Where is the Property Market Strongest? Three Edinburgh Hotspots
One of the questions that we are asked most frequently at MOV8 is “where are the hotspots in the market?”. Whether it’s property investors, first-time buyers, journalists or members of the public, everyone wants to know where prices are rising or where properties are selling quickest.
Whilst it is true to say that the circumstances of every sale are different, at any given time there are always areas of the city which outperform the wider market. Here’s a look at three areas across Edinburgh where the market has been particularly strong so far in 2015.
Situated to the west of Edinburgh between Merchiston and Dalry, the market in Polwarth has been incredibly strong for sellers in 2015. In fact by just about any measure, the market is booming.
The number of sales recorded in the area by MOV8 during the first eight months of the year is up by over 70%. Almost 80% of homes sold in Polwarth have achieved a selling price in excess of their asking price. The median selling time in the area stands at just 15 days, well below the citywide average of 28 days.
It’s not hard to understand Polwarth’s popularity. Despite lying within 20 minutes’ walk of the city centre and having Fountainpark’s amenities on its doorstep, one-bedroom flats in the area can often still be found for around £115,000 to £120,000 making it attractive to both first-time buyers and buy-to let investors.
The fashionable Morningside area of Edinburgh has long been in high demand from house-buyers. Even following the downturn in the market in 2008 when sales in many areas of Edinburgh were less than half of what they were at the peak of the market, in Morningside activity was comparatively resilient.
Now, with the economy improving in 2015 and confidence in the property market on the rise, Morningside has gone from strength to strength. The number of sales recorded by MOV8 in Morningside has doubled over the last year. Almost 90% of the homes sold in the area achieved a selling price in excess of the original asking price, with several homes attracting offers of between 10 and 20% above the asking price.
Across Morningside, the average property price during the first eight months of 2015 stands at £302,955 – up by 9.8% compared to the same period in 2014 when the average house price was £275,906.
Morningside offers a wide range of property types, from traditional tenements to spacious Victorian villas. With prices for even one bedroom flats in the area regularly exceed £175,000 it tends to be most popular with more affluent professionals who are happy to pay a premium to stay close to the city centre, in one of the Edinburgh’s most attractive neighbourhoods.
In the early part of the last decade, a large number of new build properties were built in The Shore thanks in large part to developments like Western Harbour, as the area attracted a huge level of investment. Unsurprisingly, following the onset of the credit crunch in 2008 that level of investment dried up quickly and the property market in the area went into something of a slump for a number of years.
In 2015 however, we have seen a significant recovery in property sales by The Shore with the number of homes changing hands up by 55% annually. The median selling time in the area is just 25 days, down from almost 40 days last year.
The average property price in the area now stands at £179,246, up 5.1% from £170,618 a year ago, but perhaps what is most heartening is that this year we have seen a number of homes selling that had been stuck on the market for a number of months.
The Local Perspective
The interesting thing to take from these figures is that, even in a market which is enjoying substantial growth across the board, there are still significant differences in trends at a more local level. At MOV8, our team prides themselves on being up to date with all the latest market figures and analysis to ensure that we’re able to give you the expert, local knowledge you’ll need to get the best possible result whether you’re buying or selling.
If you are thinking of moving home and would like more information, please call us on 0345 646 0208 or email [email protected] and one of our team will be delighted to highly. And to keep up to date with all the latest market news and information you can sign up to our monthly newsletter today.