Property in Edinburgh, Average House Price, Lothian Home Value, Residential Buildings

Property in Edinburgh: What is the average house price here?

22 Sep 2020

Are you on the house-hunting mode in Edinburgh? If so, you must be interested in getting an idea about the average house price in this region. Well, in that case, you have come to the right place because, in this article, we will talk about the average house price in the North, East, South, and West part of Edinburgh. The average house price will help you to determine if you can afford to buy a property in this place. You can analyze your budget and decide how much you need to borrow from banks for buying a property in Edinburgh. So, let’s dig deep without wasting any words.

What is the average price of a house in Edinburgh? 

As per the latest reports, the average price of a house in Edinburgh is £292,273. The price has increased by 1.36% in July, August, and September. The demand for properties in Edinburgh has increased in the last three months. Still, the average price is 3.72% lower than the previous 12 months. Many factors are responsible for that. But, the primary reason is Covid-19, which has affected the financial health of people quite severely. However, it would be wrong to assume that people are not buying properties in Edinburgh. Houses are getting sold within 17 days, which is quite fast. According to Zoopla, the condition of the real estate market is relatively healthy despite the ongoing recession in the country.

The average price of houses in Edinburgh is lower than that of London. You can buy a three-bedroom house in Edinburgh with the amount you have to buy a property in London. Let’s check out the average price of houses in North, East, West, and Southern parts of Edinburgh now.

North

If you want to buy a house in the inner suburb of North Edinburgh, then you can get a sizeable two-bedroom flat within £235,000. People couldn’t see properties during the lockdown period. Now, potential homebuyers have started checking out properties yet again. Covid-19 gave enough time for people to think and decide their housing requirements. They got time to save money as well. As such, they are back on the house-hunting mode again. The price of houses in Edinburgh is gradually increasing. First-time homebuyers would want to buy a house before the price of houses becomes exceptionally high post-pandemic. They are hoping that the current recession will help them to buy a house at a budget-friendly price.

East

Do you love to have a house near the sea beaches? If you love the sea, beach, and water sports, then you should look for a house in the Eastern part of Edinburgh. The eastern part of Edinburgh is conveniently located near the sea beaches. So, if you buy a house here, then you can easily visit the sea beaches without wasting much time or money. The average price of a three-bedroom terraced house in the eastern part of Edinburgh is around £235,000.

If you feel that the average price of a three-bedroom terraced house is beyond your budget, you can do one thing. You can rent out your property during the peak tourist seasons of the year. Many couples want to enjoy their vacations on quiet sea beaches, primarily due to the pandemic. They would instead prefer to stay in houses rather than hotels where there is a greater risk of getting infected. Plus, many people are just bored of staying indoors. They want to live in a house near a sea beach so that they can enjoy the water and remain protected as well.

You can list your property on Airbnb and rent out your property for a few days or months. That would help you to recover the cost of the property gradually.

South

The southern part of Edinburgh is a populated area in Edinburgh. Many people live in this place. You can find a three-bedroom with a lounge house at an average price quite easily here. Shop around to find the best deal here. You can also hire a real estate agent broker to help you get a good house at a reasonable price.

West

A large portion of the West of Edinburgh occupies the central part of the city. This means that it is a prime location. People can travel to other parts of the city easily. They do not have to waste several hours traveling to different parts of the city. The western part of Edinburgh is the first choice of all the working professionals as they do not want to waste time traveling. The average price of a renovated tenement building is £239,995.

What should you do before buying a house in Edinburgh?

Well, there are two steps that you must take before buying a house in Edinburgh. First, you must check the average price of properties in Edinburgh. Secondly, you must consult an experienced conveyancing solicitor in Edinburgh. A conveyancing solicitor has a vast knowledge of buying and selling properties. He knows the property law. Plus, he can help you with the settlement and title transfer of the property without any legal complications. He can help to safeguard your rights and save you from unnecessary troubles.

The best part of hiring a conveyancing solicitor is that he can help you buy and sell a property in Edinburgh with confidence. Many solicitors do not even charge upfront fees.

Also, ask your friends or a real estate broker to recommend a good lawyer who has a vast experience and knowledge of property law.

Conclusion

If you want to buy a property in Edinburgh, make sure you save £50,000 to get on the property ladder. This is the amount that first time home buyers have to pay to get on the property ladder. There is a huge demand for properties in Edinburgh. Save as much as you can so that you do not have to take out a massive mortgage for buying a house. Set aside an amount from your paycheck every month and lead a frugal life to boost your savings. The more you save, the less money you have to borrow. It will help you save money on the loan interest later.

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Edinburgh Architecture

Liberton Brae Townhouses
Design: LBA Architects
Liberton Brae Townhouses in Edinburgh
image courtesy of architects
Liberton Brae Townhouses

St James Quarter Edinburgh
St James Quarter Edinburgh
image of the development
St James Quarter

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