Our regular round-up of the property market in Edinburgh, the Lothians, Fife and Tayside.
So far in 2022, the story in the residential property market is similar to that of 2021: demand remains high, prices are strong, sales records are being broken, and intense bidding among buyers remains the norm in some areas.
Here at Lindsays, we have been seeing sales worth £17 million a month, on average, as demand in the housing market continues to outstrip supply in many parts of Scotland. As a result, the value of homes we sold in 2021/22 topped £200 million – a first for the firm.
Edinburgh and the Lothians
Competition in the capital continues to fuel price rises. The average house price in Edinburgh was £314,798, yet buyers do not seem deterred. This year, it has not been unusual to have 10 to 15 potential purchasers bidding on a property, and this drives up their bids. Those looking to sell houses can expect to achieve a solid return across most areas of Edinburgh.
One of the big property trends from 2020 and 2021 remains in place this year: people’s search for homes with a garden or space for a home office continues to drive demand in the Lothians and Fife. In parallel, In parallel, there are signs of revived interest in flats in the city centre and areas like Leith, including for one-bedroom flats as first-time buyers re-enter the market.
Dundee and Tayside
In Dundee and Tayside too, the market is buoyant, powered by:
- The quest for more space.
- Hybrid working patterns making it possible to live further from the office.
- People looking to invest lockdown savings into a home.
In addition, Dundee’s Waterfront development continues to create an economic buzz. As a successor to the “V&A effect” of a couple of years back, we may see an “Eden effect”, following the announcement of the next phase of Eden Project Dundee.
As a result of factors like these, the value of property Lindsays sold in Dundee and Tayside in 2021/22 jumped by 3.5% on the previous year. In addition, the affordability of property in Dundee makes this a good hunting ground for buyers as well as a solid market for sellers.
Kirsty Cooper Partner, Residential Property
Vhari Selfridge Partner, Residential Property
To return to the main contents of Lindsays Life issue 22, please click here.
