Affordable family homes still a reality in Scotland’s Capital
Despite a strengthening in the housing market, the cost of buying a family home in Scotland’s Capital may be lower than many would expect.
With Nationwide reporting that annual house price inflation across the UK recently topped 10% concerns had been expressed that rises were becoming excessive, but much of this growth has been driven by activity in the London market and locally house price growth has been far more modest. In the three months to April, for example, ESPC reported that the average house price in Edinburgh stood at £200,895 – a rise of just 1.0% compared to the same period a year ago.
The figures on the price of family homes were particularly revealing. During the first four months of this year, 12% of three bedroom houses sold in Edinburgh were secured for less than £150,000, with 40% bought for £200,000 or less.
Commenting on the results David Marshall, business development manager with ESPC, said: "People’s views on the property market are often influenced by what’s happening at a national level, but the reality is that that a local level trends can vary significantly. Even within a city like Edinburgh it’s important to drill down beyond broad averages to get a better understanding of what’s happening with prices in your areas.
"We frequently speak to potential buyers who are pleasantly surprised to discover that there are many areas of Edinburgh, the Lothians and Fife where it’s possible to find a home that meets all of their requirements for substantially less than they thought they’d have to pay.
"It’s certainly fair to say that competition among buyers is higher than it has been for a number of years, but we’re still seeing almost half of the homes sold in the Capital going for less than their original Home Report valuation. As we move forward we should see more sellers being tempted back to the market, and this should help to keep house price inflation in the area at moderate levels in the months ahead."
A selection of family homes currently on the market
Upper Villa with 3 bedrooms & 2 public rooms
End Terraced House, 3 bedrooms & 1 public room
Terraced House, 3 bedrooms & 1 public room