Three Edinburgh neighbourhoods have seen property prices sky-rocket by more than 30 per cent in the last year.
The latest data released by ESPC this week reveals there are several areas across the Scottish capital to have seen significant increases in the price of property.
According to year-on-year figures for the period April to June prices soared in South Queensferry and Dalmeny, Liberton and Gilmerton and Portobello and Joppa more than anywhere else.
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The cost of a three bedroom house in South Queensferry and Dalmeny increased on average from £223,024 to £295,393 – a rise of 32.4 per cent. Similarly, the average price of a three bedroom house in Liberton and Gilmerton soared by 32 per cent – from £214,500 to £283,058.
In Portobello and Joppa the price of a two bedroom flat has gone up from £220,667 to £290,824. This represents an increase of 31.8 per cent.
The following areas have also seen significant increases:
- Trinity, Newhaven, Inverleith (two bedroom flat): 27.2 per cent increase from £223,936 to £284,878
- Morningside and Merchiston (two bedroom flat): 23.5 per cent increase from £270,814 to £334,389
- Currie, Balerno, Juniper Green (three bedroom house): 11.6 per cent increase from £322,805 to £360,334
Other areas to have smaller increases in prices include New Town and West End (two bedroom flat); Dalry, Gorgie, Slateford, Chesser (one bedroom flat); and Polwarth, Shandon and Tollcross (one bedroom flat).
While some areas have seen prices rise year-on-year – and prices have gone up on average across the whole of Edinburgh by 8.9 per cent from £262,382 to £285,729 – several neighbourhoods have seen decreases. These are as follows:
- Cramond, Barnton, Cammo (three bedroom house): £430,805 to £354,500, a decrease of 17.7 per cent
- Marchmont and Bruntsfield (two bedroom flat): £443,333 to £387,883, a decrease of 12.5 per cent
- Corstorphine, Clermiston, South Gyle, East Craigs (three bedroom house): £377,821 to £338,934, a decrease of 10.3 per cent
- Leith Walk, Easter Road, Pilrig, Bonnington (one bedroom flat): £178,525 to £162,363, a decrease of 9.1 per cent
- Abbeyhill, Meadowbank (one bedroom flat): £195,933 to £181,731, a decrease of 7.2 per cent
- Leith, the Shore, Granton (two bedroom flat): £223,283 to £213,037, a decrease of 4.6 per cent
- Newington, Grange, Blackford (two bedroom flat): £290,544 to £286,391, a decrease of 1.4 per cent
- Stockbridge, Comely Bank, Fettes, Canonmills (two bedroom flat): £298,992 to £297,533, a decrease of 0.5 per cent
Elsewhere in the Lothians the cost of homes in East Lothian have gone up by 31 per cent from £208,376 to £281,574, in Midlothian by 11.5 per cent from £205,081 to £228,682 and in West Lothian by 13 per cent from £208,885 to £236,036.
ESPC also say the amount of properties sold in the three month period is up, with a median selling time of 16 days.
Paul Hilton, CEO of ESPC, said: “We’ve consistently witnessed high levels of activity in the property market since the easing of home moving restrictions last June. This three month period has been no exception. It is clear from the speed of sale and the volume of properties achieving in excess of their Home Report valuation that there is strong buyer demand with people actively looking to move to their next home.
“As highlighted in this month’s figures, there is strong demand for homes out with Edinburgh, particularly in East Lothian, Midlothian and West Fife and Kinross. This could be great time for home owners in this area to be selling if they are looking to do so. We’ve seen some fantastic property listings in these areas recently and it is clear that there are lots of people looking to make the move to these locations. Similarly, it is a great time for those looking to buy a home in Edinburgh, due to the high volume of properties available.
If you are considering buying or selling in any of our of these areas, get in touch with your local ESPC solicitor estate agent today. ”
