The average selling price of residential property in Edinburgh, the Lothians, Fife and the Borders rose 4.9% during the July-September quarter 2024, taking the new average to £290,259, according to the latest ESPC House Price Report.

The City of Edinburgh saw its average selling price rise 4.7% to £307,850, making it the most expensive place throughout the regions in which to buy a property.

Within the capital city, the sought-after south side was the highest-priced area to buy a home, with properties in this coveted location costing £366,241 on average, 9.7% more than they did in July-September 2023.

The city centre experienced a substantial rise in average prices, with a 14.1% leap taking the new average there to £349,278.

By contrast, West Fife was the most affordable region with an average property selling price of £229,635 — although this is 5.8% higher than in the same time period last year.

The Borders experienced a significant 8% boost in selling prices, meaning the average cost of a property there was £240,052.

Dunfermline experienced a similar rise in fortunes, with a 9.2% annual increase in average selling prices meaning that the new average there was £218,503.

However, Dunfermline remained among the most affordable places overall; one-bedroom flats in the city were the cheapest properties on the market throughout Edinburgh, the Lothians, Fife and the Borders, selling for an average price of £98,150.

ESPC CEO Paul Hilton said: “The past few months have seen some real reasons to be cheerful when it comes to the property market, and September’s report offers more of the same.

“There’s been a healthy boost to average selling prices, which is great news for sellers, while for buyers, the volumes of properties coming onto the market, and the reduction in the amount of Home Report valuation paid on average offers plenty of opportunities that were lacking in recent years, especially for those looking to take their first steps onto the property ladder.

“It’s fantastic to see a return to high confidence in the market from buyers and sellers alike, which will keep the market moving well into the autumn months.

“As ever, the East of Edinburgh and especially Leith is proving to be a mainstay when it comes to property hotspots, while Dunfermline has seen a significant leap in average selling prices which hints at increasing demand from buyers in the city.

“West Lothian and the Borders have also seen some positive uplifts in the data coming from these regions, which is great news for homeowners in the local area.”