New homes snapshot – construction boom to meet housing target in Edinburgh’s suburbs
Posted 28 January 2016 by Keith Osborne
Scotland’s capital is a very appealing place to live, something reflected in its property prices, which are, on average, the highest in the country. While Glasgow continues to snap at its heels, Edinburgh’s political, financial and cultural role keeps it at the top of the tree, north of the border.
January property price analysis from Your Move noted Edinburgh homes appreciating by 2.6% on average in the previous three months, while the latest figures from ESPC show prices in the Scottish capital rising 7.1% at the end of December, compared with the same time in 2014.
This is considerably more than the national average of 4.9%. More detailed analysis of the company’s Q4 report for 2015 show one-bedroom flat selling prices soaring in central Tollcross and western Shandon districts by over 27% in the same period.
Among the other neighbourhoods that have experienced phenomenal growth in prices over 2015 include the northern districts of Leith, the Shore and Granton, increasing by over 19% on average.
Though good for homeowners, these price rises are generally bad news for first-time buyers. Your Move’s average price of nearly £241,000 is well above the opening threshold of the Scottish government’s revived Help to Buy Scotland scheme, aimed at helping people onto the property ladder.
In terms of the most sought-after suburbs, the south of the city has generally been considered to be the more genteel area. Quarters such as Morningside, Bruntsfield and Gracemount home to large houses from the 19th and early 20th centuries, many of which have been converted into flats to accommodate a burgeoning student population.
Edinburgh’s success as in the fields of education and finance mean there is a significant rental market that buy-to-let investors could benefit from, with students and relocated employees needing a wide range of suitable accommodation on short- and long-term lets.
The city’s housing strategy, adopted in 2012, has a target of 19,500 new homes over a ten-year period, so the current construction activity on large and small projects looks set to continue in Edinburgh into the foreseeable future.
New homes for sale in Edinburgh now or coming soon:
In Burdiehouse, neighbouring Gracemount, Barratt Homes is building two-, three- and four-bedroom homes starting at £126,000 at The Kilns. Just inside the City of Edinburgh Bypass, the location offers easy access to the city centre with the benefit of the scenic Pentland Hills on the doorstep.
In Gracemount itself, Cruden Homes is offering a variety of apartments priced from £124,000 at Evolution. The heart of the city is just three miles away, but the area has its own offerings of shops and leisure facilities and transport links into and out of town are plentiful.
Just 15 minutes from Haymarket station, to the west of the city centre, Shandon Gardens is a development of 34 apartments and duplexes, with the current price list starting at £189,000. These new homes complement the surrounding architecture well and benefit from many excellent local amenities.
There’s an excellent mix of starter and family homes at The Elms in Kirkliston, close to the city’s airport. The M8, M9 and M90 are all within easy reach and Princes Street is just ten miles away. Barratt Homes offers a range of incentive schemes for buyers.
In the very desirable leafy suburb of Colinton, Colinton Heights is an exclusive development of seven luxury townhouses from Richmond Homes. Adjacent to the Water of Leith., these three- and four-bedroom new homes are arranged around a private, paved courtyard accessed through a pillared entrance. Prices on application to 01383 623448.
In West Hailes, Places for People is building 183 new homes at Harvesters Way for affordable rent, mid-market rent and shared equity. The company is planning 1,000 new homes for Edinburgh in the coming years and won a Silver for Best Starter Home development at the WhatHouse? Awards 2015.