Bruce Rae Property Management

Property prices in Edinburgh continue to rise

Latest figures from Edinburgh Solicitors’ Property Centre (ESPC) reveal that the Edinburgh property market remains one of the most buoyant in the UK. In the fourth quarter statistics it was reported that an 11.1% year-on-year growth increased the average property price in the capital to £197,207, marking the third successive quarter in which annual price inflation exceeded 10%.

As was the case in previous reports, smaller properties in Leith saw the greatest rises with a year-on-year increase of over 20% for the price of a 1 bedroom flat. Even with this, the current average in the area for such a property is £112,900, which is still significantly lower than the average of £128,000 for a similar property in the rest of the City. This, along with ongoing resurgence of the area, has attracted a number of first time buyers who are keen to get onto the property ladder.

In terms of east central Scotland as a whole, 5,000+ properties were sold in the last 3 months of the year. These were worth almost £1bn and up 10% on the same period in the previous year, making it the highest recorded level between October and December in ESPC’s 36 year history.