Edinburgh city centre house prices have reached an average of £316,152, according to a new report.
As explained in a report by Edinburgh property agency ESPC, the average property prices in Edinburgh, Midlothian and the Borders have all seen rises, with the highest price increase seen on the outskirts. Buyers have taken advantage of more affordable homes outside of Edinburgh but still within easy reach.
The average selling price for homes in Midlothian was £266,975, an increase of 13.7 per cent annually, whilst property in the Borders had an average selling price of £243,122, up 11.2 per cent year-on-year.
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Meanwhile, the City of Edinburgh saw average property selling prices rise 9.5 per cent annually to £316,152. This comes after a period of high demand for properties in the past year, and ESPC reports that one and two-bedroom flats continued to be particularly popular with Edinburgh buyers.
Looking at the most popular areas in the City of Edinburgh for first time buyers, it was noticed that in Abbeyhill and Meadowbank where one-bedroom flats had an average selling price of £189,890 over the last three months, marking an annual increase of a whopping 17.0 per cent. Meanwhile, one-bed flats in Leith Walk, Easter Road, Pilrig and Bonnington had more modest annual increase of 4.9 per cent, taking the average selling price here to £179,921 over the last three months.
Popular residential areas for families saw an even bigger rise in comparison to Meadowbank with ESPC reporting a staggering 21.3 per cent increase in prices for family homes in Blackhall, Davidson’s Mains and Silverknowes.
However, some areas in Edinburgh have seen a drop in price. Despite being particularly popular with buyers over the last couple of years, the average selling price of three- bed houses in Currie, Balerno and Juniper Green decreased 2.4 per cent compared to the same time last year.
And as more people are looking to buy outside of the capital city but still close enough to work and visit, Dunfermline in Fife has seen the highest volumes of property sales, closely followed by Leith and Corstorphine in Edinburgh, all with increases in total sales volumes compared to the same period last year.
The most popular property type in Dunfermline was two-bedroom flats where the selling price was up 6.2 per cent year-on-year, bringing the new average selling price to £127,213. The average selling price of four-bedroom houses in the city rose by 9.5 per cent to £345,783.
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