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Edinburgh prime market prices soaring annually
11 Oct
Annual prime property price growth in Edinburgh has reached 10.5% over the year to September, according to Knight Frank’s index.

The index revealed that the annual figure, which grew from the 9.4% recorded in the 12 months to June, was the highest price growth recorded in any major UK city tracked by Knight Frank over the same period.

A 1.9% quarterly growth was recorded in the third quarter of the year, and over the course of three years, prices increased by 17.4%.

Both the second hand and new build market have helped Edinburgh be in high demand consistently.

In Knight Frank’s most recent prime global cities index, Edinburgh ranked sixth in price performance. However, Oliver Knight, research associate at Knight Frank, points out that one should view the strong rate of price growth over the last 12 months in context.

“It follows nearly a decade of fairly subdued growth since the financial crisis. During this period, the market has had to adjust to changes to the tax landscape following the introduction of Land and Building Transaction Tax in 2015, as well as a greater degree of political uncertainty over that time,” he said.

Knight went on to say, “Over the last year however, values have been underpinned by an undersupply of new stock to the market. Our analysis of listings data from Rightmove shows the volume of homes being offered for sale remains supressed. These more depleted stock levels are now starting to impact on sales volumes which have slipped back across the market as a whole. However, this has disguised varying performance at different levels of the market.”

Uncertainty surrounding Brexit may also affect demand, but currently, property in Edinburgh remains sought after – and from the high salaries and low cost of living to the historical and culture sites on offer, who would be surprised?

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