It’s a beautiful city of which we love and we can fully understand why people would want to move here. Be it for work, family or quality of life, Edinburgh really is a fantastic place to live. But if you’ve not lived here before, the property market and adjusting to life here can be a bit different to what you’re used to.
Here’s our top tips for making the move and relocating to Edinburgh that bit easier.
Speed of the market.
The average time a property is on the market is just 14 daysÂ in Edinburgh meaning you need to act quick when it comes to making offers. If you plan to travel to Edinburgh for a weekend of viewings, just be time conscious. Where you see an ideal property and plan to view in a few weeks time, in Edinburgh the chances are that the property will be gone before you even get there to view it. Perhaps consider a week or so in Edinburgh solely with the purpose to view properties as they become available. Or taking on a short term let whilst you get settled and then taking your time to find that perfect property.
Not common place around the UK but used in more cases than not in Scotland – particularly in Edinburgh Closing Dates are a way of encouraging those interested in purchasing a property to make their final offer on the same day. The process starts with you viewing a property and then asking your solicitor to Note Interest in the property. Once there is a good number of people having Noted Interest, a Closing Date will be set, putting a bit of pressure on those who have Noted Interest to make an offer or withdraw interest if they do not wish to continue pursuing the property. For more in-depth information of Closing Dates take a look at our guides on Closing Dates for Buyers and Closing Dates for Sellers.
Cost of property.
At present the average price for a property in Edinburgh is £249,788 but this does drop a little if you are in one of the surrounding regions, such as Fife or West Lothian. And when it comes to offering on a property, its worth considering that most properties in Edinburgh sell for over their Home Report value, often at least 10%. As Edinburgh is very much a sellers market, if you can have a larger deposit and good cash flow it will go in your favour in offering on a property which is likely to sell for over its Home Report.
Types of properties.
Given the average property price you might expect you get a lot for your money. Unfortunately not. Edinburgh is a city and as such, large family homes with acres of garden are lacking. They’re not impossible to find but the price will increase greatly to reflect such a find. For the most part, you’ll see that a lot of properties in Edinburgh are flats, often in keeping with Edinburgh’s history and being old Victorian Terraces divided into a number of flats. Shared gardens aren’t uncommon but don’t let a lack of outdoor space put you off Edinburgh has many beautiful parks which people flock to in the summer to enjoy the rare glimpses of sunshine. Of course, the closer to the city centre you are, the more you pay and the less space you get. There are many areas of Edinburgh of which you can get a lot more for your money when you sacrifice the view of the castle, including lots of on-going new builds.
Where to look for properties.
Rightmove and Zoopla are a great when you start looking at Edinburgh as a whole but when it comes to looking at the different areas of Edinburgh your best bet is ESPC, which is a local directory of properties for sale throughout Edinburgh and the surrounding areas. Most, if not all, estate agents in Edinburgh list their properties to ESPC so it really is the best place to see what properties are currently available. It also allows you to search by individual areas of Edinburgh as opposed to just, North, South, East West and Central. Once you become a local to Edinburgh you’ll see just how much bearing these different areas can actually have!