Edinburgh's house pricing has risen by a whopping £40,000 in the last year, according to estate agents and solicitors Lindsays.
As reported by The Times, the average price of a home in the capital has broken through the £300,000 mark, with the average home sitting at around £316,000 in value.
Lindsays estate agents has claimed that there has been an increase of 15 per cent in 2021, and have also predicted that the market will continue to rise in price during the New Year.
Between the beginning of 2021 and November of the same year, the firm has said the average sale price of a house in Edinburgh was £316,000, compared to 2020's average home sales of £276,000.
These sales occurred in Edinburgh for the majority, but also included purchases in East and West Lothian, with a rise of 14.5 per cent.
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Maurice Allan, managing director of residential property at Lindsays, said: “It’s not been unusual this year for us to see properties go up to 30 per cent above their asking price. Houses are in particular demand.
“The shift we saw after the first lockdown of people wanting to move out of the city centre has not slowed — and it’s that competition for the properties available which has been a key factor in fuelling the price rises we’re seeing.
“While we do not expect prices to increase at the same rate we have seen during 2022, that sustained demand means they are likely to.”
Maurice also noted that the pandemic had been a major reason in continued competition between estate agents - with a rise in people searching for houses with gardens, as they worked from home.
He also added: “While we expect a calmer and more settled market in 2022 than we have seen in the past 18 months, we are confident that it will remain busy, buoyant and competitive."
The latest statistics from the Office for National Statistics revealed that the cost of buying a home nationwide rose by an average of £18,000, which is a 11.3 per cent increase, from January to October 2021.
Across Scotland, the average first-time buyer is paying £145,000 for their starter home, which is almost 10 per cent of a rise compared to 2020.
