ESPC: First-time buyers drive surge in property market

Property sales were up in the November 2023 – January 2024 period, according to the latest ESPC House Price Report.

The market remained steady during this traditionally quieter period, with a 2.8 per cent rise in sales volumes. This hints at increasing numbers of buyers in the market in comparison to winter 2022/23.

Dunfermline continued to be hugely popular with buyers, as it secured the highest volumes of property sales, though levels were down 10.5 per cent on November 2022 – January 2023. Leith was the second most-popular place to buy property, and sales volumes soared 17.8 per cent year-on-year during this period. However, this rise is somewhat overshadowed by the rising popularity of family-friendly Corstorphine, where sales volumes rocketed 38.3 per cent annually.

Two-bedroom flats in Leith were the biggest sellers, with sales volumes for this property type up 16.2 per cent year-on-year. They were closely followed by one-bed flats in the same location; the sales volume of this property type increased by 33.3 per cent, hinting at an influx of new buyers in the market looking to purchase for the first time.

Gorgie has long been touted as an up-and-coming neighbourhood, and the data from this three-month period shows it was increasingly popular with buyers: sales volumes of one-bedroom flats in Gorgie rose significantly, by 83.3 per cent – unsurprising given this is the capital’s most affordable property type.

Outside of the capital, three-bedroom houses in Dunfermline were the biggest sellers, although figures were much steadier in comparison; sales volumes for this property type rose 8.3 per cent annually.

In line with the trends we’ve seen in recent months, the average property selling price across Edinburgh, the Lothians, Fife, and the Borders declined 4.4 per cent during November – January, taking the new average to £271,106. The increasing frequency of

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