Can First Time Buyers Afford Property in Edinburgh?

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Can First Time Buyers Afford Property in Edinburgh?
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If you’re a first time buyer, you may be wondering where is best to purchase your first home. Edinburgh may have come up on your list – it’s a beautiful city with stunning views and excellent local amenities, so why wouldn’t it be a city you’re considering?

The big question though is whether first-time buyers can afford property in Edinburgh. House prices are rising all across the UK, and Edinburgh is certainly no different.

In this article, we’ll delve into the affordability of housing in Edinburgh for first time buyers, including an analysis of house prices by property type, deposits that may be required and some of the best areas you could consider when choosing a house to purchase in Edinburgh.

Are House Prices Rising In Edinburgh?

As with most areas in the UK, house prices in Edinburgh are on the rise. 

House prices in Edinburgh have risen by 2% over the previous year. This is similar to the rise in house prices in Scotland as a whole, which have risen by an average of 2.5% over the last year.

What Does The Average House Cost In Edinburgh?

The average property price in Edinburgh is £335,365, This cost varies depending on the type of property, local area, and local amenities.

Most properties in Edinburgh are terraced houses and tenement flats, which are likely to be a good choice for a first-time buyer.

We have included below some data on average property prices in Edinburgh, categorised by property type:

Property TypeAverage Price (April 2023)Price Change YOY
Terraced Houses£468,512+11%
Semi-Detached Houses£367,145+11%
Detached Houses£615,940-24%

As detailed in the table above, the cheapest property to buy in Edinburgh would be a flat, closely followed by a semi-detached house. Interestingly, terraced houses are more expensive than semi-detached homes, however, this is likely because terraced houses are more likely to be based in the centre of Edinburgh and would therefore incur a higher price tag.

What Does The Average Flat Cost In Edinburgh?

Flats are highly popular among first-time buyers as they are the smallest property type available and a great place to start when purchasing your first home.

Edinburgh has many flats, particularly within traditional tenement buildings. There were over 1,000 flats placed on the property market in Edinburgh in April 2023 alone, which shows that flats make up a large percentage of the Edinburgh property market. 

If you’re looking to purchase a flat in Edinburgh, this would cost you an average of £315,426. This has decreased by 8% when comparing data year on year and is significantly cheaper than the next biggest property size which would be terraced housing, carrying an average property price of £467,512.

How Much Deposit Does A First-Time Buyer Need?

Whether you’re a single buyer in Edinburgh or a couple/multiple owners, you will be required to raise a deposit in order to purchase an Edinburgh property.

A house deposit is usually between 5% – 25% of the overall property price. This deposit is to protect the mortgage lender in case you are unable to meet the terms of your mortgage and the property needs to be repossessed.

The average deposit for a first-time buyer in Edinburgh is £20,250. This is based on a 15% deposit of a first-time buyer property which costs an average of £135,000.

This is a significant cost and may delay a first-time buyer from purchasing their first property, regardless of whether they are able to afford the monthly mortgage repayments or not.

What is the best area to live in Edinburgh?

There are many popular areas within Edinburgh with first-time buyers, and it depends on what your lifestyle is like as to what is the best area in Edinburgh for you.

If you love history and architecture, you may enjoy The West End which is home to a vibrant arts scene and historic buildings. For a more suburban feel, Stockbridge may be a better area, with Georgian and Victorian housing that create a village atmosphere, perfect for young couples and families.

Regardless of personal preferences, there truly is something for every first-time buyer in Edinburgh.

Talk To We Buy Any Home

For those who already own a property in Edinburgh but are looking to sell up, look no further than We Buy Any Home. 

We can help you to streamline your property sale as we are a cash buyer, therefore removing the need for time-consuming processes such as mortgages or dealings with estate agents and lenders. We also won’t charge you a penny, as we claim our fee from our property buyers, reducing your costs significantly.

To sell your Edinburgh house fast, get a free cash offer via our website. A member of our helpful team will be in touch to discuss the details of your property with you, before appointing you with a solicitor and property surveyor at our expense. A full valuation will be carried out and if you’re happy to go ahead a final offer will be issued. Once confirmed, you could receive your funds in just 7 days! 

Free cash offer within minutes, any condition, any location.

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