Flats are a highly popular property type in the Edinburgh area, with over 1,000 flats advertised for sale in Edinburgh in April 2023 alone. But how much are flats in Edinburgh?
The average cost of a flat in Edinburgh is £315,426, an 8% decrease from the previous year. This makes flats in Edinburgh a fantastic investment as prices are experiencing a dip due to the rise in inflation and interest rates, so now would be a great time to invest in an Edinburgh flat.
In this help guide, we’ll be telling you everything you need to know about how much flats are in the Edinburgh area, including how prices compare with other property types, Edinburgh flat prices vs prices in other Scottish cities, as well as guidance on the cost of living in Edinburgh.
Keep reading for all the details!
Comparing Prices to Other Property Types
We’ve included below a table comparing the property price of flats with other property types in the Edinburgh area. This data is based on average house prices in April 2023 and also shows the price change in comparison with the same time period of the previous year.
|Property Type||Average Price (April 2023)||Price Change YOY|
What we can draw from the data in the above table is that flats are the cheapest type of property to purchase in Edinburgh by a fair margin. There has also been some movement in prices for all property types in the last year, including a 24% decrease in property prices for detached houses when comparing April 2023 with April 2022.
This shows that flats are not alone in dropping in price year on year, and this is likely due to increasing interest rates and the rise of inflation over the last 6 months.
Edinburgh Flat Prices vs Other Scottish Cities
Another point to consider when analysing how much flats are in Edinburgh is how prices compare when looking at other Scottish cities. We’ve compiled some data below which we’ll explain in further detail to show how flat prices differ in other cities in Scotland.
The average price for a flat in Aberdeen is currently £116,643, which is 63% cheaper than the cost of an Edinburgh property. This is likely because Aberdeen is a smaller Scottish city and isn’t as popular a location as the capital city of Edinburgh.
Another popular location for flat searchers in Scotland is Glasgow, which is the largest city in Scotland in both area and population.
In April 2023, 932 flats were advertised for sale in Glasgow, with an average property price of £162,550. This is 48% cheaper than the average property price of a flat in Edinburgh, which is consistent with house prices being cheaper in Glasgow in general when compared with house prices in Edinburgh.
The coastal city of Dundee is a popular city with flat hunters looking for a spot by the water for their new property.
Flats in Dundee have an average asking price of £138,781, which is a 21% increase in comparison with data from the previous year. Average flat prices in Edinburgh are over double the price of flats in Dundee, with a 56% increase when comparing these prices.
Inverness is a well-liked location on Scotland’s northeast coast, being the largest city and cultural capital of the Scottish Highlands. This makes it a sought-after destination for those looking for a flat to purchase, however, the market is much less competitive than other areas we’ve discussed with just 73 flats listed for sale in April 2023.
The average price of a flat in Inverness is £146,140, making Inverness an affordable area to live when considering purchasing a flat in the Highlands. Flat prices in Inverness are 53% cheaper in Inverness than in Edinburgh, which is likely due to the fact that Edinburgh is more densely populated and has more job opportunities/cultural amenities than Inverness.
Last on our list of cities for comparison is Stirling, a large city in central Scotland famous for the medieval Stirling Castle and National Wallace Monument.
Flat prices in this historical city vary but are listed for an average of £170,809 in April 2023.
It’s clear from looking at these cities that Edinburgh is a considerably more expensive area to live in, however, this is for good reason given that Edinburgh is a capital city with an array of cultural amenities and job opportunities, as well as being a popular location with tourists from the UK and abroad.
Cost of Living in Edinburgh
When considering how much flats are to purchase in the Edinburgh area, it’s also worth contemplating the cost of living and how this may affect your purchasing decision. There are many elements to weigh up when analysing the cost of living in a city, such as the average prices of utilities, travel, and eating out, some of which we’ve listed below in further detail.
- The average cost of an internet package in Edinburgh ranges from between £18.99 per month to £32.25 per month depending on the provider. This is much cheaper than the internet prices in London for example, which are an average of £44.21 a month for a basic broadband package.
- The average cost of 1 litre of petrol in Edinburgh is £1.10, which is significantly cheaper than the UK average price of £1.47.
- If you enjoy eating out on a budget, you’ll be pleased to hear that lunching at an inexpensive Edinburgh restaurant will set you back by around £15 on average. This is significantly cheaper than other world capitals such as New York which is 28% more expensive for eating out.
How We Buy Any Home Can Help
If you already own a flat in Edinburgh and are looking to sell, reach out to We Buy Any Home.
As the largest cash-buying company in the UK, we’ve bought many flats in the Edinburgh area, helping our customers to achieve a quick property sale without sacrificing price. Our service won’t cost you a penny as we claim our fee from the property buyer, and we’ll even cover the costs of your legal representation and surveying costs.
Get a free cash offer for your property today and get things moving on your Edinburgh flat sale!