Housing in Edinburgh
Unlike its larger neighbour Glasgow to the West, Edinburgh didn’t go through the same problematic upheaval of vast industrial growth and then massive industrial decline in the 1980s. The capital of Scotland has grown in a more sedate way and has retained the vast majority of its period properties in the centre of town.
This has both good and bad effects on the housing market. The good news is that the architecture, especially in places like the New Town area where the movie Shallow Grave was filmed, is wonderful and offers professionals the kind of home they probably could not afford down South.
Having said that, Edinburgh is a relatively small city and is not famed for its massive investment in new luxury home building. The consequence is that top period properties are heavily sought after and prices have risen sharply.
Prices in New Town start around £200,000 for a one bed flat and going up to £300,000 for a two-bed. The largest flats with up to four beds can go for as much as £650,000 a pop.
When you get into the standalone Townhouse market in New Town prices really start rising fast. These beautiful four floor dwellings range from £900,000 to over £1.7 million. The best houses in the area can be found on Heriot Row and India Street.
Other areas of the city where you can find large family houses include Murrayfield, Ravelston, Inverleith and Morningside. Here a top end detached house will set you back between £1.25 million and £1.75 million.
However, in Edinburgh you can buy ‘halves’ of these large suburban houses for between £500,000 and £750,000.
Some of these areas, such as Morningside, have a reputation for being very quiet and retaining an almost village-like atmosphere with some local residents hardly bothering with the rest of the city and only shopping at the local stores. For those who seek urban tranquillity this may be the answer you have been looking for.
For those seeking the country life – not that Edinburgh is a grimy industrial town – the place to move to is East Lothian, an area Lynda Combe of Rettie & Co says “everyone wants to buy in”.
In East Lothian you will not find a decent property for less than £500,000 and if you are lucky enough to clinch a deal for a detached country house then you will be shelling out up to £1.5 million.
This property feeding frenzy has led people to look to West Lothian and Midlothian instead, where money goes a lot further and you can pick up a nice family property for around £500,000.
In terms of new developments Edinburgh is very far behind Glasgow and its massive renaissance projects along the River Clyde, but there are some small new developments.
These new developments which sell by the ‘unit’ rather than the house can be found in Grey Friars and West Bow in the Old Town part of Edinburgh. While another new development, which has just been completed, is at South Queensferry, where a number of properties are going for less than £200,000.
Outside of town there are also a few planned estates of top end housing too. These include the Gullane development in East Lothian, where 22 houses have sprung up in recent months.
Realistically, for those without money to burn, heading for the new builds may prove to be more successful than hoping to secure a house in New Town. Overall, buyers should remember that Edinburgh is only the size of a couple of large London boroughs stuck together and should alter their expectations accordingly. There is a choice of quality homes, but just not as much as one might like.
Property Averages (all properties)
| Scotland average |
£98,200 |
| Edinburgh average |
£149,067 |
| New Town |
£217,774 |
| Old Town |
£131,046 |
| Morningside |
£396,514 |
| East Lothian |
£168,750 |
| West Lothian |
£99,864 |
Source: Registers of Scotland, July 2004
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