Queensferry Crossing '˜boosts house prices'
PROPERTY prices in South Queensferry have shot up by a third over the last year as the town prepares for the opening of the new Forth crossing this summer.
They also rose almost three times faster than the city centre, despite predictions the market would slow down following the triggering of Article 50 and the announcement of a possible second referendum on Scottish independence.
Selling prices in the town increased by 33.4 per cent between March 2016 and 2017, with the average cost of a three-bedroom house rising to £237,600 from £178,170 the previous year, new figures released by property experts ESPC revealed.
The price for a comparative property in the city centre experienced just an 11.9 per cent rise in the same period, jumping from an average of £266,951 to £298,762.
The estate agent said the town was attractive to buyers due to its “amenities and quieter pace of life” and “good transport infrastructure”.
Queensferry Community Council secretary Terry Airlie said rising prices in the area were not unexpected, but believed it was too early to say that the new crossing was responsible.
“It’s a vibrant area to live in so I’m not surprised it’s becoming more popular,” he said.
“We have excellent transport links, the town is perfectly positioned between Edinburgh and Fife and upwards of 1000 homes are under construction at various different developments – which I think shows the appetite for living here.
“Whether this can be put down to the new crossing remains to be seen, but certainly if it fixes some of the bottlenecks that we have then I can see the area remaining popular.”
Blackhall, Davidson’s Mains and Cramond saw a leap in property prices of more than 26 per cent, while homes in Morningside rose by 18 per cent, with an average six per cent rise across the city as Edinburgh bucked the predicted Brexit downturn.
However, prices in Liberton and Gilmerton decreased by 14.7 per cent while residents in Portobello and Joppa saw a slump of more than ten per cent.
ESPC business analyst Maria Botha-Lopez said it was encouraging to see that property prices in the Capital were remaining “impervious” to political change.
And she believes commuter towns such as South Queensferry could see further increases with buyers priced out of the city centre.
“We are in a sellers’ market, meaning higher average prices and a likelihood for the selling price to achieve or exceed the Home Report valuation, particularly for those selling highly sought-after homes in areas with high buyer demand,” Ms Botha-Lopez said.
“However, it is worth considering areas within reasonable commuting distance where buyers can find more favourable prospects.”