As the top selling agent in Edinburgh and the Lothians, Neilsons Solicitors and Estate Agents is excited to report on the dynamic local property market this past spring as we look forward to summer.
Neilsons have sold the most properties in Edinburgh and the Lothians year to date, with an impressive 454 sales worth a total of £127.2 million, the highest sales total in the region.
May has been the busiest month of the year so far for property market activity. Neilsons’ sales figures reflect a significant upward trend, with sales up 48.2% in May 2024 compared to the same period last year. Overall, year-to-date sales have increased by 22.7%. Notably, the number of properties listed in May 2024 has surged by 46.9% year on year, providing buyers with more choices on the open market. For properties marketed with Neilsons, 1,540 Offers have been received this year with over 180 closing dates set.
In May, the average selling price at Neilsons soared by 20% compared to last year, highlighting a robust demand for properties marketed by Neilsons. In comparison, the average selling price in Edinburgh and the Lothians across all ESPC member firms was £284,642, a 2% increase. Our performance significantly outpaces the market average, with our average selling price up 15% year on year, compared to the ESPC average of 1%.
For higher value properties valued between £550,000 and £950,000 this year, Neilsons are the top selling Solicitor Estate Agent specialising in this particular market, according to the latest Rightmove data.
Broader market trends also indicate an extremely productive property landscape. ESPC sales are up 33.2% in May 2024 compared to May 2023, and year-to-date sales have risen by 12.1%. Additionally, the number of new property listings in May 2024 has increased by 16.8%, demonstrating a growing supply to meet the strong demand.
One of the most encouraging signs of the market is the reduced time to sell properties. On average, properties now sell in 22 days with Solicitor Estate Agents, compared to 27 days earlier in the year.
Moreover, the average percentage of the Home Report valuation attained is 103.3% if you instruct a Solicitor Estate Agent, indicating that properties are not only selling within around three weeks on average but also at prices above their valuations on average. This is a testament to the attractiveness of properties in the region and the effectiveness of professional marketing strategies.
Despite the increased stock coming to the market, sales remain robust and the property market is more balanced.
Jenna Spence, Operations Director at Neilsons, advises: “Despite the increased stock coming to the market which means more welcome choice for buyers, sales are still strong, especially for well-presented, accurately priced, and professionally marketed properties with the right agent. Closing dates are still a feature of the market at Neilsons, reflecting a buyer demand that continues to drive strong sales. In May alone, we recorded 44 closing dates in total which has been the most this year so far, representing double digit closing dates each week over the past month. The surge in the Edinburgh and Lothians property market has created exciting opportunities for both buyers, with the increased stock, and sellers, with strong and increased sales.”
The Edinburgh and Lothians property market is thriving right now, with Neilsons at the forefront. Whether you are looking to buy and/or sell, Neilsons is here to provide expert guidance and achieve the best possible outcomes.
Book a free consultation with Neilsons here!
