Knock knock. Who’s there? It’s your old friend, Edinburgh Self Storage Quarterly Property Review. It’s the last one of the year and what a year it’s been – just take a look at our previous blogs. If you’re thinking of buying or selling, or you simply have an interest in what’s popping and what’s receding, you’ve opened the right door.
And speaking of doors, we now have two in Edinburgh that you can walk through for some of the best self-storage deals – Jenners Depository and Bonnington Road.
We’re the self-storage facility for you if you’re on the move and need a secure facility nearby with a reputation built on trust.
Let’s see how Scotland’s property market is shaping up – spotlighting the residential market as a whole as well as diving in city by city.
Interest rates and mortgages
Before we dive in, we must mention the Bank of England’s recent interest rate cut – down by 0.25% to 4.75%. It has raised hopes of more attractive mortgage deals for buyers, which is good news for property market buoyancy.
UK housing market overview
The latest UK Residential Market Survey (RCIS) whose members are at the coalface of property valuation, say its members overwhelming think that property prices will continue to rise over the next three months.
Scotland’s property market
Most recent figures (September 2024) reveal that the average house price in Scotland stood at £198,046, up on a year earlier when it stood at £187,000. The UK average was £294,000 in September 2024, up from the September 2023 average of £286,000.
For comparison’s sake, the average house price stands at £308,782 in England, and £216,750 in Wales, according to Land Registry data for September 2024. In the third quarter of 2024, the average property price in Northern Ireland was £190,553.
In September in Scotland, prices were 0.9% lower month-on-month, according to the latest Land Registry data. Annually, property prices in Scotland are 5.7% higher year-on-year in Q3 (July-September) 2024.
The average monthly rent in Scotland was £976, up from £916 a year earlier, rising by 6.6% over the year.
Scottish city by city property news
Edinburgh, Lothians, Fife & The Borders property market news
All the evidence suggests that buying in Edinburgh and its surrounds is back in business.
The average house price in Edinburgh, Lothian, Fife & The Borders according to ESPC’s November 2024 report stood at £288,071. This is from August-October 2024 and is up 5.3% year-on-year.
The median time for properties to go under offer was 21 days, just like in August-October 2023, while 102.1% was the average of the home report valuation paid by buyers, down 1.1 percentage points on the same time last year.
New property listings witnessed an 11.2% hike, while sales volumes increased 19.1%, and 22.3% of homes went to a closing date, down from 23.1% last year.
In The Borders, the average rose by 9.5% to £229,480, ahead of Edinburgh’s average. It jumped 5.8% to £308,132.
East Lothian property prices climbed by 5.9% to £282,291, and the average selling price in West Fife and Kinross leapt 6.4% to £226,565.
In Edinburgh city centre, average selling prices saw a robust year-on-year increase of 13%, taking the new average to £349,483.
Dunfermline likewise experienced a large increase in its average selling prices, rising 13.8% to a new average of £223,724.
If you’re looking for the most affordable property option in the city centre, then make it a one-bedroom flat. They’re selling for just under £100,000 with an average selling price of £99,383.
Private rent prices in Edinburgh and Lothian rose to an average of £1,383 in October 2024, an annual increase of 13.1% from £1,222 in October 2023. This was higher than the rise in Scotland (6.6%) over the year.
Glasgow property market news
Now to the west and the Glasgow property market where the average house price in Glasgow was £190,000 in September 2024, up 6.2% from September 2023. This was higher than the 5.7% rise in Scotland over the same period.
The average price paid by first-time buyers was £171,000 in September 2024. This was 5.8% higher than the average of £161,000 in September 2023.
Private rent prices stayed similar in the year to October 2024, at £1,193.
At an average price of £171,000, first-time buyers are paying 5.8% in Glasgow compared to the Scottish average of £161,000 from September 2023.
The average house price was £200,000 in September 2024 for homes purchased with a mortgage. This was 6.6% higher than the average of £188,000 in September 2023.
Dundee property market news
Dundee’s garnered great press in the last few years with the redevelopment of its Waterfront, the V&A etc, and all this buzz resonates in its property prices. The average house price in Dundee was £149,000 in September 2024, up slightly 1.2% from September 2023.
However, this was a wee bit lower than the rise in the rest of Scotland (5.7%) in the same timeframe.
Private rent prices in Dundee and Angus rose to an average of £822 in October 2024, an annual increase of 7.4% from £765 in October 2023. This was higher than the 6.6% rise in Scotland over the year.
The average price paid by first-time buyers was £127,000 in September 2024, making it 1.2% higher than the average of £126,000 in September 2023.
The average house price in Dundee for mortgage buyers was £157,000 in September 2024. This was 1.5% higher than the average of £155,000 in September 2023.
Aberdeen property market news
And finally to the granite city, where, like the rest of Scotland, there’s been a rise in the average house price. As of September 2024, it stands at £143,000, up 5.2% from September 2023. However, this falls short of the rest of Scotland, and its 5.7% rise over the same period.
Private rent prices rose to an average of £832 in October 2024, an annual increase of 7.1% from £777 in October 2023.
This was higher than the rise in Scotland (6.6%) over 12 months.
Then we come to the average price paid by first-time buyers. It was £119,000 in September 2024, making it 4.8% higher than the average of £113,000 in September 2023.
For those buying homes with a mortgage, the average house price was £145,000 in September 2024, 5.9% higher than the average of £137,000 in September 2023.
Sources:
ons.gov.uk
Savills
Nerdwallet.com
scot.gov.uk
espc.com
Some figures provided by ons.gov.uk are provisional and could be revised.
