Podcast: Edinburgh property market round table

This week's episode of the ESPC Property Show podcast is a special one - Paul & Megan are joined by four ESPC solicitor estate agent member firms to discuss the current property market. From the properties that are in high demand to the best places for first-time buyer as well as the current climate for landlords and the issue with conveyancing - Wilson Browne (Drummond Miller Property), Katie McDonald (VMH Solicitors), Francesca Hill (Coulters) & James McKay (Aberdein Considine) leave no stone unturned.

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Key Insights

First-Time buyer surge

A noticeable increase in first-time buyers, particularly at the lower end of the market, is helping drive activity. Lower interest rates from the Bank of England are cited as a contributing factor. Leith Walk and its surrounding areas were named as up-and-coming, gentrifying spots, with more independent cafés and amenities making them attractive for younger buyers. Midlothian towns like Bonnyrigg, Dalkeith, and Gorebridge were also noted as popular due to better affordability and increased remote working.

High demand at lower price points

Properties in the lower price brackets, especially one-bedroom flats and smaller homes, are going to closing dates more frequently and attracting more competitive offers - especially in popular areas like around Leith Walk and Easter Road. In contrast, the top end of the market is experiencing slower movement. Properties that previously triggered competitive bidding are now sometimes receiving only a single offer.

Challenging environment for landlords

The group agreed that recent government policies and tax changes have made it tougher for individual landlords, with portfolio landlords now more likely to stay active in the market. The panel flagged a long-term concern about the rental supply as many smaller landlords exit. This reduced competition from landlords entering the market may be influencing dynamics and offering opportunities for other buyer segments.

Advice for buyers in the current market

Today's buyers are better educated about the market thanks to online data and tools. They're being cautious due to budget pressures and are less likely to overpay compared to previous years. Buyers were encouraged to look for properties that have been on the market the longest to negotiate better deals and to consider areas with upcoming infrastructure investment, like tram extensions or regeneration projects.

Stock fluctuations & seller strategy

A consistent theme was the need for more properties coming to market to help ease pressure on both sales and rental sectors, making the process easier and less competitive for buyers. Although sales are up, fewer properties are going to closing dates. This may be due to more conditional (subject-to-sale) offers, quicker decision-making, and sellers accepting strong early bids instead of waiting for multiple offers.

Help-to-buy and affordable housing schemes

There was discussion around schemes like the Golden Share in Edinburgh, with consensus that more government-backed initiatives are needed to support first-time buyers, especially those without family financial support.

Conveyancing bottlenecks

The slow pace of property transactions due to conveyancing delays was a shared frustration. Mortgage offers were cited as a major cause of holdups, with participants noting how sales can conclude dangerously close to move-in dates, adding stress for buyers and sellers alike.

Market outlook for 2025

The panel predicted a stable, steady market for the rest of the year, with potential for modest improvements if interest rates drop. Inflation and broader economic conditions were highlighted as key influences on market performance.