Edinburgh’s detached homes see huge price rise

Edinburgh’s detached homes see huge price rise

0:02 AM, 12th June 2024, About 4 months ago 2

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The price of detached homes in Edinburgh has rocketed, with the average rising by nearly £1,500 per week over the past year. 

According to DJ Alexander, Scotland’s largest lettings and estate agency, the average price of a detached home in Edinburgh has jumped from £666,814 to £742,304 between April 2023 and March.

This represents an impressive £75,490 increase in just 12 months – or £1,451.73 per week.

This surge comes despite rising mortgage rates, the highest in a decade.

Renewed desire for city living

The firm’s chief executive, David Alexander, says the trend is down to a renewed desire for city living.

He explains: “The boom in out-of-town living appears to have ended.

“Buyers are flocking back to the cities and are willing to pay substantial prices for the privilege.”

Edinburgh’s detached home price growth significantly outpaces the national average.

Across Scotland, detached house prices increased by just over £500 per week, while England and Wales saw a much more modest rise of around £2,959 over the same period.

Positive picture of Scotland’s housing market

While the figures paint a positive picture of Scotland’s housing market, Mr Alexander warns of potential risks.

He warns: “Marketplaces tend to be volatile if price rises are too great and occur over a short period of time.

“It’s uncertain whether such growth is sustainable in the long run.”

The report highlights the enduring appeal of Edinburgh and Glasgow for homebuyers.

However, Alexander questions if this trend will continue, and said: “Whether people will be willing or able to pay these kinds of prices for a sustained period is open to question.”


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havens havens

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14:29 PM, 12th June 2024, About 4 months ago

The surge in Edinburgh's detached home prices reflects a renewed desire for city living despite rising mortgage rates. While positive for Scotland's housing market, there are concerns about sustainability and potential volatility due to rapid price increases. The enduring appeal of cities like Edinburgh and Glasgow for homebuyers is evident, but the long-term affordability remains uncertain.

Reluctant Landlord

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14:41 PM, 12th June 2024, About 4 months ago

it will only last as long as people are prepared to pay for what's on offer - simple as that otherwise no one would be buying them at all.
A large detached is not exactly a necessity buy is it? Not going to be a FTB sick of renting or a mid income family looking for another bed space if they have to max out the mortgage offer to do so is it given the current situation? More likely to be a downsizer (selling and buying) or foreign purchase for own (holiday?) use.
If you are buying now then its got to be a viable thought through purchase rather than a reactive one and I doubt very much it will be a purchase by a LL looking to let it out!
Let's see what happens after the GE...all change I expect!

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