EDINBURGH has overtaken Glasgow as Scotland’s property hotspot. Figures for 2013 show house sales in the Capital outstripped those in the west by 24 per cent.
Sales rocketed by 90 per cent across Edinburgh and the Lothians between December and February compared with the same period last year.
That has led to a dramatic rise in prices, with homes in Stockbridge and Comely Bank now going for an average £256,623 – up 26.2 per cent – and the Leith Walk/Easter Road area, where a 16 per cent increase to £103,594 has been recorded.
Estate agents today said there were clear signs that the housing market was bouncing back.
Overall the total value of residential property market in Edinburgh is now estimated at being worth over £2 billion,
Mark Coulter, managing director at Coulters in North West Circus Place, said: “Prices in Stockbridge have shot up. It’s got a real identity and sense of community, and there’s also a great mix of people. There’s a real sense of it being its own defined area – a little metropolitan village – and there’s lots of independent traders which have real charm.
“The lack of supply is also a factor. Every property we’ve sold in the area has gone for more than the home valuation report.
“A two-bed went up for sale in Leslie Place just before Christmas, which is a notoriously bad time to sell. We sold it in 15 days for 12.5 per cent above the home valuation.”
The figures, released by the ESPC, show that the number of one-bedroom flats sold in the Capital has jumped up 92 per cent, with sales of four-bedroom properties also rocketing 130 per cent. And the average asking price across the city has risen by 5.6 per cent to £202,363, with 42 per cent of all properties sold in the past three months equalling or smashing their home report valuation, up from 16 per cent during the same period last year.
David Marshall, business analyst with ESPC, said: “Demand has increased significantly over the past 12 months and this naturally means sellers are now in a stronger position than has been the case for a number of years.
“Within the Capital there are areas where supply has not been sufficient to keep pace with demand, which has led to sharper increases in prices due to heightened competition. With conditions improving, though, we will start to see more sellers coming to the market which will help to balance out this demand.”
But it is not all good news, with average prices in East and West Lothian falling 13.6 per cent and 13 per cent respectively.
‘It’s a great place for kids’
CANADIAN comedian Tom Stade, who has lived in Edinburgh
since 2006, recently bought a property in Stockbridge.
“My wife and I actually hadn’t planned on buying a place but we looked at one house there and it was so nice we put in a bid. It’s just a cool little area. It’s got a big city/small town vibe, it’s a little out-of-the-way community that’s also ten minutes walk from the city centre, and it’s great for our kids too. It’s the Greenwich Village of Edinburgh! I love The Scran and Scallie. And I love Francos, their pizza is just awesome.”