The Edinburgh property market continues to perform well with prices growing by 2.1 per cent in the second quarter of 2017.
The uncertain nature of what Brexit means for growth, the economy and the strength of the GDP has been brought into question and there appears to be no visible plan in place yet.
A recent report by PwC states that Brexit uncertainty is currently affecting the Scottish economy and housing market.
The figures suggest that the Scottish economy will grow by 1.2 per cent this year and by 1.1 per cent in 2018, those figures include the prediction of a year-on year decline in house prices.
Edinburgh property market update
Property prices in Edinburgh grew 2.1 per cent in the second quarter of 2017, helping to take the annual growth to 3.7 per cent.
That data, taken from a recent report by Knight Frank, also suggests overall price growth in the region of £1.5 to £2 million, with a big emphasis on demand outweighing supply.
In other words, people are wanting to buy properties, but there are currently not enough on the market, regardless of the slight rise in property prices.
The report also states that the Edinburgh property market weathered political uncertainty in the run in to the 2017 General Election by continuously recording strong economic growth.
What can we take from this? Edinburgh is a popular city for people to buy and sell properties and if the election didn’t make a huge impact on the market, will Brexit?
Invest in Edinburgh
Edinburgh has been ranked as one of the world’s top cities for investment in a recent survey.
The findings from JLL state that the recent investment in commercial property has seen Edinburgh rank as one of the world’s top cities for overall investment.
It comes as no surprise that people want to invest in Edinburgh. Whether it may be in residential property, the tech sector or in education, Edinburgh is a major contender for sustained growth at the world table.
Again, there will be slight caution when investing in property with ongoing Brexit negotiations but the markets are predicted to remain attractive to both overseas and homegrown investment.
So, why wait?
The median time for properties to sell in Edinburgh in the past month was 14 days. That’s very quick!
However, there was a 5.8 per cent annual decrease in the number of new homes being brought to market.
There’s a trend here. Again, demand is outweighing supply in the current Edinburgh property market.
ESPC continue by stating that the Edinburgh areas of Gorgie and Dalry have been catching up with Leith as the most popular place for first time buyers to purchase a flat. The reason being that the number of one-bedroom flats sold in Dalry and Gorgie had increased by 25.9 per cent in the past three months because they are not as expensive as they would be in Leith.
With property developments happening all over Edinburgh (Western Harbour and Newhaven for example), it’s no surprise there is a continuous demand to live in this great city.
We at VMH have seen huge demand for all of our Edinburgh property listings. There has never been a better time to sell your house in the current Edinburgh property market.
VMH is one of Edinburgh’s most respected property solicitors and estate agents. Looking to sell? Contact a member of the team here today.