Premium end marches on
The Edinburgh market around the million pound mark shows little Brexit effect, finds Kirsty Mcluckie
Edinburgh is the epicentre of high value property sales north of the Border. Figures from the Bank of Scotland show that of 180 homes selling for more than one million pounds in Scotland last year, no fewer than 111 were recorded in the Capital.
And despite Brexit uncertainty, this year doesn’t seem to have seen a slow down in sales at this level.
Richard Loudon, of Simpson and Marwick, says: “There are plenty of buyers around the £800,000 to £1.1m mark, looking for good-sized family homes in the city, which tick all the boxes.
“Buyers are accepting the land tax at these levels – it is not as crippling as the levels at £1.5m for instance.”
“You are looking at long-term interest rates at a low level with predictions of possible future cuts, so people are confident in that, confident in the market, and of course they still have to buy houses.”
Loudon points to the inward investment in the city from big companies, which has brought wellpaid executives who have a massive impact on the market, and local buyers who have profited further down the housing chain but want to move to a good-sized family home.
Combined, these factors add up to a great deal of competition for a relatively limited number of properties.
Around the level of £1m, whole houses on the market are becoming scarce and, in some of the highest value streets, this budget would actually only stretch to an apartment, or half a townhouse.
Loudon says: “If you have a decent semi-detached in the most expensive areas it will be £1.3m.”
Newington is a popular area, being in walking distance of the city, and close to schools and the university.
Loudon advises that the asking price is less relevant than the home report valuation. “There are some stunning examples of premiums being paid where there is competition for the best properties.
“With a south-west facing garden, an excellent family kitchen and close to the best schools, you can expect 5 to 10 per cent premium on top of the home report.”
There are plenty of buyers looking for good-sized family homes in the city that tick all the boxes