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Edinburgh Sets The Property Price Benchmark
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Edinburgh Sets The Property Price Benchmark
Posted 2011-10-25 09:35:00
There has been much discussion about the UK property market recently, particularly its demise. However, little has been said about the actual amount of money properties command. Last week the BBC highlighted the growing strength of exclusive properties being sold north of the border, namely Edinburgh.
The number of homes being sold in Scotland in excess of £1 million is currently at its highest number since the height of the property boom way back in 2008. Research conducted by Lloyds Banking Group implies that over 60 properties sold in the first 2 quarters of 2011 exchanged hands for £1m plus. Over all, there has been a 12% drop in the volume of property sales in Scotland since 2008, the high-end sales of over £1m have shown a 22% rise in the first half of 2011.
It has been estimated that there are approximately 3,300 homes in Scotland worth over £1 million, with half of these being in Edinburgh. Edinburgh also boasts the highest number of sales, over the £1m mark, outside the southern counties of England. The street in Edinburgh where the most expensive property is located is, Belmont Drive. The area near Murrayfield stadium has an average property value of nearly £2.3 million.
More recent figures out today also suggest property prices in the Aberdeenshire fishing village of Peterhead have experienced an increase of 160%. The oil industry has been instrumental in orchestrating such a significant increase, as highlighted by another housing economist at the Bank of Scotland, Mark Ellis
Although these figures are promising with more homes than ever are being sold for £1 million or more, predominantly in Edinburgh, as well as signs of substantial amplification of property prices in the North East, what does it really mean for the future? It’s not just the property market on its own which is directly affected by the elevation in prices, associated services including self storage and removal company operators also feel the ripple effect.
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The number of homes being sold in Scotland in excess of £1 million is currently at its highest number since the height of the property boom way back in 2008. Research conducted by Lloyds Banking Group implies that over 60 properties sold in the first 2 quarters of 2011 exchanged hands for £1m plus. Over all, there has been a 12% drop in the volume of property sales in Scotland since 2008, the high-end sales of over £1m have shown a 22% rise in the first half of 2011.
Housing economist from the Bank of Scotland, Suren Thiru said: "The number of homes sold for at least a £1m has increased significantly over the past year in marked contrast to the rather more subdued picture across the rest of the housing market.
"Strong demand from wealthy cash rich buyers both in Scotland and further afield, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market."
"Strong demand from wealthy cash rich buyers both in Scotland and further afield, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market."
Edinburgh Leading The Trend
It has been estimated that there are approximately 3,300 homes in Scotland worth over £1 million, with half of these being in Edinburgh. Edinburgh also boasts the highest number of sales, over the £1m mark, outside the southern counties of England. The street in Edinburgh where the most expensive property is located is, Belmont Drive. The area near Murrayfield stadium has an average property value of nearly £2.3 million.
More recent figures out today also suggest property prices in the Aberdeenshire fishing village of Peterhead have experienced an increase of 160%. The oil industry has been instrumental in orchestrating such a significant increase, as highlighted by another housing economist at the Bank of Scotland, Mark Ellis
"This is apparent in several towns in Aberdeenshire where the economy has been stimulated by the strong performance of the oil sector."
Although these figures are promising with more homes than ever are being sold for £1 million or more, predominantly in Edinburgh, as well as signs of substantial amplification of property prices in the North East, what does it really mean for the future? It’s not just the property market on its own which is directly affected by the elevation in prices, associated services including self storage and removal company operators also feel the ripple effect.
For more information on:
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