How house prices have changed in Edinburgh over the last two
Eddison Wells is privileged to have an office in Edinburgh. As as Edinburgh Mortgage Broker we value the opportunity to go Brew lab for a nice coffee after work
House prices in Edinburgh have increased significantly over the last decade or so. However, over the last two years the rate of increase has slowed down. There are a range of factors that impact the rate at which house prices change in Edinburgh all of which need to be taken into consideration when analysing the market and predicting what will happen to house prices in the city over the next five years or so.
The numbers: What has happened to house prices in Edinburgh?
Houser prices in Edinburgh have increased relatively slowly in recent years. Over the last two years, prices have risen by only 3% according to Zoopla.com, a leading property portal. Over the last five years, the rate of increase has been only 20%. This compares to 30% in London and almost 35% in Manchester, one of the UK's fastest growing cities.
This is a notable slowdown for Edinburgh, which saw some of the UK's fastest housing growth in the early 2000s. Some have blamed this slowdown on the Edinburgh Trams project, which created major disruption in key areas of Edinburgh city centre and the west end whilst it was being built. However, construction was finished over three years ago and house prices are yet to see a resurgence, despite the relative popularity of the system.
It is likely that the slowdown has more to do with a general slowdown in Edinburgh's growth. The cities creative and retail sectors grew enormously at the start of the 21st Century, catching up to Glasgow where much of this growth had been concentrated throughout the early 1990s. After catching up, Edinburgh has struggled to move further ahead. There are however a number of projects in the pipeline which are designed to kickstart the city's growth again.
Where is the growth concentrated?
Major new building projects in Edinburgh have been relatively few and far between. The enormous Quartermile development, located on the former Royal Infirmary site has taken over a decade to come to fruition. A number of new flats have been built but much of the site remains undeveloped. There has also been a slowing of the rate of development in Leith, where many new developments took place at the start of the 21st Century.
The has been an increase of development of family homes towards the West of the city. The trams have unlocked new areas of development around Murrayfield which is now an easy 20 minute commute from Princes Street on the popular tram system. This has led to an interesting split in property prices outside the city centre. Flat prices remain high as supply has been relatively constrained, whereas the price of family homes outside of the most popular areas is now closer to that seen across the rest of Scotland.
The student factor
Edinburgh is one of the UK's most popular student cities and all of these students have a major impact on the housing market. The most popular student areas are the tenement developments to the south of the Meadows. Most of the flats here contain three to five bedrooms and are perfect for the student population. Many landlords also choose to 'double dip' by renting out the same flats to performers and visitors during the city's popular Festival season in August. Demand for accommodation is incredibly high at this time of year and rent yields can be exceptionally high. The Festival does cause some areas of the city to grind to a halt however and can make commuting particularly difficult in some parts.
What does the future hold?
scotland has seen a high level of political uncertainty over the last three years and that is likely to continue. In the run-up to the independence referendum, it was not clear if Scotland was about to face one of the largest economic upheavals in its history. Now, a year after the referendum on leaving the European Union, it remains unclear what any final deal will look like if there is one at all. Edinburgh's heavy reliance on the financial services industry makes it more exposed to any negative impact from Brexit that most of the rest of Scotland. If the city's financial services institutions choose to leave or decide to scale back their growth plans then house prices are likely to take a significant hit.
Property owners, landlords and tenants also need to consider the potential impact of any more general economic issues. The UK has not seen a recession since 2012 - general economic patterns would suggest that there may be one on the way in the next couple of years which could lead to a temporary drop or correction in house prices in Edinburgh. However, house prices in the city have not grown particularly in the last few years so there is less of a high cliff for the prices to drop off.
Predicting the future of property prices in any UK city can be very difficult and Edinburgh is no different. There are many factors which have to be taken into account and there is always the possibility that an unknown or unexpected factor could arise that will cause a major increase or decrease in property prices in the Scottish capital.
Things to do in Brighton
Eddison Wells is privileged to have an office in Edinburgh. As as Edinburgh Mortgage Broker we value the opportunity to
The Beauty of Scotland: Top 11 Things to Do and See in Edinburgh
Scotland is a rich nation and most of its beauties are located in the Capital, Edinburgh. There is so much to see and enjoy in Edinburgh. Attractions range from hotels to beauty sites. If you are planning a trip or don’t know where to spend your vacation, you should consider visiting the city of Edinburgh. Here are top attractions to see and enjoy.
