Edinburgh property prices outpace the UK’s major cities shows new study
House prices continue to rise in Edinburgh
The latest UK House Price Index has been published, showing Edinburgh house prices outpace the UK’s major cities.
Edinburgh’s property market continues to show real resilience, with the price index placing the Capital ahead of many of the UK’s best-known cities for price growth over the past year.
The average home in Edinburgh sold for £301,313 in August, up 2.8 per cent on last year.
That’s more than three times the UK average growth of 0.9 per cent, and well ahead of cities including Manchester (2.1 per cent), Glasgow (1.8 per cent), Birmingham (1.5 per cent) and Bristol (0.9 per cent). Over the same period, prices fell by 2.2 per cent in London, and Cambridge, and 2.9 per cent in Oxford.
An average Edinburgh home is now worth more than the average home in England, and around £103,000 more than the Scottish average of £198,397. That puts the capital more than 50 per cent above the national figure.
A boost for first-time buyers
Younger buyers are a big part of Edinburgh’s story, and many are keen to put down roots in the city. The Scottish Government’s First Homes Fund, which opened in June, is designed to help them do just that. It offers eligible first-time buyers up to £10,000 towards a home worth up to £300,000, through a shared-equity scheme with no interest or monthly payments.
With the average Edinburgh home sitting just above that threshold, many of the city’s flats and starter homes fall comfortably within reach. First-time buyer purchase prices across Scotland rose three per cent over the past year, compared with 0.6 per cent in England, a sign of how strong demand at the start of the ladder remains.
What it means for home movers
For sellers, the figures are reassuring. Homes in Edinburgh have held their value well, giving owners a solid footing for their next move.
For those looking beyond the city, there’s an opportunity too. Prices in neighbouring East Lothian and Midlothian eased slightly over the summer, so Edinburgh sellers moving out for more space may find their money goes further than it did a year ago.
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Reflecting on these latest figures, Coulters area director Francesca Hill said: “Edinburgh has always been a market that holds its own, and these figures show that again. While prices have dipped in some of the UK’s bigger cities, demand here has stayed strong, and that gives people who are thinking about moving a real sense of confidence.
“It’s a steady market rather than a fast-moving one. With pressures on the cost of living and rises to mortgage rates, buyers are careful, which is very understandable. But good homes in the right locations are still attracting interest.
“We’re seeing lots of younger people who want to buy in Edinburgh, and the First Homes Fund is a real help when it comes to the deposit, which is so often the hardest part. When first-time buyers can get moving, it frees up the whole chain, and that’s good news for everyone thinking about a move.
“For sellers, in a steady market, the details matter more than ever. When the market is calmer, as it is now, the right price, the right presentation and the right timing make all the difference to the result.
“That’s why working with an agent who knows Edinburgh street by street is so important. Good advice doesn’t just help you sell; it helps you sell well.”