East Lothian housing market continues to flourish.
The East Lothian housing market is flourishing, boasting the second highest average house price in Scotland, trailing only behind Edinburgh. This growth, with a notable 2.8% increase in the past year, underscores the area’s appeal with its diverse lifestyle options and excellent transport links to both Edinburgh and London.
The charm of East Lothian’s coastal and countryside living continues to draw interest, particularly in sought-after settlements where detached homes command prices significantly above the Scottish average.
It is immensely encouraging to see the average house price in East Lothian sitting second only to Edinburgh, reflective of the area providing a variety of lifestyle options and great transport links into Edinburgh, and south towards London.
As we discuss in this briefing, these unique lifestyle opportunities have been pivotal in sustaining demand in the local market. Indeed, the latest average house price in East Lothian has increased by 2.8% over the past year, with the average price of a detached home over one-third higher than the Scottish average.
If you wish to take advantage of this promising local property market, our experienced East Lothian team are here to assist you. For a free, no obligation market appraisal of your property, or to discuss your buying requirements, please contact me directly.
Key Findings
East Lothian ranks 2nd in terms of average house price.
The average house price in East Lothian has grown 2.8% in the last year (April 2024 vs April 2023). The local authority area now sits second in terms of average house prices on a national level, with an average house price close to 60% higher than the national equivalent.
Premium across all property types.
The East Lothian premium is evident across all property types. This includes detached homes, where the average price in East Lothian is over one-third higher than the national average.
Constrained supply.
In 2024 to date, transaction numbers and market turnover are down on the same period in 2023. We believe that the market drivers indicate a recovery over 2024 and much of this lost ground will be regained over the year.
Desirable settlements command a premium.
Scotland’s Golf Coast, with its golf courses and easy access to Edinburgh, present an attractive lifestyle offering. The average price of a home in East Lothian’s most desirable areas is as high as almost anywhere in Scotland.
Key findings explored.
1. East Lothian ranks 2nd in terms of average house price.
The average house price in East Lothian increased by 2.8% between April 2023 and April 2024.
On a national level, East Lothian now sits second in the Scottish rankings of average house prices.
The average house price in East Lothian is only behind Edinburgh among Scottish local authority areas.
Ranking of Average House Price (April 2024)
2. Premium across all property types.
House prices across some of the region’s most desirable settlements remain high, particularly for detached properties.
The average price of a detached home in East Lothian is now £444,000, over one-third higher than the national average. In Gullane, the average price of a detached property is approaching £800,000, while it is close to £650,000 in North Berwick and in excess of £500,000 in East Linton and Longniddry.
Average House Price by Property Type in Selected East Lothian Settlements (May 2023 – April 2024)
3. Constrained supply.
Transactions have dropped back in East Lothian, with sales volumes dropping close to 12% in May 2023 to April 2024 compared to the same period in the year prior. This echoes the national picture, where transaction levels are also down 7% across the same period.
East Lothian is a relatively small area, so some volatility is expected. We believe, however, that the regional market will recover over 2024 to make up lost ground, particularly if demand conditions improve with a reduction in interest rates and mortgage rates, expected from late Summer.
4. Desirable settlements command a premium.
Gullane is at the top of the East Lothian table for average house price, now in excess of £500,000, followed by North Berwick, Gifford, Longniddry and East Linton.
These top five areas have among the highest average house price of any settlement in Scotland.
Gullane remains the highest priced settlement within East Lothian.
East Lothian Settlement Average House Price Ranking (May 2023 – April 2024)To find out more, or for a free no obligation market appraisal of your property, please do get in touch with our East Lothian team, on 0131 624 4183 or eastlothiansales@rettie.co.uk.
Despite East Lothian's relatively small size and inherent market volatility, there is optimism for a market recovery in 2024. Improved demand conditions, spurred by anticipated reductions in interest and mortgage rates expected from late summer, are likely to help the regional market regain lost ground in terms of property transactions.
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