Property Know

Good news if you own a property in Edinburgh - the Edinburgh Property Market is booming. So wouldn’t you love to own a property in Edinburgh - because we would!

Edinburgh has delivered the biggest rise in property prices per square metre in Scotland over the past ten years, according to new research from Bank of Scotland, with a 170% increase from £759 per square metre (psm) in Q1 1996 to £2,052 psm in Q1 2006. Across the UK, Truro has delivered the biggest rise in property prices with an increase of 262%.

The most expensive city in Scotland is Edinburgh with an average psm of £2,052, while the most expensive cities in the UK are London (£3,582 psm), Oxford (£2,741 psm) and St Albans (£2,716 psm). Edinburgh ranks amongst the ten most expensive cities in the UK on a psm basis.

Dundee is the most affordable city in Scotland at £1,285 psm, while Armagh is the most affordable city in the UK; there the average price is £1,009 psm just over one-third of the price in London.

The gap between Edinburgh and Glasgow has widened over the past decade. In 1996, the price psm in Edinburgh was 22% higher than in Glasgow. In 2006 house prices in Edinburgh were 46% higher than in Glasgow, although the gap has held steady over the past five years. The gap between prices in London and Edinburgh has widened substantially more over the last 10 years. In 1996, the price per square metre in London was 34% higher than in Edinburgh. In 2006 house prices in London were 75% higher than in Edinburgh.

Commenting, Tim Crawford Group Economist Bank of Scotland, said: “House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. This is a helpful descriptor to be used alongside other more established house price comparators. The strength in house prices per square metre in Scottish cities over the past decade, particularly Edinburgh, highlights that many Scottish home buyers are attracted to the conveniences of city living, like shopping, transport links and easy commuting. Prices remain highest by a large margin in Edinburgh and on a square metre basis it is one of the ten most expensive cities in the UK.”

Source: http://www.hbosplc.com