In Edinburgh, detached homes are seeing an astonishing rise in value, increasing by more than £1,000 every week over the past year. This significant increase in property prices reflects broader trends in Scotland’s urban property markets, with Edinburgh leading the way.

From March 2023 to February 2024, the average price of a detached home in Edinburgh soared from £669,667 to £722,367. This increase of £52,700 in just 12 months highlights the intense demand for such properties in the capital.

David Alexander, CEO of DJ Alexander, a prominent lettings and estate agent, expressed his astonishment at the continued rapid price growth, stating, “Every time these figures are published you do wonder how prices could continue to rise at such a phenomenal rate but here, we are once again with the cost of buying a detached house in Edinburgh increasing by over £1,000 per week for an entire year.”

Shifting Preferences Post-COVID

The pandemic had initially driven many to seek homes in more remote and rural areas, favoring space and nature over urban conveniences. However, this trend seems to be reversing. Alexander notes, “The move to the country which occurred during COVID appears to be reversing and in many of the areas away from the central belt we can see a static or, in two areas, an actual fall in average prices.”

This shift back to urban living is evident as other major cities also reported notable price hikes. Midlothian and Glasgow, following Edinburgh, saw average detached house prices rise by £51,520 and £47,272, respectively.

A Wider Look Across Scotland

The overall Scottish market also experienced growth, although not as dramatic as in Edinburgh. The average price increase across Scotland for detached homes was £18,458. However, not all areas saw growth; Argyll and Bute and Aberdeenshire witnessed slight declines in their average house prices.

Regional Price Changes

Here’s a closer look at how detached house prices have changed across various regions between March 2023 and February 2024:

• Midlothian: £51,520 increase
• Glasgow: £47,272 increase
• East Lothian: £39,651 increase
• West Lothian: £35,365 increase
• Renfrewshire: £33,959 increase
• Dundee: £25,401 increase
• Falkirk: £24,982 increase
• South Lanarkshire: £24,957 increase
• South Ayrshire: £24,350 increase
• Perth and Kinross: £23,348 increase
• West Dunbartonshire: £22,156 increase
• East Ayrshire: £22,061 increase
• Stirling: £22,031 increase
• East Renfrewshire: £21,593 increase
• East Dunbartonshire: £20,913 increase
• Clackmannanshire: £19,976 increase

Regions such as Highland, Fife, and the Scottish Borders saw more modest increases, while Argyll and Bute and Aberdeenshire actually reported slight decreases.