Where Are House Prices in Edinburgh Rising Most Quickly?
One of the most common questions that we’re asked at Warners is where the 'hotspots' in the local property market are.
Although there have been some signs that pressure on buyers has eased in recent weeks, it has been a seller’s market across Edinburgh and the Lothians over the last 18 months. Even in a rising market there are always pockets within any market where demand is higher and prices are rising more quickly. Here’s a look at some of the areas where the market has been hottest in 2018.
Haymarket Lying to the west of Edinburgh’s city centre, Haymarket has seen some significant investment in recent years. Given that the area offers access to the city’s trams, trains and buses all right on your doorstep and with its close proximity to the amenities of the city centre, it’s no surprise that Haymarket has been in high demand.
Properties in Haymarket typically attract interest from investors looking to use them for short or long-term lets as well as from buyers hoping to live locally. During the first six months of the year, properties sold in the Haymarket area achieved an average premium of more than 15% above the Home Report valuation figure. That’s more than double the average premium recorded across the capital of 6.5%.
As you would expect house prices in Haymarket have been rising quickly. During the first half of 2018 the average house price in Haymarket was £274,679, up by more than 18% on an annual basis.
Comely Bank Comely Bank has long been one of Edinburgh’s most desirable areas and in 2018 it has been as sought-after as ever. Situated just west of fashionable Stockbridge and a short walk from the Royal Botanic Gardens, Comely Bank offers a fantastic combination of high-quality properties, proximity to the city centre and wonderful outdoor spaces.
In the six months to June properties sold in Comely Bank achieved an average premium of 11% above Home Report valuation as demand for homes consistently exceeded supply by a wide margin. The average price of a property in Comely Bank now stands at £317,545 following an annual increase of almost 11%.
Gorgie Although it’s perhaps better known for its football team than for its property, the housing market in Gorgie has been red hot so far in 2018. The area has long proven popular with young professionals looking for an affordable way onto the property ladder within feasible walking distance of Edinburgh’s city centre.
Traditionally, property investors looking for flats to use as long-term lets have also been attracted to the area, especially over the last ten years as larger deposit requirements have forced more people to rent for longer.
Adding to this, the growth of sites like AirBnB has encouraged more investors to look at the area for flats with short-term let potential despite some of the risks involved with this.
All told it has meant that Gorgie is in high demand and this is reflected in the local market statistics. The average price of a property in the area is now £152,345 following 19% year-on-year increase. The median selling time in the area is less than two weeks and properties are achieving an average premium of more than 10% above the Home Report valuation, reflecting the extent to which buyer demand has outstripped supply locally.
If you’re thinking of buying or selling a property or if you have any questions about the market, feel free to contact us today on 0131 667 0232 or by emailing firstname.lastname@example.org and one of our expert team will be delighted to help.