Edinburgh housing: Leith and Gorgie named as up-and-coming areas to buy home
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The ESPC has revealed the most desirable and up-and-coming areas in and around Edinburgh, following a rise in properties sold.
During a typically quieter period for the market, the Capital saw a 'small but positive' increase of 2.8 per cent in properties sold from November to January. Experts said this hints at an influx of new buyers in the market looking to buy for the first time.
Leith topped the list of sales in Edinburgh with sales of two and one-bed flats soaring. Family-friendly Corstorphine, was also among the hotspots as the area saw sales rocket.
Gorgie has long been touted as an up-and-coming neighbourhood and the latest house price report from ESPC shows it was increasingly popular with buyers. One-bedroom flats sold in Gorgie rose significantly, by 83 per cent, with people searching for more affordable properties.
Outside Edinburgh, Dunfermline continued to be hugely popular with buyers,with the highest overall property sales.
Paul Hilton, CEO of ESPC, said: “November-January is typically a much quieter time for the property market, however, it’s clear to see that this wasn’t the case this time. The market appears fairly steady overall, and all the signs point to increasing numbers of first-time buyers coming into the market, which is very welcome news after a very difficult period financially for many in their position. There has been a significant increase in the available options for buyers, especially those looking for smaller flats in Edinburgh hotspots, perhaps due to rising numbers of landlords deciding to exit the rental market and offload their properties in response to ongoing legislation around rental rates, leading to an influx of first-time buyer-friendly homes coming on to the market. The average selling price has declined overall, but as with our previous report, if we look past the headline figures, we can clearly see reasons for this that should reassure homeowners that there hasn’t been a wide-ranging decline in property values."