The cost of housing in Edinburgh has varied over the last few decades and has generally followed trends seen by the rest of the UK in terms of price growth.
But what is the cost of housing in Edinburgh in 2023, and how does this differ when it comes to buying/renting?
In this help guide, we’ll talk you through everything you need to know when it comes to the cost of housing in Edinburgh, including the price increases/decreases as a whole, price by property type, and also some comparisons between buying and renting a property in Edinburgh.
What is the Current Price Rise/Decrease of Property in Edinburgh as a Whole?
When looking at property prices in Edinburgh as a whole, sold property prices in this area have increased by 7% when comparing data taken from the 24th March 2023 with the previous year.
In terms of exact figures, the current average cost of a property in the Edinburgh area is £340,576. This has risen substantially since the previous year, however, it is a decrease on the latest peak in 2007 of £436,908.
Average Flat Prices
In this next section, we’ll analyse the average property prices in Edinburgh by property type, more specifically for flats in the Edinburgh area.
We’ll also separate this by investigating the average property price in terms of buying as well as renting in the Scottish capital.
Buying
The average cost to buy a flat in Edinburgh is currently £321,208. Interestingly, this has decreased by 3% when comparing data Year On Year (YOY), which doesn’t follow the typical trend of property prices increasing overall in this area.
This may be because people are considering buying larger properties to get more from their money, or it could be a result of the number of first-time buyers decreasing by 9% in 2022.
There have been 1007 flats listed for sale in Edinburgh in June 2023, a 22% increase when comparing data YOY, and flats are generally on the market for an average of 95 days.
Renting
In terms of renting a flat in Edinburgh, the average cost is £2,568 Per Calendar Month (PCM).
This is also said to have risen by 15.1% YOY throughout the second quarter of 2022 – this increase is thought to have been caused by increased demand and a lack of available properties.
There are currently 732 flats to rent in Edinburgh, which makes up 84% of the total rental market.
Average House Prices
Next, we’ll take a look at the cost of buying and renting a house in Edinburgh, including terraced housing, semi-detached houses and detached homes.
We’ll investigate any potential price increases/decreases for these too.
Buying
The average cost to buy a house in Edinburgh is £661,614. This figure is based on an average of the current average property prices of terraced, semi-detached, and detached housing in the Edinburgh area – the exact figures and percentage increases/decreases can be seen below:
| Property Type | Average Price | Increase/Decrease |
| Terraced | £608,410 | +14% |
| Semi-Detached | £477,765 | +27% |
| Detached | £898,667 | -14% |
Source: Home.co.uk
From the table above we can see that prices have increased YOY for terraced and semi-detached housing, while they have decreased for detached homes in Edinburgh. This may be due to rising house prices for detached homes in previous years, making detached housing less attainable in this area.
Notably, terraced housing is significantly more expensive than semi-detached housing when it comes to average prices. This is likely because terraced housing tends to be found more commonly in city centres, and therefore would be more expensive than potentially larger properties that are found on the outskirts of the city.
There have been 426 houses listed for sale in Edinburgh in June 2023, and houses are generally on the market for an average of 48 days.
Renting
In terms of renting a house in Edinburgh, the average price is £2,465 PCM.
Interestingly this is less than the average cost of renting a flat in this area. However, as with terraced housing, this is likely because there are more flats in the centre of Edinburgh than there are houses, and with it typically being more expensive to live in the centre of a city than in the outskirts, this would explain why houses are cheaper to rent than flats in Edinburgh.
With the rental market in Edinburgh increasing by 15.1% in 2022, it’s clear that renting property is continuing to be a good investment for landlords in this area, backed up further by a 60% increase in rent prices when comparing all property types over the last decade.
Make sure to check out our 2023 forecast, for an estimate of what you can expect for property prices in Edinburgh for throughout the course of this year.
How We Buy Any Home Can Help
If you own a flat or house in Edinburgh and are looking for a quick sale, We Buy Any Home can help.
We have many years of experience in the housing market in Edinburgh and are well-versed in property prices and the best ways to sell a home to ensure the best price for you with a short lead time.
You can get a free, no-obligation cash offer via our website, and we won’t charge you a penny in hidden fees or upfront costs. We claim our costs from property buyers, making our service free to property sellers. We’ll even cover the cost of a solicitor to represent you throughout the sale, as well as paying for a surveyor to carry out an in-depth survey of your property.
Get a free cash offer for your property today and start the ball rolling on selling your Edinburgh home.
