Edinburgh set for 23% house price rise in next 4 years
According to the property consultancy JLL, edinburgh house prices are set for a 23.4% increase over the next 4 years, the main reason due to a lack of new homes being built.
Not great news for 1st time buyers, however property owners and sellers will be delighted.
To put some context on the numbers: if someone was to buy a one bedroom flat in Leith Walk, they would have to pay £30,000 over the current asking price, a total of £153,486. Whilst a 2 bedroom flat in Edinburgh’d West End would mean a payment of £73,610 over the current asking price, a total of £388,185.
This price increase is 4% more than that expected of London, and double the national growth average predicted for the same timeframe.
The 1st time buyer market is made more difficult due to the maximum borrowing criteria of 4.75 times annual income, while the maximum mortgage is 95%. This means someone earning £25,000 per year could only get a mortgage of £118,750.
Edinburgh is a very attractive city for businesses and workers, and well-known for the lifestyle it offers.