Opportunities Out There for First-Time Buyers
Thursday, January 16th, 2020
on behalf of Warners Solicitors and Estate Agents
Not all doom and gloom for first-time buyers, says Edinburgh’s leading estate agents
A RISE in the number of homes in the market in Edinburgh and the Lothians has given fresh hope for those looking to get onto the property ladder.
While stiff competition from landlord investors persists, Warners, one of the capital’s leading solicitor estate agents is pointing to a 20% annual increase in the number of homes listed as cause for first-time-buyer optimism.
Areas such as Newhaven and Pilrig in Edinburgh – and Kirknewton, Musselburgh and Dalkeith just outside the capital – are being earmarked by Warners as prime locations where house-hunters can make the crucial first step.
David Marshall, Operations Director at Warners, which has listed a number of quality homes under £150,000 in recent weeks, said: “In recent years market conditions have been tough for first-time buyers as a shortage of supply relative to demand meant that homes often sold for well in excess of their Home Report valuation.
“Lenders will only provide funding up to the valuation figure meaning that in order to bid more than this, you need to have that cash on hand in addition to your deposit.
“Thankfully an improvement in the supply of properties coming onto the market has meant that the average premium paid to secure a property came down last year.
“For example, in 2018 properties sold in Edinburgh achieved an average of 6.0% above their valuation figure. Last year this figure eased to 4.3%.
“House price inflation has eased too, from 5.5% in 2018 to 2.2% last year, so for young professionals and families, pockets of Edinburgh and the Lothians will offer good quality homes within reasonable budgets.”
In the coastal Edinburgh suburb, Newhaven, Warners is listing a charming one-bedroom apartment in a traditional tenement block in Hawthornvale for £135,000.
Within easy reach of the city centre, this property provides the perfect location for young professionals working in the city, whilst still avoiding the capital hustle and bustle.
Looking outside Edinburgh, but staying within reach, allows budgets to stretch further. A two-bedroom home in Shadepark Drive, Dalkeith, even features a west-facing garden – and is available for offers over £125,000 – a perfect starter home for a couple or young family.
In Wilkieston Village, Kirknewton, a semi-rural location with capital connectivity, sits an impressive two-bedroom flat ready for move-in for a fixed price of £130,000.
In Musselburgh, even a three-bedroom flat, comes within an affordable budget – at offers over £125,000.
David added: “At this time of year there is always a large number of properties coming onto the market so for those looking to get onto the property ladder it is a great time to keep an eye out in case your dream home becomes available.”
For more information on Warners Solicitors and Estate Agents and to view all of their properties for sale, visit https://www.warnersllp.com/
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