The Edinburgh property market has experienced a Covid bounce, with properties in some areas rising by as much as 17% since the first lockdown began last Spring, newly released figures reveal.
Rural areas in the Borders and Fife have also benefitted from a ‘coat-tails’ effect, with smaller but significant price growth, according to data published by the Edinburgh Solicitors Property Centre (ESPC).
Pent-up demand during lockdown followed by short periods of frenzied activity, when the market re-opened, has contributed to the rise.
Another factor driving growth has been a reappraisal among many people of their work-life balance, as a result of the pandemic, and a desire for more space at home, including a garden.
Edinburgh has become a target for a growing number of people moving out of London as well as for overseas workers returning to Scotland, while existing capital dwellers have moved from the city to the suburbs and surrounding areas, the data shows.
Struan Douglas, Managing Director of Purdie & Co Solicitors and Estate Agents, a member of the ESPC, said: “Despite a recent slowing of the market, there is no doubt that, over the past year, Covid has accelerated the Edinburgh property market.
“Factors that have acted as a drag in other places, including workers placed on furlough or losing their jobs, don’t appear to have had the same impact here.
“Despite warnings of economic slowdown and recession, confidence remains high among buyers and sellers, which has meant price growth and greater activity.”
According to the ESPC, the average property selling price in Edinburgh was £274,972 between January and March, up 5.5% compared with the same period last year.
Edinburgh South saw the highest rate of growth, with selling prices rising by 11%, year-on-year and city centre houses or large flats with gardens proving particularly popular.
The highest rate of growth, at 17%, was for two-bedroom flats in Newington, the Grange and Blackford.
The average price of properties sold in Edinburgh, the Lothians, Fife, and the Borders was £259,013 during the same three-month period, up by 7.5%.
During this period in those areas, the median selling time was 26 days, one day faster than last year.
Properties in East Fife rose by 14.8% compared with the previous year, while the Borders saw a 13.9% increase in average selling prices.
Homes in East Lothian and Midlothian rose by 6.3% and 11% respectively while West Lothian experienced an 8.6% drop in prices.
For more information on buying or selling property in Edinburgh and the Lothians, please call Purdie & Co on 0131 346 7240 or visit www.purdiesolicitors.co.uk