House prices in Edinburgh 2021 and 2022 predictions
Property in Edinburgh has always been in high demand, and never more so than in the last few years.
House prices in 2021
The latest research from Bank of Scotland shows that house prices across Scotland went up by 8.8% in 2021 which is higher than the average UK rise of 6.2%.
The average price of a home in Scotland currently stands at £207,778 which is an increase of £16,761 on the 2020 average house price of £191,017. Last year was a positive year for Scottish homeowners who were hoping to see the value of their properties rise. In 2020 only two towns in Scotland saw prices rise above the UK average but last year there were 15.
Overall Scottish house prices saw a bumper year with growth outperforming the UK average. The pandemic resulted in people working from home as well as home-schooling their children and subsequent lockdowns have seen us spend much more time at home rather than working, travelling, and going on overseas holidays. This has had a huge impact on where people want to live, with homes close to amenities being popular and with more internal and external space.
The average price of a property in Edinburgh is currently £293,406 which is 7% higher than last year’s average figure. Figures from the Solicitor’s Lindsays puts this even higher at a 15% rise in average house prices where buyers have paid £40,000 more for their homes in the last 12 months. With many buyers priced out of the Edinburgh property market (Lindsays has revealed that it is not unusual for properties to sell for 30% above the asking price), at Urban Union our aim is to provide high-quality homes at accessible prices to enable all buyers wanting to realise their dream of homeownership the opportunity to purchase a home within a thriving community, close to Edinburgh’s City Centre. Our next release of one and two-bedroom apartments start at just £157,000 with a reservation fee of just £99.
The outlook for 2022
Market predictions show that although house prices aren’t expected to increase at the same rate that they did during 2020 and 2021, they are likely to continue rising especially whilst lenders continue to make competitive products available to borrowers.
This year, the property market started with an extremely busy few two weeks. Rightmove has reported in its latest House Price Index released in January, that the portal has had its busiest ever start to the year. Statistics released in the report show that the number of buyers enquiring about homes for sale was 15% higher than in Janaury 2020 and the number of valuation requests was 44%. First time buyers have hit a new record after a monthly jump of 1.4% and the signs clearly show that we are going to see another busy and competitive property market this year.
With the rise in people looking to sell their homes, it could mean that house prices this year could stabilise.
Find out about our high quality, sustainable fixed-price homes available for sale in Edinburgh’s Pennywell Living. Call us on 07940 992182 or email pennywellliving@urbanunionltd.co.uk