NOW may be the ideal time to buy a house in East Lothian, according to new data which revealed that selling prices for properties in East Lothian are down nearly 10 per cent.

Research from ESPC found that, between November 2023 and January 2024, the average selling price of properties in East Lothian decreased by 9.3 per cent compared with the same period the previous year.

The average selling price of a property in East Lothian is £277,306, with county properties selling for 101.2 per cent of their home report valuation on average.

There was also a noticeable decrease in the volume of property sales, a decline of 9.4 per cent on the same period in the previous year.

The number of new property listings in East Lothian also declined by 7.9 per cent during November to January compared with the same time the previous year.

Prestonpans most affordable

Prestonpans is the most affordable location in East Lothian according to the data, with properties selling for an average price of £223,898.

Conversely, North Berwick remained the most expensive place to own a home, as properties cost on average £384,797. The average price in Dunbar was £269,343.

East Lothian’s more affordable areas proved very popular with buyers in the last three months.

Musselburgh boasted the highest volume of property sales during this period. Tranent and Prestonpans were also popular with buyers.

Musselburgh had the highest volume of properties listed for sale across East Lothian – although levels were down 11.9 per cent on the previous year. Two-bedroom flats were the most popular property type in Musselburgh; they were also the most affordable property type in East Lothian, at £176,082 on average, and the quickest property type to go under offer, taking a median time of just 16 days (eight days faster than the same time last year).

East Lothian properties sold in a median time of 21 days.

Paul Hilton, CEO of ESPC, said: “The winter months are traditionally a slower time for the market, and this becomes a starker image as we make comparisons to the heights of activity seen across East Lothian in recent times.

“The market has cooled, and while this may be a concern for homeowners and especially those thinking of selling in the near future, we encourage everyone to look at the other side of the figures.

“Following our previous report, the market in East Lothian continues to be more accessible to first-time buyers, with decreases in the amount over Home Report valuation that buyers are expected to bid, and the number of closing dates set.

“Circumstances such as these open up the market for buyers on a lower budget, but sellers can also benefit from these circumstances in their onward property purchases.”