What does it costs to buy a home in Edinburgh?
How much do you really need to save to purchase a property in Edinburgh, which areas suit your budget, and when is it time to buy?
The idea of buying a home is exciting but also overwhelming, particularly for first time buyers. We’ve broken things down to answer all of your questions.
The average cost of a house in Edinburgh
The current average property value for a home in Edinburgh is £268,670.
This figure has dropped from £271,169 (-0.92 per cent) last year.
The average deposit for a house in Edinburgh
Buyers in Edinburgh have to stump up for the most expensive deposits in Scotland, with an average of £11,400.
Edinburgh property: the extremes
The most expensive city centre property currently on the market in Edinburgh is listed at £2.85 million
The cheapest city centre property currently on the market in Edinburgh is listed at £70,000
Also currently on the market in Edinburgh – two city centre parking spaces, priced at £44,000
The most expensive areas to buy in
As of July 2017, the three most expensive Edinburgh areas to purchase a home in are Morningside (EH10), the EH9 postcode (which includes Marchmont, Sciennes and Blackford) and the city centre (EH2).
The average cost of a house in Morningside is £446,422, although, interestingly, this is £3,515 less than last year’s figure of £449,937 in the same area.
Buying a property with an EH9 postcode will cost you an average of £420,863 (a £4,486 drop since July 2016), and in the city centre the price is £418,875 – £6,268 less than last year.
The cheapest areas to buy in
At the opposite end of the spectrum, properties with an EH11 postcode (which includes the Dalry, Gorgie and Sighthill areas) are the most affordable in the city, at an average cost of £165,926. This is £3,284 lower than last year’s average prices.
Homes in Liberton (EH17) come in as the next cheapest, costing £171,839. In 2016, the same properties would have cost an average of £2,568 more.
The area surrounding Holyrood Park (EH8) is home to the third most inexpensive properties in Edinburgh at the moment. Buying here costs an average of £203,299, which is £2,466 less than last year.
The areas with the fastest rising prices
House prices in much of the city are falling fairly rapidly, aside from those in the EH1 postcode – namely the Old Town and York Place areas.
A flat or house close to Edinburgh Castle, the National Museum of Scotland or the Playhouse Theatre now costs an average of £292,128, while this time last year they were selling for £2,623 less.
Aside from the EH1 area, only Portobello and Duddingston (EH15) have seen house prices rise in the last year, and even then, the difference is marginal. Properties here are on the market for an average of £258,366 – £352 more than last year.
How Edinburgh property prices might change in the future
Although it was reported earlier this year that Edinburgh house prices looked set to increase in 2017 due to political uncertainty, fluctuations in the last year paint quite a different picture.
In September 2016, PwC predicted that Scotland will avoid a recession – and this was confirmed this week – meaning that house prices could fall slightly, before recovering and rising in 2018.
Should this be the case, now might be the time for first time buyers to purchase a home, before prices rise again next year.
Average property prices by Edinburgh postcode
EH11 – £165,926
EH17 – £171,839
EH8 – £203,299
EH7 – £203,603
EH6 – £204,113
EH30 – £214,433
EH16 – £225,020
EH5 – £240,954
EH29 – £242,546
EH1 – £292,128
EH15 – £258,366
EH14 – £258,513
EH12 – £290,702
EH13 – £303,639
EH4 – £308,865
EH3 – £385,674
EH2 – £418,875
EH9 – £420,863
EH10 – £446,422
Property price information provided by Zoopla and mortgage information provided by MoneySuperMarket