Edinburgh is an exceptionally desirable city to live in but as we know, property usually comes with a hefty cost.
Being the capital city, it exudes opportunities, a buzzing nightlife, entertainment, seemingly unlimited restaurants, and a pleasing aesthetic. All of this adds to price and it has risen by 9.4 per cent year-on-year with the average cost of a home in Edinburgh sitting at £299,649 according to ESPC's latest report.
The housing market is in a state of flux - with mortgages hitting a 12-year high, but a housing expert predicts things will stabilise. As Edinburgh Live previously reported, Edinburgh’s Stuart Radmall, the local property specialist with RE/MAX Scotland said that he expects to see the market slow down near the end of year as current mortgages in principle go out for renewal or expire.
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“At that point I expect to see things slow down a bit, but it won’t be a repeat of 2008. The banks haven’t made a mistake this time, the market is just responding to the current situation."
While Edinburgh is the most expensive place in Scotland to buy, we've rounded up the five cheapest properties on the market right now.
One-bed flat in Leith
A one bed ground floor flat on Leith's Trafalgar Street is on the market for £99,995. While it is a small flat, it is estimated to have a rental value of £650 per month.
As estate agent DJ Alexander describe: "The accommodation comprises, open plan living area with a kitchen. The kitchen is fitted with wall and base units and has co-ordinating worktops, and a tiled splashback. A gas hob, integrated oven and extractor fan complete this space. Single bedroom with a built-in storage space and shower room with shower enclosure with electric shower, WC, and sink."
There is also a communal garden at the back and near supermarkets including Sainsbury’s on Leith Walk, a Tesco superstore on Duke Street and an asda at Sandpiper Drive.
You can see more here.
One-bed flat in Longstone
Over in Longstone, a one bed flat is on the market with estate agents McQueen Legal. It is on the market for £105,000.
With gas heating, double glazed windows and a spacious main bedroom, it is ideal for first time buyers or investors. The flat offers a kitchen, living room with space for a dining table, bathroom and communal garden.
As McQueen Legal adds: "Bright and spacious one bedroom ground floor flat provides an excellent opportunity for the first time buyer or investor. The property is ideally located in the popular Longstone area of Edinburgh well positioned to take advantage of the many local amenities and surrounding green spaces, along with excellent transport links. Presented to the market in good order throughout we would recommend an early viewing."
You can see more here.
One-bed flat in Oxgangs
Naturally the cheapest properties are one-beds and next on our list is a one-bed flat in Oxgangs which is on sale for offers over £110,000.
It boasts a spacious double bedroom, separate Fully equipped kitchen with white goods and living area, bathroom, and large communal gardens. There is also free on-street parking for residents, which may very well be a selling point as we know how tough parking can be in Edinburgh.
As McEwan Fraser Legal explains, the property is south facing and so it is flooded with light during the day.
You can see more here.
Two-bed flat in Pilton
In the North of Edinburgh, it seems you could get a little more for your money with this a stylish two bed property. The ground floor flat forms part of an popular residential area close to schools, amenities and commuter links. The property is likely to appeal to first time buyers and rental investors.
The West Pilton flat boasts a large entrance hall, spacious living room with laminate flooring, a kitchen, bathroom with a three-piece suite and shower over the bath, two generous double bedrooms and a communal garden that is shared with the block.
It is on the market for offers over £110,000 and you can see more information here.
Two-bed flat in Saughton
For offers over £115,000, you could bag a two bed property in Saughton Mains. Situated in the west of Edinburgh, the property offers a bright and spacious kitchen/living room with fitted kitchen with appliances and two double bedrooms. There is also lots of storage and a communal garden.
Neilsons solicitors and estate agents also add: "This well proportioned ground floor flat is well-placed within the ever-popular Saughton district lying west of the City Centre. The property is an ideal first time buy or rental investment with benefits including gas central heating, double glazing, and unrestricted on-street parking. Early viewing is highly recommended."
You can see more information here.
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