1. Victoria Street
Stretching from George IV Bridge to Grass Market, Victoria Street supplies you with a variety of shopping spots. There are many popular boutiques, galleries, and bookshops. If you are looking at having the shopping spree of your life, Victoria Street is the best place to visit. One common gallery to visit is the Red Door. The gallery is supplied with a lot of historic artefacts to look at. Other important stops along the street include the Old Town shop, A-Ha-Ha Joke spot, and IJ Melli.
2. The Seat of Arthur
Visible from the city centre, Arthur’s Seat is one attraction to marvel at. The volcano presents one of the world’s beautiful natural moments. There is so much you can do here at the seat of Arthur. You can decide to wash your face in the exuding dew or just enjoy the beauty of the city from a distance. The site is also good to take a picture for memory reasons. At a height of 250m, Arthur’s seat is a favourite spot for hiking and general adventure.
3. Tram Ride
If you are looking at a simple and cost-effective way to commute from the airport to the centre of the city, you can ride the tram. The train system is one flexible and enjoyable ride. The train is able to take you deep into the city as you get to enjoy looking at the various beauties along the way. The design of the tram makes it cosy and stylish to ride in. If you visit Edinburgh, you should take a tram ride as the experience is memorable.
4. Brew Lab for Coffee
Not many spots in Edinburg provide quality and first class coffee like what you get at Brew Lab. Other than coffee, the spot supplies you with Love crumb cakes and delicious soups. The soup here is authentic and savoury, and you get to enjoy it any time of the day. The Brew Lab team is very welcoming and warm to visitors and you will always feel wanted. The quality of service is first class and trendy. The spot is very warm and peaceful if you are looking at having a quiet moment.
5. Hemma for Breakfast
After an adventure and fun time at the Arthur’s seat, you can take a stroll to the Hemma and get to enjoy breakfast. There is so much to enjoy here. The menu consists of poached eggs, roasted tomato, haggis, toasted bread, bacon, mushroom and many other delicacies. The quality service you get here is first class. Hemma is a stone throw away from the seat of Arthur. It is a popular spot and considered among the best.
6. Walk at the Meadows
If you are looking for a place to take a peaceful stroll, Meadows Park is the best in Edinburg. The park is a beauty by itself. Located next to the main campus of Edinburg University, the park is mostly swamped with students. The Meadows connect the southern suburbs with the city centre. Along the Meadows are different boutiques and shops to engage you. The park is loved for its peaceful aura and natural expression displayed by abundant trees and cool air.
7. The Cameo for a Movie
If you are looking for a place to enjoy the latest blockbuster and thrilling movies, the Cameo offers you variety. You get to enjoy cooler legendary dramas and online pieces at an exclusive and convenient cinema hall. If you don’t find it fun to watch a movie, the Cameo spot has a bar spot that you can visit and get to sip your favourite drink. The Cameo theatre is a popular spot and true beauty of Edinburgh. The facility will give you the best indoor experience in Edinburgh.
8. Scott Monument
Dedicated to Sir Walter Scott, the monument is a celebrated Edinburgh beauty. Set strategically at the centre of the Princess Street Garden, the Scott pillar is a breathtaking view. The monument is known to avail a good view for photo taking and video shooting. If you are in Edinburgh, you can’t miss the Scott Monument as it a fine beauty to behold.
9. Edinburgh Castle
The castle is among UKs highest rated tourist attraction, the castle sits at the centre of the city, and it provides you with the best historic beauty. A lot of movies have been shot here and you can always have some memories at the castle. If you are looking at beauty and purpose, the castle offers you exactly that.
10. The Traverse for a Play
The Traverse offers you an indoor experience worth your time and money. The theatre focuses on the promotion of Scottish talent and you can be assured of getting the best drama experience. If you are not a play guy, you can always relax at Traverse Bar & Cafe and get to enjoy quality drink and music.
11. Quick Bite at Falko
The Falko joint is the best eatery in Edinburgh. There is a lot of snacks and drink to enjoy here. The spot is known for its German bread and meat. They also provide the best cheese and cake. What is good about the Falko is their ability to provide food any time of the day. You can decide to have breakfast or dinner at the spot and you are assured of the best.
Edinburg City is supplied with some of the best attractions in the world. The city is truly the pride of Scotland. A trip to Edinburgh will always be fun and worthwhile as there is so much to experience. The people are welcoming and you will always enjoy visiting the spots and attraction sites in Edinburgh.