Average price of Edinburgh detached homes rose by almost £1,500 a week

The average price of detached homes in Edinburgh has risen by almost £1,500 a week according to analysis of the latest official statistics by DJ Alexander Ltd.

We are the largest lettings and estate agency in Scotland and our latest data from the monthly house price index shows that between April 2023 and March 2024 the average price of a detached home in Edinburgh increased from £666,814 to £742,304 which is a rise of £75,490 in 12 months. This is equivalent to an increase of £1451.73 per week.

The capital was closely followed by Glasgow where average detached home prices rose by £55,018 which is just over £1,000 per week; Midlothian which increased by £47,301; and East Dunbartonshire which was up £30, 828. Detached homes across Scotland as a whole increased from £317,529 to £343,994 which is £26,465 greater and equivalent to just over £500 per week.

Outside space

Prices in the wider Scottish housing market continue to seem unstoppable. The latest figures from the official monthly House Price Index showed that average house prices in Scotland rose by £9,741 over the last 12 months compared to a rise of £2,959 in England and Wales over the same period.

These figures highlight just how much demand there is for detached homes with outside space in Scotland’s largest cities and their surrounding areas. The boom in out-of-town living appears to have ended and buyers are flocking to the cities and are willing to pay substantial prices for the privilege.

Given that these figures cover a period when mortgage rates are at their highest in a decade it is extraordinary that there is still the money to cover these huge prices. Over the latest month (between February and March 2024 which is the period for which there is data) the average price increase in detached homes in Edinburgh rose by £23,380. In Glasgow it was just under £10,000 while in Scotland as a whole it is just under £6,500.

Positive outcome

People want to live and work near the vibrancy and dynamism of cities like Edinburgh and Glasgow and their surrounding areas, and, despite attempts to tax people more highly than the rest of the UK, they don’t seem to be put off by having to pay more for the privilege. You can only imagine what the market might be like if there was a level playing field with the rest of the UK for personal and property taxes.

This is a positive outcome for Scotland’s housing market but needs to be treated with caution. Marketplaces tend to be volatile if price rises are too great and occur over a short period of time and I would be wary of assuming that such growth is sustainable in the medium to long term.

So, while these figures show that people are keen to live in the central belt this will only continue as long as the economy is strong, jobs are plentiful and well paid and the city lifestyle remains attractive. Edinburgh and Glasgow remain fantastically attractive places to live but whether people will be willing or able to pay these kinds of prices for a sustained period is open to question. Nevertheless, this is still an extraordinary picture of dynamism in our Scottish housing market given the underlying gloominess of the sector across the rest of the UK.”