Edinburgh has been a popular place to live for many years, and as one of the most expensive places to live in Scotland, property prices reflect this.
With covid-19 changing many people’s priorities, differing property price trends are being experienced, with some areas experiencing increases and some decreases.
We take a look at some of the areas that have had varying results!
A quick note on the data used in this article.
All data included is supplied by Edinburgh Solicitors Property Centre (ESPC) comparing December 2020 to February 2021 and December 2021 to February 2022.
Property price increases year-on-year
South Queensferry
Average selling price increase year-on-year: 23.9%
Average property selling price: £287,182
Leith
Average selling price increase year-on-year: 14.7%
Average property selling price: £229,719
Corstorphine
Average selling price increase year-on-year: 11.2%
Average property selling price: £323,879
The Shore
Average selling price increase year-on-year: 7.5%
Average property selling price: £243,869
Property price decreases year-on-year
Stockbridge
Average selling price decrease year-on-year: -17.8%
Average property selling price: £310,881
New Town
Average selling price decrease year-on-year: -2.1%
Average property selling price: £439,574
Shandon
Average selling price decrease year-on-year: -5.1%
Average property selling price: £288,584
Newington
Average selling price decrease year-on-year: -4.3%
Average property selling price: £304,813
What is affecting property prices?
There will be many factors affecting property prices, however something to consider is the effect changes to short-term let regulations may be having on some areas.
The Scottish Government recently approved legislation meaning all short-term let properties will need planning permission, potentially impeding the short-term let market.
Stockbridge, New Town and Newington have been popular with short-term let investors in recent years due to the area’s attraction to tourists. The reduction in prices may be the market self correcting after a high volume of investors in the areas.
Another thing to consider is some of the area’s proximity to the city centre, with many people working from home and looking for more space, it’s understandable Corstorphine and South Queensferry have been popular in recent months, increasing property prices.
What does this mean for the value of your property?
As you can see, there are varying trends across Edinburgh, with some areas currently outperforming others.
If you are interested in finding out the trend in your area and how much your property might sell for, contact our team on [email protected].
The data also highlights the importance of working with a local agent who understands the property market in your area. At MOV8 we have access to hyper-local property data and years of on the ground knowledge, meaning we will always be able to give you advice tailored to your specific area and needs.
If you are thinking of selling your home, arrange a free property valuation today.
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