Home buyer property budgets climb by 17 per cent in Edinburgh

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Fresh figures show that the average home buyer budget has climbed by more than 17 per cent in Edinburgh over the last 12 months alone, as homeowners adapt to volatile mortgage rates.

Provided by leading new homes property website, newhomesforsale.co.uk, this latest data has revealed that the average budget for Home Buyers in Edinburgh now stands at £325,536, being a 17.23 per cent increase on the £277,687 budget recorded in Q1 2023.

The website, which lists 10 new build developments located in and around Edinburgh city centre, has also confirmed that home buyers have now accumulated an average deposit of £54,846, 16.85 per cent of their target property purchase price.

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With this budget far exceeding Scotland’s average property price of £190,000, as recorded by the UK House Price Index, Home Buyers looking for a new home in and around Edinburgh can afford a three-bedroom home or apartment, depending on location.

A Barrat Homes development in EdinburghA Barrat Homes development in Edinburgh
A Barrat Homes development in Edinburgh

This news comes as the Bank of England held the interest rate at 5.25 per cent in May 2024, resulting in an increase in mortgage rates across all major lenders as at the start of June 2024.

Vernon Pethard, Founder and Director of newhomesforsale.co.uksaid: “The last 18 months or so has been quite challenging for the UK property market, as home buyers battle with volatile and stubbornly high mortgage rates against their want to move house – be that to a larger property, to downsize or move locations.

"However, despite the uncertainty that surrounds mortgage rates, property prices have continued to hold strong, and in many regions throughout Scotland actually increased in value. This includes Edinburgh, with the average price for detached properties having increased by 11 per cent, and the average price for flats up by 6.6 per cent.”

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Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

For more information about New Build Homes in Edinburgh, visit: https://www.newhomesforsale.co.uk/new-homes/edinburgh-city/edinburgh/

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