Edinburgh has topped the list as the most expensive Scottish city for home-buyers, with each square metre of floorspace costing an average of £2,492.
Research by the Bank of Scotland has shown that house prices per square metre have risen by an incredible 208% over the past two decades, tripling the cost of a home and putting the Scottish capital streets ahead of its nearest contender, Aberdeen.
Across Scotland the average cost per square metre is now £1,529 – an increase of around 147% over the past twenty years. That compares with the soaring 402% rise seen in Greater London, meaning that while homes in the English capital have become out of reach for many, the Scottish capital is proving to be popular yet still affordable.
Winners and Losers
According to the statistics, Edinburgh is the only Scottish town or city to see house prices per square metre rise above the overall British average of £2,260. Coulters do, of course, keep a very close eye on the latest trends in property prices, and these figures back up what we have already seen over the past couple of years. Property owners in Edinburgh can, therefore, be more confident of a property market which continues to remain buoyant and go from strength to strength despite trends around the rest of the country.
Of course, for every winner there must be some who lose out. Wishaw in North Lanarkshire is languishing at the other end of the spectrum, having been named the least expensive town with an average cost per square metre of £1,027. Glenrothes in Fife didn’t fare much better, with an average of £1,065. Of the ten towns and cities with the lowest property values, eight were located in either the western or central regions of the country.
Good News for Homeowners and Landlords
The figures will make happy reading for anyone who owns or lets property in Edinburgh. A booming housing market in the city is a strong indication that it is an attractive and highly desirable spot to set up home for professionals and families alike. At Coulters, we’ve seen for ourselves that interest in properties for sale or to rent has been steadily growing, particularly since the Brexit vote.
While higher house prices might put some potential buyers off, Edinburgh is still an affordable city when compared to other areas of the United Kingdom. And with a vast range of properties on the market, it’s still safe to say that the majority of families will be able to find somewhere to suit their particular budget.
If you’re thinking of selling your home or have a property in Edinburgh which you wish to rent out, then our expert property team are on hand to help. With our in-depth knowledge of the city and its thriving housing market, Coulters professional agents can help you take advantage of Edinburgh’s continued growth. Simply get in touch today on 0131 603 7333, and we’ll be more than happy to help.