Rightmove’s Boxing Day update announced record breaking levels with 2024 being the busiest Boxing Day ever for new property listings and Rightmove traffic. This bodes well for home buyers and sellers for 2025.

Not only that, for those living in Scotland, and East Lothian in particular, property prices reached new heights in 2024!

East Lothian Property Prices continue to rise

The most accurate property data is published by the Registers of Scotland through the UK price index. This is a monthly report on property activity in Scotland based on the Land Register records. There is always a time lag of a couple of months, but the data is more accurate than other sources.

In the most recent report, published in December 2024, the house price data relates to sales in October 2024. It shows that the average price of property in Scotland was £197,000. This was an increase of 5.5% against the October 2023 figure. Not only that, but the average price of property in East Lothian is £314,256 which is a 5.0% increase over the £299,243 figure from October 2023. This is well above the Scottish Average.

You can also check out our own comprehensive review of the latest House Price Report.

What is the average house type worth?

When broken down into house types, whilst a bit of a broad brush, we find the average price of detached, semi-detached, terraced and flats are as follows:

Growth across all property types was positive. The average price of flats grew at a more modest rate.

How will mortgage rates affect the property market?

The Bank of England has signalled it is likely to cut interest rates in 2025. The expectation is that there will be at least three interest rate reductions, potentially reducing the base rate to 3.75%. This shift could have a significant impact on the Scottish housing market, potentially leading to lower mortgage rates and improved affordability for buyers. 

What is the outlook for first-time buyers?

It is believed that first-time buyers will account for around 36% of all property transactions in 2025. Affordability is improving, with monthly mortgage repayments for a typical first-time buyer home now estimated to be 17% cheaper than renting.

If you are a first-time buyer in East Lothian, the average price paid by first-time buyers in October 2024 was £231,465.00.

However, rising house prices may still present challenges. First-time buyers should consider government schemes and support, if available, to help them onto the housing ladder.

Benefits for Downsizers

Those in East Lothian who are considering downsizing can benefit from the area's high property values. With the average house price sitting at £314,000 and rising, downsizers have the potential to release significant equity from their larger homes. This trend is particularly evident in areas like North Berwick, where the average house price has surged to around £445,000!

Remember, too, that North Berwick was the first Scottish winner of Best Places to Live!

What’s your move in 2025?

East Lothian's property market presents a golden opportunity for both buyers and sellers, with strong growth predictions, improving affordability, and high demand. 

Estate Agency and property experts, North Berwick and Dunbar, East Lothian

If you’re thinking about buying or selling, contact us today to find out how our team of local experts can assist with your property and legal needs. 

Check out our Happy New Year, Happy New Home promotion. If you instruct us in the estate agency of your house before 25th March 2025 you will receive a 20% discount on your estate agency fee.

Visit our new property shop in North Berwick or our branch in Dunbar. Call 01620 497 497 or email property@parissteele.com for personalised advice and to take advantage of the current promotion.