A new property hotspot in Edinburgh has been located after the latest figures from ESPC revealed that the market in the capital continues to grow in the latest quarter.
According to the latest report, the Scottish property market has enjoyed growth from May to July 2022, with buyer popularity concentrated in Edinburgh, the Lothians, Fife and the Borders. According to the Halifax House Price Index, prices have grown steadily over the last two years, hitting a record high in June 2022 — with the average cost of a Scottish property passing £200,000 for the first time.
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In Edinburgh, homes sold the fastest in the East, North and West of the capital, with a median of just 13 days on the market before they were snapped up. In the Leith neighbourhood of Edinburgh, two bedroom flats were bought within nine to 11 days.
However, the most notable change in the market was in Newington where the average time a home was on sale dropped from 13 days to 11 - making it a new hotspot for property selling in the capital. In terms of price rises on homes, Edinburgh saw an average increase of eight percent, taking the typical price to £316,475.
In the city centre, prices rose 18.7 per cent annually to £372,761. Following a period of high demand for properties in the past year, two-bedroom flats and three-bedroom houses continued to be particularly popular with Edinburgh buyers.
Two-bedroom flats in Morningside sold for £396,639, a 25.7 per cent annual rise. This was followed by three-bedroom houses in Corstorphine, which rose by 9.7 per cent to £436,466, and two-bedroom flats in Liberton where the average selling price increased by 9.1 per cent to £194,815.
The highest price increases were seen in West Lothian, where market activity has increased in recent months thanks to buyers seeking larger, more affordable homes within easy reach of the capital. In this area, property selling prices rose 23.5 per cent to £261,251.
Buyers also continued to pay significantly over Home Report value, with properties attaining 108.6 per cent of their Home Report value on average – 2.6 percentage points higher than June-August 2021. Edinburgh continued to be a desirable place to live, with buyers paying 108.2 per cent over Home Report value, a rise of 2.8 per cent annually.
Paul Hilton, CEO of ESPC, commented: “It has been another busy quarter for the property market, with growth seen in many areas and buyers still willing to pay over the Home Report valuation for many properties.
“Edinburgh city centre continues to be a desirable area to live with two-bedroom flats and three-bedroom houses continuing to be particularly popular with buyers. Flats in Morningside and Leith sold quickly during this period. We can see that there is still very strong demand for homes outside of the city centre that offer great transport links, where a larger property is more affordable for many.
"Areas such as West Lothian and Midlothian are seeing significant leaps in demand, while we’re continuing to see strong interest for East Lothian and East Fife – regions which have both thrived throughout the past two years."
For more information on the latest property prices in the capital, check out the ESPC website here for further details.
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