Taking property prices and information from Rightmove, we can get a good picture of the rise of property prices in Edinburgh by postcode.
The highest rise in property value in the last 7 years can be found in the Edinburgh postcode area EH5, which has seen a wallet filling rise of 81% since 2011. According to home.co.uk, asking prices for a semi detached home have risen from £251,000 in 2007 to £547,000, a +118% increase in value a great investment.
Other postcodes in Edinburgh have seen similar increases and Rightmove report that in the last quarter of 2018 the average selling time for some areas was just two weeks. Estate agents and solicitors throughout Edinburgh state that there is a lack of stock for such a high demand meaning that people can achieve more than the asking price and sell quickly.
Demand for one-bedroom flats is very high due to Airbnb and short term holiday lets being very popular as Edinburgh is the 2nd most visited city in the UK. During the Edinburgh Fringe Festival in the month of August the city attracts 4.5 million visitors, swelling the prices of short term lets and temporarily turning it into the 2nd most populated city in the UK.
So how much have prices increase?
EH1 – 56.7%
EH2 – 63.1%
EH3 – 57.6%
EH4 – 40.8%
EH5 – 81.2%
EH6 – 32.6%
EH7 – 41.7%
EH8 – 30.2%
EH9 – 39.5%
EH10 – 31.7%
EH11 – 43.5%
EH12 – 46.1%
EH13 – 23%
EH14 – 48%
EH15 – 73.1%
EH16 – 46.3%
EH17 – 68.5%
Edinburgh seems to be staving off the economic uncertainty in the UK today due to Brexit and the forecast is for these significant increases to rise even higher given that the city is growing further and the demand is still high.