These are the areas to watch right now in the Edinburgh property market!
29 Oct 2018
The term ‘up and coming’ is broadly used to refer to areas where property prices remain affordable but are rising along with the quality of life and amenities in the area. We are told UK house price inflation is currently running at 5% which is up year on year from 4% in 2017 with Edinburgh the fastest growing city in the UK with price rises at 7.7%. The ESPC say that high demand from buyers for Edinburgh property is driving up selling prices and the figures they provide show a few areas standing out from the rest.
Leith was named this year as one of the 50 coolest neighbourhoods in the world by Time Out. Property in the Leith area has been in high demand this year. Two-bedroom flats in Leith, the Shore and Granton saw the biggest increase in average selling prices of all areas across Edinburgh, rising by 19.1% to £204,242.
Whilst Leith has been cited as ‘up and coming’ for as long as anybody can remember, it is safe to say that, with two Michelin starred restaurants and a number of first-rate cafes, bars and boutiques, Leith has proved itself.
One-bedroom flats in Leith were the most “in demand” properties over the last year followed closely by two-bedroom flats which highlight the young demographic bringing the area it’s buzz.
BELLEVUE, HILLSIDE AND BROUGHTON
As you get closer to the city centre there have also been significant movements in property prices which are reflective of the increased demand from buyers to move into the area. Two-bedroom flats in the Bellevue, Hillside and Broughton areas also saw a significant increase, rising by 14.7% to £283,262.
With Broughton Street running through the heart of the neighbourhood and its wealth of cafes, pubs and restaurants, it’s clear that the area is increasingly popular. On the edge of the New Town and a short walk from the city centre, the area is especially popular with young professionals and those working in city centre offices.
PORTOBELLO AND JOPPA
Quite a change from the other areas on our list, demand in the areas of Portobello and Joppa is also increasing. Whilst year on year prices have actually gone down in Portobello and Joppa, two-bedroom flats in these areas were the quickest in Edinburgh to sell, with a median selling time of 12 days, five days faster than last year.
Strong demand for homes in this area together with stable prices perhaps indicate this is the area most worthy of our attention. Those who move to Portobello do so for the locality and the lifestyle. A tight-knit community and one which residents genuinely feel a part of, those who move to Portobello often choose to remain there for a long time and only relocate within the area as their needs from a home change.
You can read ESPCs year on year price index here to see the full list of price changes. We have identified these three areas based on the rise in prices and speed of sales as being among the most in demand in Edinburgh and thus the areas to keep an eye on. With prices in Edinburgh rising faster than other regions of the UK, there are both opportunities and challenges for homeowners.
Coulters have an exceptionally strong conveyance team who are delighted to advise clients on the areas they should consider and where they will get the most for their money. If you would like to discuss a purchase or have a home to sell, get in touch with us today.