Expert analysis by Warners with help for Holyrood PR in Edinburgh
Monday, October 10th, 2016
on behalf of Warners Solicitors and Estate Agents
New analysis by Warners Solicitors & Estate agents has revealed some of Edinburgh’s property ‘hotspots’ – with certain on-trend postcodes achieving close to an eight per cent increase in house prices since the turn of the year.
Edinburgh-based Warners announced three high performing areas, emerging ahead of healthy growth in house prices across Edinburgh – a clear indicator of areas with increasing popularity where buyer demand is outstripping supply.
Using information gathered by ESPC, Warners identified Haymarket, Marchmont and Abbeyhill as the three hotspots where sellers this year are frequently enjoying outstanding results.
David Marshall, Operations Director at Warners Solicitors LLP, said: “On the whole the Edinburgh property market is in a healthy state, however a supply shortage is still causing house prices to increase – a trend likely to continue for the foreseeable future.
“It is testament to ESPC that we are able to get this level of understanding of the property market, spot emerging trends and help inform buyers and sellers.
“The three areas that we have identified, Haymarket, Marchmont and Abbeyhill are not only seeing homes typically sell significantly above the Home Report valuation but are all attracting a different type of buyer.
“This is typical of Edinburgh, which remains an incredibly vibrant and varied city and an attractive proposition to a range of buyers.”
– The average price of a Haymarket property has risen by just under 8%, from £189,232 in 2015 to £204,179.
– Substantial demand from young professionals and investors.
– The number of homes changing hands has risen, up by more than 20% on 2015 levels.
– On average properties in Haymarket have achieved a price of 8.7% over and above the Home Report valuation. That equates to an average premium of just over £16,000 being paid to secure properties in the area.
– On average homes in the area are achieving a premium of 7.5% over the Home Report valuation, with regular selling prices 15 or 20% above valuation being achieved.
– Properties spending an average of just 16 days on the market.
– Close to campuses for both Edinburgh and Napier universities resulting in significant interest from buy-to-let investors, as well as parents
– Sales up 40% on 2015
– Huge first time buyer demand attracted by close proximity to the city centre
– Buy-to-let investors attracted by favourable rental yields and potential for capital growth.
– Properties spending an average of just 15 days on the market.
– In 2016 buyers have had to pay an average of 7.3% over the valuation price to secure their property.
– Despite high demand, Abbeyhill remains comparatively affordable, with one bedroom flats in the area often found for around £120,000.
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Chris Fairbairn is an Account Director with award-winning public relations agency Holyrood Partnership. He is part of an expert PR team delivering PR services to a wide range of clients from headquarters in Edinburgh, Scotland.View Chris's Profile
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