How Best to Sell Your Home in Edinburgh With so Many Competing Houses For Sale!
The Scottish economy relies significantly on industry and public services, so the recent recession and government austerity measures have hit Edinburgh very hard in the last few years. However, according to a BBC report, house prices throughout Scotland, and in Edinburgh, showed signs of sustained growth. Indeed, the average cost of a home reported in April 2014 was £160,000, which represented a 3.6 per cent increase on the previous year, great news if you’re a homeowner in the Scottish capital, as it means there is every chance your asset will grow in value considerably over the next few years. But if you need to sell your house fast in Edinburgh, there are still no guarantees of a speedy conclusion when negotiating the open property market. At Flying Homes, we buy houses in Edinburgh so that you can plan your next move with a degree of certainty.
What is happening to house prices in Edinburgh?
If you are contemplating the sale of your Edinburgh property, your first step should be to gather as much information on the local market as you can. You may have read headlines about how the Scottish real estate market is making a strong recovery, but what is happening in the city as a whole may not necessarily be going on in your specific neck of the woods. The Scotsman reported in 2014 that Scottish house prices are rising at their fastest rate in six years, but the picture may look very different in your street. Home prices in Edinburgh have grown by 25 per cent since 2003, but that doesn’t tell the whole story.
Setting yourself realistic price expectations and a reasonable initial asking price is critical if you want your house quick in Edinburgh. While average property values across the city are rising, there are still localities within the city that are experiencing stagnating home prices. You don’t want to price your home out of the market, but you want to achieve the best possible sale price. A great place to start your research is on the Rightmove website; you can compare your home with others in your street and the local vicinity currently on the market. The Zoopla website includes a simple search facility that allows you to check what homes in your neighbourhood have sold for recently, and the Registers of Scotland website publishes official data and a range of property statistics that will help you to ascertain what your Edinburgh property may be worth on the open market.
Selling your home in Edinburgh
It may surprise you to know that Edinburgh has the second highest property prices per square metre in the UK (£2212 per square metre as of June 2014), outside London. Only Altrincham in Greater Manchester is more expensive, which means Edinburgh is one of Europe’s property hotspots. While this news may be exciting if you own property in the region, it is worth remembering that there is still a scarcity of credit, and the number of first-time buyers looking for property in the UK is at an all-time low. Regardless of where in Edinburgh your property is, you will need to devise a comprehensive marketing strategy if you want to sell your house online and for the best possible price.
If you have the time and energy, you could market your Edinburgh home privately, but you’ll need an in-depth knowledge of the local market to succeed. While it will cost you a fee, you can save money by hiring an online estate agent in Edinburgh which will allow you to exploit a massive network of potential buyers and marketing contacts, which could result in a speedier sale and the higher price that increased demand usually delivers. Before doing this, find out your property value, ask ‘how much is my house worth if I sold it today.’ You need to know an approximate valuation of your home before negotiating with estate agents for the sale of your home. However, recent statistics published on the Home website suggest that, on average, detached houses in the city take 183 days to sell on the open market. If you can’t afford to wait six months to offload your property, Flying Homes can help. We buy property throughout Edinburgh in any condition. Our extensive network of cash buyers is ready and waiting to make an offer on your home within days, which means you can cut weeks off the average selling time in the city.
Does it matter what time of the year you sell your home in Edinburgh?
The last few years have been troubling for property markets throughout the UK, and Edinburgh has been stricken like most regions outside the south east of England. Typically, the number of buyers on the market for the property will spike just after Christmas and the summer holidays, as people start to plan for their future without the distraction of leisure time. However, the picture has changed slightly – something demonstrated by figures published on the Home website. The most popular month for selling Edinburgh property in 2013 was June, and the supply of houses started to drop towards the end of the year and the beginning of 2014. Until credit becomes widely available again, and full confidence restored in the market, it may be difficult to ascertain the best time of year to sell a home in Edinburgh. But you can maximise your chances of securing a quick sale at a reasonable price by marketing your home according to the seasons.
How are the localised property markets of Edinburgh doing?
