If you’re looking to purchase your new home in Edinburgh, you’re likely wondering if properties are expensive in the area. As with buying any new property, the process can seem daunting, and you may be stuck on where to start.
Here at We Buy Any Home, we have years of experience purchasing properties in Edinburgh, so have reams of knowledge on typical house prices as well as information on how the market is likely to change over the course of the next year or two.
So, sit back and relax; we’re about to fill you in on everything you need to know regarding the Edinburgh property market, including the average cost of a house in Edinburgh, in terms of property type, as well as how the market is faring and how location can determine property price.
What is the Average Cost of a House in Edinburgh?
The average cost of a house in Edinburgh is £334,164, which is considerably higher than the national average cost of a house in the UK of £294,329. It’s also higher than the average price of a property in Scotland (£187,224), indicating that property in Edinburgh could be argued to be very expensive.
Houses in Edinburgh have increased in price by 6% when comparing year on year, showing that the property market is thriving and property is a good investment in the Edinburgh area.
Keep reading to better understand Edinburgh property prices broken down by property type, including flats, terraced houses, semi-detached homes, and detached properties.
The average price of a flat in Edinburgh is £323,969, with flat prices increasing by 1% when comparing March 2023 with March 2022.
Flats make up 61% of the total properties advertised for sale in Edinburgh in March 2023, showing that the market for flats in Edinburgh is the most prevalent.
Terraced houses in Edinburgh have an average property price of £499,793, a 23% increase when comparing prices from March 2023 to those in March 2022.
While there are many terraced houses in Edinburgh, there are currently only 124 terraced homes advertised for sale in the area, making up just under 8% of the total properties listed for sale. However, this figure has increased over the last year with there being a 24% increase in terraced houses listed for sale when comparing March 2023 with the same month of the previous year.
Semi-detached houses are surprisingly more affordable than terraced homes, with an average property price of £346,937. It’s likely that these properties are more affordable than terraced houses because semi-detached houses tend to be built on the outskirts of the city and are therefore not as near to the city centre as terraced homes.
Semi-detached houses in Edinburgh are still a good investment, with a 23% increase in property prices when comparing data from March 2022 with that of March 2023. Semi-detached homes make up 11% of the overall properties advertised in Edinburgh in March 2023, with 176 semi-detached properties currently being advertised for sale in Edinburgh.
Detached houses in Edinburgh are the most expensive type of property to purchase, with average house prices of £666,416. This is an increase of 16% year on year, showing that detached homes in Edinburgh provide an excellent return on investment if you work in the property industry.
The detached house property market in Edinburgh makes up 17% of the overall property market, an increase of 149% when comparing data from March 2022 with that of March 2023.
Does Edinburgh Have a Strong Property Market?
Edinburgh has a very strong property market, with 1551 properties currently listed for sale in March 2023 – a 22% increase from the previous year. This shows that the property market is lively with many people moving to and from the area.
Property prices have increased by 13% when comparing prices in March 2022 with prices in March 2023, another sign that the property market in Edinburgh is continuing to grow.
There are several reasons why the property market is strong in Edinburgh. One of the main reasons is that there is an undersupply of properties in the area, resulting in many properties becoming involved in bidding wars which can increase the final selling price of a home in Edinburgh by as much as 20%.
Another reason is that while Edinburgh may be considered an expensive area to live in Scotland, you get a lot more for your money than you would in other areas such as the South of England. For example, if you were to choose to buy a house in the capital city of England rather than Scotland, you’d be looking at average London house prices of £1,085,134.
Many people are deciding to leave England in search of cheaper property prices in areas such as Scotland, particularly due to the rise of remote working, further strengthening the Edinburgh property market.
Does Location Determine Property Price in Edinburgh?
As with most areas, property price does differ depending on which part of Edinburgh you’re choosing to look for your new home. For example, the city centre is by far the most expensive part of Edinburgh in terms of property, with average house prices of £332,477.
This is considerably more than areas in the west of Edinburgh for example, such as Roseburn, Ardmillan and Carrick Knowe, with average property prices of £196,893. Other more affordable areas than the city centre includes Edinburgh East, in areas such as Leith, Newcraighall and Niddrie, with average selling prices of £245,73.
How We Buy Any Home Can Help
If you have a property in Edinburgh that you’re looking to sell, reach out to We Buy Any Home. As the biggest online estate agent in the UK, we specialise in providing property sellers with a quick sale, without impacting the amount you can sell your home for.
With We Buy Any Home you can get a free, no-obligation cash offer via our website, and receive your funds in as little as just 7 days! We cover the costs of your legal representation as well as surveying costs, resulting in no fees whatsoever for you.
So, what are you waiting for? Get a free cash offer from We Buy Any Home today and get the ball rolling on your property sale!