Buyer Demand Fuels Rise in Number of Edinburgh's Million Pound Homes
The rising demand in Edinburgh’s property market has been underlined by new research on the capital’s growing list of £1m+ properties.
Zoopla's 2016 Rich List estimates that 3,477 properties in the capital are now worth more than £1 million, with the total value of these homes well in excess of a staggering £3.5 trillion.
Whitehouse Terrace in the Grange currently tops the list of the highest value streets not only Edinburgh, but the whole of Scotland, with the average property value in the address sitting at just over £2 million.
The list of the top ten most expensive streets in Scotland features a number of other Edinburgh addresses including Ann Street and Hope Terrace.
The EH10 postcode, which covers areas such as Morningside, Colinton and Braids, managed to reach the top on the most valuable postcode district in the capital with the average price standing at £434,055.
In our latest market report we said that we expected that the housing market would continue to rise in Edinburgh. We have seen a rise in buyer demand over the last 18 months, meaning that the demand for property in the city is exceeding supply and this is exerting an upward pressure on house prices.
As we move into 2017 and the terms of the UK’s exit from the EU start to be negotiated, the likelihood will be that we will see a slight dip in activity from buyers. Typically people tend to delay major investments during times of uncertainty and, until the details of ‘Brexit’ are finalised, some buyers are likely to take a wait-and-see approach.
This cooling in demand should help to moderate house price growth during the first half of 2017. This will be welcome news for first-time buyers and those looking to move up the property ladder who have found it difficult to secure properties this year in an increasingly competitive market.
If you are thinking of buying or selling, Warners Solicitors & Estate Agents provide expert advice to get you the best possible result from your home move, and make the experience as easy and enjoyable as possible. Get in touch with our friendly team today on 0131 667 0232 or by emailing firstname.lastname@example.org and we’ll be delighted to answer any questions and help make your ream home a reality.