Which Areas Of Edinburgh Have Been Strongest For Sellers in 2018?
We are finally starting to see more properties available for sale in Edinburgh which has helped to ease the pressure on buyers, but there are still some areas where it is very much a seller’s market.
Here’s a look at three areas from around the city where buyer demand has been highest and sellers have enjoyed particular success.
|Average Selling Price||£291,430 (up 22% annually)|
|Average % of Valuation Achieved||113.4%|
Located just to the east of Edinburgh’s city centre, Hillside is one of the capital’s most sought-after areas for property buyers. The area offers some fantastic, spacious, quality flats and lies within comfortable walking distance of the city centre and all of its amenities. Salisbury Crags and Holyrood Park are also just a short distance away for when residents are looking to get away from the hustle and bustle of the city centre.
Hillside is popular both with investors and those looking for a permanent residence. This demand has helped sellers to achieve an average premium of 13.4% above their Home Report valuation over the last six months.
|Average Selling Price||£149,939 (up 12% annually)|
|Average % of Valuation Achieved||109.3%|
Gorgie has become increasingly popular with young professionals looking for their first home in recent years. Lying less than two miles from Princes Street the area offers proximity to the heart of the city and excellent public transport links, and amenities including Meggetland Sports Complex, Murrayfield Stadium and Carrick Knowe Golf Course are all within easy reach.
Property prices in the area are still relatively affordable compared to much of the city. A one bedroom-flat in Gorgie has sold for an average of £136,227, well below the citywide average of £171,536.
Competition is high however, with buyers paying an average of 9.3% above Home Report valuation to secure a property in the area during the last six months.
|Average Selling Price||£244,484 (up 11% annually)|
|Average % of Valuation Achieved||107.9%|
For most of the last three years demand from property buyers in Portobello has exceeded supply. When properties are brought to the market the sellers are typically looking to stay locally meaning that there is inherently strong demand for homes.
Adding to this demand, buyers looking to relocate to Edinburgh from down south, and in particular those moving back from London, often find Portobello to be especially desirable. The prospect of being able to secure a three-bedroom family home that is a short stroll from the beach and within easy commuting distance of the heart of the city for £350-400,000 is incredibly enticing, especially for those who are used to prices in the major cities south of the border.
A recent improvement in the supply of properties to the market in Portobello has made conditions a little more favourable for buyers, but properties in the six months to October 2018 have still secured an average premium of 7.9% over valuation.
If you are thinking of buying or selling a property and you have a question about the market, get in touch today on 0131 667 0232 or by emailing email@example.com and one of our team will be delighted to help you.