Recent figures have revealed the top performing areas and property types in Edinburgh and the results may surprise you.
Recent ESPC figures have revealed that, between October and December 2016, the best selling type of property was two bedroom flats in the Leith and Corstorphine areas of Edinburgh. So why are these areas and this type of property selling so well?
“Leith is a perennially popular area for buyers and has recently undergone a significant regeneration,” comments Robert Carroll, Managing Director of MOV8 Real Estate, Estate Agents and Solicitors. “A couple of long-standing Leith eyesores have been demolished and replaced with high-end student housing. New businesses, including smart bars and eateries, have sprung up in the Leith area in the last couple of years to service the demand of the residents who live in this new housing.
“Corstorphine has for years been a popular area for young families looking for more space within striking distance of Edinburgh’s city centre.
“The rise in demand for two bedroom flats in the area is likely due to recent rejuvenation in the banking sector. Sainsbury’s Bank, Tesco Bank, RBS, HSBC and Lloyds all have large offices in the increasingly popular Gyle and Edinburgh Park areas which both lie within walking distance of Corstorphine. The demographic of the staff who are likely to be working in these locations is perfect for the modern blocks of smart flats that have been built in the Corstorphine area in the past few years.”
The same report also identified Portobello and Joppa in Edinburgh as areas that are experiencing notable increases in selling price, specifically for two bedroom flats, with a 10% increase in average selling price year on year between October and December 2016.
Commenting on the potential reasons behind the increase in selling price for these areas, Carroll stated:
“Portobello and Joppa have always been popular areas with buyers who value living close to the sea. With the number of properties coming to the market in central Edinburgh not keeping up with buyer demand, people who have been frustrated by their search for a city centre property will be swelling the usual number of Portobello and Joppa buyers as they look to cast their nets geographically wider.
“Portobello fits the bill perfectly for frustrated buyers who are casting their nets beyond Edinburgh. Architecturally, there is a good supply of flats in Portobello that will appeal to Edinburgh buyers who are looking for traditional, Victorian and Georgian homes for prices that are broadly similar to those in popular, more central locations in Edinburgh.”
These figures can be set against a backdrop of property price increases of 4.9% in the same period across the whole of East Central Scotland.
If you are looking for advice about buying a home, please do get in touch with us by calling 0345 646 0208 (Option 4) and one of our experts will talk you through the process to help you to get the best deal. If you’re thinking of selling and would like a free valuation or a quote for selling your home, just call 0345 646 0208 (Option 1) or email [email protected].