EdinbuRgh
PulsE
New DevelopmeNts
Printworks has 59 flats in the former
Waddies the Printers building in Slateford
Road from £221,000, with Knight Frank.
The local developer Betts has built 49 two
bedroom flats in Duddingston, four miles
from the city centre, from £118,000.
Bellway is constructing 75 flats and
penthouses in the Haymarket area, from
£150,000, and Bryant has developments
in Fairmilehead, Leith, Hopetoun Village
and Broughton.
Waterside developments in Granton,
Western Harbour and Leith Docks are
forecast to add 15 per cent to the city’s Solicitors Property Centre (ESPC).
current housing stock, providing 32,300 Even up until October 2008 estate agents
new homes by 2025. Maritime Bonds on in the Scottish capital felt that Edinburgh
Water Street in Leith will be 44 new homes was still one of the safest places to invest –
by FairMuir Ltd marketed by Knight Frank. house prices in Scotland were still in
The Edinburgh Waterfront is an positive territory in June 2008. Figures
enormous 364 acre project, exploiting the from the Register of Scotland showed that
water views of ‘Firth on Forth.’ Codenamed prices rose from £155,705 in the second
‘The Granton Waterfront Project’ it is the quarter of 2008, to £160,155 in the third.
regeneration of brownfield and the The Scots’ thriftiness and their
contaminated land at the Granton
£475pcm
reluctance to borrow money would exempt
Waterfront in the North of Edinburgh. It their housing market from the downturn –
lies 3km from Edinburgh city centre and or so they thought! In fact, Scotland simply
has some of the best views in the area. had a delayed reaction. Prices in Edinburgh
Plans include 5,300 residential units, plunged 11 per cent in October 2008 with
638,010 sq ft of commercial space (mainly a 57.5 per cent fall in sales, according to the
offices), 261,452 sq ft of retail space, ESPC. The Magazine for the Law Society
248,224 sq ft for hotels, 69,691 sq ft of in Scotland reported solicitors and estate
leisure space, 85,987 sq ft of cultural space agents were laying off between 10 per cent
and new schools. and twenty per cent of staff.
The Registers of Scotland, the
ResiDeNtial government agency that records all
For 37 years, there had never been an
£205,000
property transactions, reported in March
annual fall in prices; not even during the oil that the area saw a fall in sales to just over
prices shocks of the 1970s or the property £382 million in the last three months of
crash of the late 1980s and early 1990s. 2008 – a decrease of 57.3 per cent over the
The Edinburgh market has traditionally same quarter in 2007 and a decrease of
been resilient due to its large stock of 35.6 per cent over the previous quarter
period properties, a rising population and a (July-Sept 2008). The report also showed
limited number of new homes. However, that the average house price in Edinburgh
the credit crunch and lack of confidence in for the period October to December 2008
the property market wiped 15 per cent off fell 5.8 per cent to £201,021 compared to
the average value of a home last year with a the same period a year earlier when it
significant decrease in the number of stood at £213,386. Prices in the final
transactions, according to the Edinburgh
£1995pcm
quarter of 2008 were down 11 per cent on
the previous quarter when the average
av. pRopeRty selliNg pRices iN eDiNbURgh (£’s) Top: one bed flat in residential house price was £225,847.
may 2008 may 2009 change
Broughton with Belvoir
Middle: two bed flat Upbeat pRopeRty ageNts
Detached 330,000 350,000 +6 per cent
at Portland Gardens However, estate agents at the end of last
Semi 195,000 222,475 +14 per cent
(Dockside) with RE/MAX year claimed that Scotland would lead the
Terraced 185,000 192,000 +4 per cent
Above: rent a one UK house price recovery. Savills forecasted
Flat 166,500 155,000 -7 per cent
bed flat on the that prices in Scotland would rise two per
All 182,000 185,000 +2 per cent
Royal Mile through cent in 2010, compared to one per cent
Note: The house prices for Edinburgh were calculated by sampling over all Belvoir; it is the across the UK. “The average house price in
properties for sale in the
Home.co.uk property search within three miles of
equivalent of Park Lane, Scotland is significantly lower than in
the centre of Edinburgh
so fair enough! England, so property is already more
26 JULY-AUGUST 2009 PROPERTYdrum
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