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Edinburgh's prime property market hits its highest annual growth in more than a decade

Recent data from Knight Frank’s Edinburgh City index found that prices in Edinburgh’s top-end property market in 2018 have increased year on year by 10.6% - a spike that’s almost four times faster than the UK average.

Property value in Edinburgh

Properties valued in the £2 million-plus bracket had the most substantial price growth between October and December 2018, with prices up 3.5% in the last quarter, and 15.5% against the same quarter in 2017.

Property sales over £1 million in 2018 are currently 2% up on the third quarter, and 12% higher than in the same quarter the previous year.

Sale volumes between £500,000 and £1 million are also running 1% higher, with an annual increase of 8.1%.

Price change by Edinburgh location

Properties located in the New Town and West End were the strongest performers, rising at an annualised rate of 12.4% in the fourth quarter of 2018. This is compared with the North (9.7%), the South (10.8%), the West (7.0%), and Edinburgh as a whole (10.6%).

How quickly are properties selling?

Knight Frank also investigated the length of time between a property coming onto the market and it reaching a sold status in the Scottish capital. In 2018, the average time was 12.5 per cent lower than it was in 2016. This figure compares with the length of time on the market in the East of England, the South East and London where figures have climbed more than 30%.

Contact our Property Law Solicitors Edinburgh, Glasgow & Inverness

If you are considering buying or selling a property in Scotland, you need to speak with a professional property lawyer who can provide you with tailored and bespoke legal advice. Get in touch with us today via the online enquiry form.

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