As we reported throughout last year, the property market in Edinburgh was particularly buoyant in 2016 with properties selling quicker and achieving higher prices than at any point for almost a decade.
The strength of the market has been backed up by analysis in The Times as they named Edinburgh’s city centre, alongside the likes of Leeds, York and London, as one of the top ten places in the UK to make an investment and purchase a home.
This year alone, according to the report in The Times, prices are expected to rise by five per cent in Edinburgh – with the rates of growth swelling to 23 per cent by 2021.
With one-bedroom flats in the heart of the city starting at around £160,000, these projected growth rates mean that, over the next four years, you could see an appreciation of more than £36,000.
This inflation is undoubtedly being led by a shortage of housing in the city. For a number of years, the rate at which houses have been built in Scotland’s Capital has failed to keep pace with rising demand for properties. Based on the projected growth in household numbers in Edinburgh in coming years, this situation is unlikely to change any time soon.
It also helps that the Capital continues to add to its reputation as one of the most exciting and fastest moving cities in the world. The regeneration of the St James Centre, as well as the New Waverley precinct, add to an impressive set of shopping opportunities that are finally giving Glasgow a run for its money.
Added to this, demand from buyers – particularly those moving to Edinburgh for work – remains consistently high, fuelled by low interest rates and mortgage lending and economic conditions that were more favourable than we have seen for a number of years.
All this ties together to make the prospect of home-ownership in Edinburgh attractive and deserving of its place as one of the UK’s fastest growing markets.
If you want to make an investment in Scotland’s capital, Warners Solicitors & Estate Agents is always on hand to provide expert advice to anyone and make sure the process is as easy and enjoyable as possible.
If you are thinking about getting a foot on the ladder, or have any questions about buying and selling in general, feel free to get in touch today on 0131 667 0232 or by emailing firstname.lastname@example.org and one of our friendly team will be delighted to help.