Out of town living
Get more mileage out of your money by living out of town...
With the market is starting to look like it is making small changes for the better, more and more house buyers are turning to ESPC to look for their dream home. The question as always though, is how much can you get for your money? We look at three areas where buyers could consider buying ‘out of town’ and why.
ESPC’s David Marshall recently commented on this developing area, beyond Edinburgh, explaining its market activity saying:
“As has been the case across most of East Central Scotland, we’ve seen an upturn in buyer activity in Midlothian over the last year or so.”
“Last year the number of house sales recorded in the area by ESPC rose to its highest level since 2008, and over the last three months sales have been 27% higher than during the same period a year ago.”
“Several factors have helped fuel this growth in buyer activity.”
“In the first instance, properties are more affordable than at the peak of the market. In Dalkeith and Penicuik, for example, the average price of a three bedroom house is about 15-20% below peak levels.”
“We’ve also started to see more first time buyers come back to the market, with many of those who started to save a few years ago now having the deposits they need in place.”
“Finally, there’s been a rise in buy-to-let activity as investors look to take advantage of a combination of lower house prices and high rental demand from tenants.”
Top tip: Search for properties in Midlothian by selecting the area in your search criteria, then you will filter out properties that won't be of interest!
Fife & Kinross
Dunfermline offers town living with all the services and amenities you would expect. Elsewhere there are a number of coastal and country communities for those looking for a quieter pace of life.
ESPC’s Amy Walker has recently reported on the area of Fife and had this to say to buyers looking to buy.
Amy reported earlier this year saying:
“A good case study example for somewhere to choose to live in Fife would be Kirkcaldy. Nicknamed the Lang Toun because of its now four mile main street it is situated on the east coast of Fife.”
“Market wise, properties in Kirkcaldy received an average of around 300 views of property particulars each month during January this year. The average price of a property in Fife & Kinross fell slightly from £136,874 in 2011 to £135,851 last year. Last year the number of sales recorded by ESPC in Fife & Kinross rose by 16% annually and to the highest level on record since 2008.”
Top tip: Why not visit our Fife & Kinross area overview pages for more information on this part of Scotland?
ESPC’s Lisa Venter explained why she thought buyers should consider looking beyond Edinburgh and Glasgow to East Lothian specifically.
“I used to live in North Berwick with my parents and moved recently to get married and really enjoyed living within a smaller community while still commuting less than an hour to work in Edinburgh. You have the countryside, the sea and a great potential for finding a bigger property while still living relatively near to Edinburgh.”
“East Lothian in general actually offers a vast difference in property prices with say Edinburgh. A one bed flat in Edinburgh averages at £121,447 whereas in East Lothian it averages at £83,359. That’s a whopping £38,087 difference!”
“It won’t cost you a fraction of that to commute as a first time buyer and you could save that extra money for a bigger property sooner. Or if you are looking for a family home, East Lothian averages at £196,427 for a three bedroom home whereas in Edinburgh a similar property would go for £254,362 on average. That means you could save almost £58,000 simply by living in a quieter part of the country without being too far from Edinburgh if you need to commute or enjoy its retail and leisure offerings.”
Top tip: Make sure to visit espc.com for all our House Price Reports for more updates on East Lothian house prices.