing this steady trend year-on-year, 72.5 per cent of homes on the market sold for at least their Home Report valuation which is exactly the same as November 2023-January 2024.

CEO Paul Hilton said: “The property market is usually much quieter between November and January, however there was a lot of positivity. Overall, the market has remained relatively stable, and although property listings have remained at similar levels, sales volumes have risen significantly.

“Buyers continue to have a wider range of options, particularly those looking for one- and two-bedroom flats in popular areas of Edinburgh. This may be due to an increasing number of landlords choosing to leave the rental market and sell their properties in response to ongoing legislative changes, such as the increase in Additional Dwelling Supplement (ADS) from six percent to eight percent. The average selling price continues to rise at a steady pace, showing strong market demand even in typically slower periods.

“Dunfermline, along with the areas surrounding Leith and East Edinburgh, remains a property hotspot, particularly popular with first-time buyers and those upgrading to their first family homes. There have also been positive signs in West Lothian, with homes being snapped up far quicker at this time of year compared to the previous year.”