Like most UK cities, Edinburgh has several property markets all performing very differently. If you are about to sell your house, it is worth remembering that the headlines you see relating to Edinburgh refer to the city as a whole. Whether you want to buy a house or sell property in Edinburgh, you should first perform some research into the various neighbourhoods within the city.
There is no doubt that Edinburgh is now in the midst of a period of sustained house price growth, but that is not the case in every area of the capital. The likes of Muirhouse, Niddrie, and Pilton are struggling, and it may be some time before substantial growth in these regions matches that in other parts of the city. Of course, some of the most expensive real estate in the UK found in Edinburgh, with areas such as Marchmont, Newington, Morningside, and Bruntsfield, leading the way regarding property value growth. Perhaps the most sought-after homes in Edinburgh can be found in Edinburgh, a popular area for investors and buy-to-let entrepreneurs.
What influences Edinburgh property values?
Edinburgh’s most significant employment sectors are public services, banking, and the service industry. Whenever the UK economy is struggling, Edinburgh is affected very hard. Despite having a healthy tourist industry, the city’s economy has been fighting since 2008, which has had a profound effect on local property prices. Government spending cuts led to widespread redundancies in the city, the banking crisis was felt particularly keenly in the area, and the city’s vast service sector was affected by depressed consumer confidence. All of these factors combined to force house prices down, but it is apparent that the city has now turned a corner. Indeed, the Telegraph listed Edinburgh as the number one Northern city in which to buy property.
House building in the city is also rising, which could hold back house prices slightly, but current construction projects are still leaving Edinburgh with a shortfall of affordable housing. There are also various development and improvement projects afoot, which could create jobs and lead to continued house price growth throughout the next decade. The city’s tram service, for instance, could lead to home price increases along its route of up to 15 per cent.
About the City of Edinburgh
Edinburgh is the capital of Scotland and the seventh largest in the UK. It is one of the most visited cities in Europe steeped in history and culture and currently the home of both the Scottish Parliament and the country’s most prominent banking institutions. This picturesque city has a long association with the monarchy, and its various castles and palaces define the city’s look and set it apart from any other conurbation in the UK.
Edinburgh has a look and feels all of its own. For centuries, the city has been home to the Scottish seat of power, stunning architecture and a warm welcome to visitors. The city has long been at the centre of Britain’s political landscape, which is just one of the reasons why millions of tourists flock there from all over the world. From its majestic buildings to its historical artefacts, Edinburgh is a city of memories filled with exciting bars and restaurants for people looking for a great night out.
At every turn, there are fascinating museums, gardens, galleries and historical sites to explore in Edinburgh. The Writers’ Museum and Makars Court dedicated to poets, novelists, and playwrights from Scotland’s history. The National Library of Scotland located in Edinburgh is a treasure trove of 15 million items dating back more than 1,000 years. If you are keen to explore the city’s history in more detail, the Museum on the Mound should be on your itinerary, as it charts the development of the Scottish capital over the centuries.
Edinburgh is a city of palaces and castles, but none of them is as famous and instantly recognisable as Edinburgh Castle, which casts an imposing shadow of the central shopping district of the city. Other majestic castles in the city include Lauriston Castle, Dirleton Castle, and Tantallon Castle. Nearby Craigmillar Castle expertly preserved over the years – perhaps because if its longstanding association with Mary Queen of Scots.
Edinburgh enjoys a productive relationship with the arts, which is why there are so many world-renowned theatres and production companies in the city. The 1,900-seater Festival Theatre stages some of the most famous productions in the world, while the National Theatre of Scotland and the Scottish Opera put on a range of classic operas and plays from through the ages. Of course, the city has an affinity with comedy, drama, and music, and all three come together every year to form the world’s largest festival dedicated to the arts – The Edinburgh Fringe Festival.
Vibrant, eye-catching and filled with exciting attractions, Edinburgh is one of the world’s great cities. And although the property market in Scotland has suffered a torrid time of late, sustained house price growth looks set to continue for the next few years. If you someone to buy your Edinburgh home in a hurry, Flying Homes (national homebuyers who keep their promise), can help. In many cases, we can facilitate a sale in only a matter of days, and at a price, you’d be happy with on the open market. So, instead of negotiating the Edinburgh property market, sell your house quickly in Edinburgh, let us buy your home today.