Despite the recent economic changes and challenges, the average selling price for property in Edinburgh increased with a new hotspot found.
According to a new report from property experts, ESPC, the average selling price for Edinburgh City hit £306,013 with two bed flats being the most popular between October and December 2022. However, a new hotspot for buyers has been revealed.
For those wanting links to the city centre but keen to avoid the premium prices, many have looked at the likes of Leith and Corstorphine. As ESPC data finds, Leith and Dunfermline recorded the highest volumes of property sales followed by Corstorphine.
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With the housing demand rising in Fife, it's no surprise that Dunfermline and East Fife recorded some of the highest price increases over the last three months. The newly appointed city seeing an increase of 14.8 per cent and hitting an average sale price of £228,514
Meanwhile, in Edinburgh, areas popular with families house hunting also saw a price rise. Three-bed houses in Blackhall, Davidsons Mains and Silverknowes increasing by 12.0 per cent to £492,781 and three-bedroom houses in South Queensferry and Dalmeny soared a whopping by 21.4 per cent to £324,128.
As for one-bed flats, popular with first-time buyers, jumped by 10.7 per cent to £185,763 in Abbeyhill and Meadowbank. For those looking to buy on the outskirts, two-bed flats in Portobello and Joppa hit an average selling price of £302,970.
Paul Hilton, CEO of ESPC, explains: “The period of October-December 2022 has brought significant changes politically and in the financial markets.
“In 2023 we will see the full effects of these changes but the property market in Edinburgh, the Lothians, Fife and the Borders remains robust and competitive with buyers currently continuing to pay significantly over Home Report value to secure their dream home.
“We are seeing noticeable demand for areas in Edinburgh that are popular with a range of buyers. Abbeyhill and Meadowbank have seen considerable demand from first-time buyers while South Queensferry and Dalmeny are popular with those looking for family homes.
“There has also been interest in suburbs like Corstorphine which are popular with families, and rural locations like the Scottish Borders – continuing the 2022 trend of buyers moving to areas outside Edinburgh with good transport links to the captial."
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