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What are the options for FTBs and Young Professionals in Edinburgh?

Posted by Edward Iffla on August 19, 2020
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Purchasing your first property is a daunting prospect at the best of times, nowhere is this more true than in Edinburgh. Residential Property Sales in Edinburgh is a market that never stops moving. Property values have been steadily rising for roughly the past decade. As such, saving for a deposit and searching with a restricted budget has never felt so difficult. Plenty shirk the challenge altogether. Despite these trepidations, there is a market for young professionals that are committed to their property search. 

I don’t want to focus simply on properties that fall under a certain price bracket. While that is still important, as a young professional myself, there are other factors that are important. Namely, enjoying a well-connected social life, access to green spaces, some are even thinking about starting families at this stage so space is important too. So, can those boxes be ticked in a price range of £120k-£220k that is typical for first-time buyers? The answer is yes, and here are my proposals for you. 

EH6 and its Periphery

As popular as ever, this part of the city has always been a good choice for first-time buyers. The connections speak for themselves; walkable commutes to city centre workplaces, quick access to bars, restaurants and independent shops. Plus the addition of the tram extension predicted to be up and running in autumn 2021. There are a large number of tenement flats in this area that provide well proportioned living spaces. It’s not surprising that the value of these properties have been rising pretty rapidly over the last few years. As a standout example, on Broughton Road, in the five years between 2014-2019, the average transaction value increased by roughly 30%. Leith itself was slightly more modest with a 5 year increase of 12%. 

It is true that there are fewer and fewer properties selling for between £100k-£200k but they do exist. It may be that you need to tip in to the £200ks to be successful here. 

EH11 – Dalry, Slateford: 

The good news is that there are a number of areas where the average transaction value remains below £200k and that is active between £120k-£220k. Dalry has really benefited from the West End of Edinburgh pushing on its current boundaries and expanding into Haymarket/Fountainbridge. The average property transaction value now falls between £166k and £230k. Continued investments have been made into the Fountainbridge cinema and restaurant complex. Furthermore, local restaurants and bars have become more plentiful leading to a rise in popularity amongst young professionals.

South Gyle and Carrick Knowe: 

When you start to look further west, the investment in the tram has led to an increase in market activity along its path. The South Gyle and Carrick Knowe offer all sorts from tenement flats, ex-council properties, and new builds. There remains a great amount of market activity in the £120k-£220k region. In comparison to the more central areas already discussed, there seems to be a relative scarcity in terms of amenities and entertainments. This has not dampened market activity and demand is very much there. The reason for this can be attributed largely to the value for money buyers get. More space and outside areas are more suited to those with an eye for starting a family. Easy commuting to the industrial estates along the tram line is another real pull factor. 

Craigmillar: 

This area has undergone some real regeneration in recent times. Formerly characterised by pretty intense council housing, this can no longer be said to be the case. The government has created multiple green spaces, better amenities, and top-quality new housing at affordable prices. Craigmillar is connected to the city centre by regular bus services, a hallmark of Edinburgh these days. If you can stomach the three mile bus commute into the city centre then this could be just the place for you. The average house price increase has been in keeping with the rest of the city at a rate of 10% over the last five years.

 

If there are any great areas of the city you think I’ve missed, or, if you have any questions about my choices, please get in touch. Drop any queries or questions to sales@evergreen-property.co.uk. We can offer advice to both buyers and sellers so don’t hesitate to reach out.

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