PROPERTY prices in East Lothian have fallen in the last year.

Figures from property experts ESPC show an 11.9 per cent decrease in the average price of a home in East Lothian between September 2023 and February 2024, compared with the same period a year earlier.

The average selling price of East Lothian property was £271,417, an annual decline of 11.9 per cent, the largest regional drop in prices seen throughout ESPC’s market areas of Edinburgh, the Lothians, Central Scotland, Fife, and Dumfries and Galloway.

ESPC experts blamed the decline on an increase in interest in more traditionally affordable areas such as Musselburgh, Prestonpans and Tranent, coupled with lower sales volumes in the typically pricier locations of North Berwick and Dunbar, as well as a boom in flat sales versus houses across the region.

East Lothian still remains one of the most expensive places in Scotland to buy a home.

Musselburgh a hotspot

Musselburgh remained a property hotspot, continuing its streak as a popular destination for both first-time and family buyers. It boasted the highest sales volume – up 9.3 per cent – as well as the largest number of properties coming onto the market – down 5.3 per cent.

Two-bedroom flats in Musselburgh were the biggest sellers across East Lothian.

In terms of sales volumes, Musselburgh was followed by Tranent, Haddington, Prestonpans (where sales volumes rose 36.1 per cent year-on-year) and North Berwick, where sales volumes dropped 29.8 per cent.

Prestonpans was the most affordable area in East Lothian to buy, with properties selling for £221,824 on average. By contrast, Gullane was the most expensive, with an average selling price of £456,921. This was followed by Longniddry, where homes sold for £387,613 on average, and North Berwick, with an average selling price of £380,606. Two-bedroom flats in Tranent were the most affordable property type, selling for £147,550 on average.

The volume of properties for sale across East Lothian decreased by 11 per cent year-on-year.

Among fastest selling

East Lothian was also among the fastest-selling regions in Scotland. Properties for sale in East Lothian had a median selling time of 21 days during September to February – five days slower than the same time a year earlier.

However, East Lothian remained among the fastest-selling areas overall, with only homes in West Fife and Kinross moving faster. East Linton and Prestonpans homes sold quickest overall, with a median selling time of 16 days for both. However, examining specific property types, two-bedroom houses in Musselburgh were the fastest to sell, going under offer in just 11 days.

In East Lothian, 19.6 per cent of homes for sale went to a closing date, down from 34.9 per cent the previous year, indicating the impact of more homes on the market and the difficult climate for buyers.

Longniddry was the area with the highest demand, as 40 per cent of homes for sale there went to a closing date.

While buyers paid less for properties in the county, East Lothian still attracted a premium, with 78.7 per cent of homes for sale sold for at least their home report valuation, down from 91 per cent the previous year.

Buyers bid an average of 102.9 per cent of home report valuation, a stark contrast to recent years, when properties attracted as much as 110.4 per cent of the valuation figure.

A spokesperson for ESPC said: “All of ESPC’s core areas saw a drop in the amount over valuation that buyers were willing to bid, but East Lothian was the worst affected, likely due to it attracting the highest percentage over valuation in recent years.

“However, East Lothian still attained the highest premium compared to other ESPC markets, showing that even in a cooler market, buyers will still pay a higher premium to purchase a home in this sought-after corner of Scotland.”