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How to Afford Property as a Single Buyer in Edinburgh

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How to Afford Property as a Single Buyer in Edinburgh
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If you’re a single buyer looking for a property in Edinburgh, you may feel as if you’ll never be able to afford a property buying alone. House prices have increased by 7% Year On Year (YOY), so it’s understandable if owning your own home as a single buyer may seem impossible.

You’ll be pleased to know that it is absolutely possible to afford a property as a single buyer in Edinburgh. There are lots of tips and tricks to help you get on the property ladder, such as shared equity/ownership schemes.

In this guide, we’ll talk you through everything you need to know when it comes to purchasing an Edinburgh property as a single buyer. This will include funding options that may be available to you, insight into how much money you’ll require when buying property in Edinburgh, some details on the average cost of property in Edinburgh by property type, and also advice when purchasing on a low-income.

Can a Single Person Get Help to Buy a House?

The big question is whether a single person can get help to purchase a house in Edinburgh, and the good news is that yes, they can.

You don’t have to be purchasing with someone else in order to qualify for financial help when purchasing a property, and you may be entitled to help given that your borrowing capabilities are likely to be lower due to being based on one income.

Take a look at the below options for help when purchasing an Edinburgh property as a single buyer – these are relevant whether you’re a first-time buyer or if you’ve owned property before.

Open Market Shared Equity Scheme

With the Open Market Shared Equity Scheme, you can purchase an existing property that’s for sale by paying 60% – 90% of the cost of the property, providing you with a significant saving.

The rest of the share of the property will be paid and therefore owned by the Scottish Government. This scheme is open to the following groups of people:

  • First-time buyers
  • People aged 60 and over
  • Social renters
  • Disabled people
  • Members of the armed forces
  • Veterans that have exited the forces in the last two years
  • Widows, widowers or partners or other partners of those in the services up to two years after the loss of life in service

New Supply Shared Equity Scheme

The New Supply Shared Equity Scheme helps people to purchase a new house that is currently being built. You’ll be required to pay between 60% – 80% of the cost of the property, with the Scottish Government holding the remaining share.

This scheme is available to the same groups as those specified in the Open Market Shared Equity Scheme, as well as those who have previously owned a home and experienced a change in circumstances (e.g. a marriage breakdown).

Shared Ownership Scheme

Another scheme that may be helpful to those purchasing a property as a single buyer is the Shared Ownership Scheme. By purchasing a home via Shared Ownership, you can own either a 25%, 50%, or 75% share in a property. This is helpful for those on a lower income as you can purchase part of a property rather than 100% of it.

The remainder of a property is owned by a housing association, and you will usually be charged a fee known as an ‘occupancy charge’ if you choose to live in the property.

You’ll usually only qualify for the Shared Ownership Scheme if you don’t have enough income/savings to purchase a property outright. This makes it a great option if you’re a single buyer and aren’t able to purchase 100% of a property on your income.

It should also be noted that Shared Ownership is different from the Shared Equity Scheme, in which the Scottish Government loans you a portion of the cost of a property to help you ultimately afford 100% of a home that you’ll gradually repay over time.

How Much Money Do You Need To Buy Property in Edinburgh

To buy a property in Edinburgh, you’ll need to be earning enough money to cover your monthly mortgage payments, as well as having savings to put down a deposit amount (usually at least 10%).

The first step in understanding how much money you’ll need to buy a property in Edinburgh is to speak to a bank or lender to see how much money you can borrow, based on your yearly salary.

When you know how much you can borrow, you can start looking at properties based on the price range agreed upon by the bank/lender. It will completely depend on the type of property you’re looking to buy and in which location as to how much money you’ll need to purchase an Edinburgh home.

Average Cost of Property in Edinburgh

So what is the average cost of property in Edinburgh?

The average price of a property in Edinburgh in 2023 is £340,186, a 7% increase from the previous year.

We’ve delved a little further into this information to provide you with some data on price by property type, which you’ll find below:

Property TypeAverage Price
Flat£318,374
Terraced House£543,100
Semi-Detached£381,620
Detached£683,174

Source: Home.co.uk

How To Buy on Low Income in Edinburgh

If you have a low income and are looking to purchase a property in Edinburgh, we highly recommend taking a look at some of the below housing schemes. 

  • Open Market Shared Equity Scheme
  • New Supply Shared Equity Scheme
  • Shared Ownership

These can help you to achieve your goals of buying a property, when it may seem otherwise impossible.

How We Buy Any Home Can Help

If you currently own a property in Edinburgh and are looking to sell, We Buy Any Home can help you to achieve a quick sale.

We are the biggest cash-buying company in the UK, which has earned us years of experience in buying Edinburgh homes. This allows us to provide you with a significant cash offer for your property, and you could receive your property funds in as little as 7 days.

You won’t have to pay any fees for our services as we claim a fee from property buyers, and we’ll even cover the cost of your property survey and legal representation.

To get started, get a free cash offer via our website today and start the process of selling your Edinburgh property.

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

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