PROPERTIES IN EDINBURGH CONTINUES TO RISE IN PRICE
Modern properties are proving popular at the moment, with buyers viewing them as a value for money investment.
The average price of property has continued to rise across Edinburgh according to leading residential property marketers Edinburgh Solicitors Property Centre (ESPC).
Based on its latest quarterly statistics, ESPC reports an average rise of 12.3% in property prices, year on year, throughout the region. This takes the average price of property to almost £100,000, at £99,433.
"This is good news for homeowners in all areas," explains ESPC chairman, George Clark. "Buying a house is probably the biggest investment a person will make in their lifetime. And, its comforting for all those who own their own homes to know that the value of the asset is continuing to rise.
"What has been interesting this quarter, is that there is a definite levelling out of property prices. The growth certainly remains strong at 12.3%, but rises in specific areas are much more stable.
The exception is modern semi-detached/terraced villas in the Edinburgh suburbs, which show a leap of 32.48%, taking the average property price there to £102,880.
"On closer examination of the raw data, the main reason for this massive jump, is that the average number of bedrooms has risen from 2.5 to 3, year-on-year.
"Certainly, modern properties are proving popular at the moment, with buyers viewing them as a value for money investment.
"In fact, it is quite possible that the increasing number of sales of modern flats has also contributed to the overall rise throughout Edinburgh.
He continues: "The real story emerging from ESPC's figures is, I think, the increasing popularity of one bedroom flats. Right across the board, the numbers sold through our member firms have increased.
"There could be many reasons for this, of course, including, sadly, the ever-increasing number of divorces, resulting in two-home families. Nevertheless, they are certainly proving a popular option and, because of the demand, prices remain buoyant in this sector."
Within the last two years, ESPC has reported strong rises in areas such as Marchmont/Bruntsfield and Edinburgh City Centre.
In fact, these areas have averaged rises of around 15.5 and 17% respectively over that period.
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HOW THE PRICES HAVE RISEN
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1996
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2000
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%change
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Marchmont/Bruntsfield
2 bed flats
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£83,529
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£128,003
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55%
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Gorgie/Dairy
1 bed flats
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£34,041
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£44,168
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30%
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Leith Walk/Easter Road
1 bed flats
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£35,419
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£48,838
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28%
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Stockbridge/Comely Bank
2 bed flats
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£76,676
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£112,344
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48%
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City Centre(New Town)
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£69,833
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£118,464
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69%
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source: Edinburgh Solicitors Property Centre, Edinburgh
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