Edinburgh Property Market Information

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Property Know | UK Property Market Information - Renting & Buying Real Estate

Did you know that Edinburgh is currently planning to create and regenerate one of its most ignored part of the city. To the North of Edinburgh you will find at the edge of the city a waterfront, which for the most part has been neglected.

Waterfront Property Developments are starting to become the more popular trend for Property Developers and Property Buyers. Looking at our other Rent A Home Websites; London has had a craze for Properties in Canary Wharf and Wood Wharf and also Sheffield with it’s Property Development in CastleGate & Victoria Quays. There has been an increase in demand for these Properties and also looking at the bigger picture, they have an immense impact on the area. They are economically beneficial and they create desirable areas in which people want to live in. Urban regeneration, notably around water fronts, benefits the city from residential and commercial development. Hence, why Edinburgh – Scotland are following the trend, to aid in increasing it’s city’s already renowned reputation.

The Edinburgh Waterfront is an enormous regeneration project encompassing over 120 hectares (346 acres) of land! The idea is to exploit the water views of “Firth on Forth” and to completely regenerate the currently run down area in Edinburgh. They have code named it “The Granton Waterfront Project” and it is the regeneration of brownfield and the contaminated land at the Granton Waterfront in the North of Edinburgh. It is a fantastic development opportunity as it lies around 3 km from Edinburgh city centre, and has some of the best views in Edinburgh. To the North is the sea, while to the South is the world famous skyline of Edinburgh Castle, the ridge of the Old Town and the green of Arthur’s Seat and the Holyrood Park.

How long will it take? It is estimated to take around 15 years, but to be honest these are only projections. So most likely it will take longer than that.

What exactly is going to be built?

5,300 Residential units
638,010 sq ft of Commercial space (mainly offices)
261,452 sq ft of Retail space
248,224 sq ft for Hotels
69,691 sq ft of Leisure space
85,987 sq ft of Cultural space (currently investigating including cultural elements such as a theatre and modern art gallery)
1 or 2 new schools

So again, keep an eye out for future property developments in the North of Edinburgh! This is really the one to watch in Edinburgh, and at the Rent A Home Edinburgh team, we predict that this will have a huge impact on Edinburgh and Scotland.

A History of the “Towns” of Edinburgh; the City of Edinburgh is split into two Towns - the New and the Old Town. We found this interesting on how it has effected how the current infrastructure of Edinburgh is shaped.

The Old Town has preserved its medieval plan and many Reformation-era buildings. One end is closed by the castle and the main artery, the Royal Mile, leads away from it; minor streets (called closes or wynds) lead downhill on either side of the main spine in a herringbone pattern. Large squares mark the location of markets or surround major public buildings such as St Giles Cathedral and the Law Courts.

Other notable places of interest nearby include the Royal Museum of Scotland, Surgeons’ Hall, the University of Edinburgh, and numerous underground streets and vaults, relics of previous phases of construction. The street layout, typical of the old quarters of many northern European cities, is made especially picturesque in Edinburgh, where the castle perches on top of a rocky crag, the remnants of a dormant volcano, and the main street runs down the crest of a ridge from it.

The New Town was an 18th century solution to the problem of an increasingly crowded Old Town. The city had remained incredibly compact, confined to the ridge running down from the castle. In 1766 a competition to design the New Town was won by James Craig, a 22-year-old architect. The plan that was built created a rigid, ordered grid, which fitted well with enlightenment ideas of rationality. The principal street was to be George Street, which follows the natural ridge to the north of the Old Town. Either side of it are the other main streets of Princes Street and Queen Street. Princes Street has since become the main shopping street in Edinburgh, and few Georgian buildings survive on it. Linking these streets were a series of perpendicular streets. At the east and west ends are St. Andrew’s Square and Charlotte Square respectively. The latter was designed by Robert Adam and is often considered one of the finest Georgian squares in the world. Bute House, the official residence of the First Minister of Scotland, is on the north side of Charlotte Square.

Sitting in the glen between the Old and New Towns was the Nor’ Loch, which had been both the city’s water supply and place for dumping sewage. By the 1820s it was drained. Some plans show that a canal was intended, but the Princes Street Gardens were created instead. Excess soil from the construction of the buildings was dumped into the loch, creating what is now The Mound. In the mid-19th century the National Gallery of Scotland and Royal Scottish Academy Building were built on The Mound, and tunnels to Waverley Station driven through it.

The New Town was so successful that it was extended greatly. The grid pattern was not maintained, but rather a more picturesque layout was created. Today the New Town is considered by many to be one of the finest examples of Georgian architecture and planning in the world.

Information Source: http://en.wikipedia.org/wiki/Edinburgh 

Edinburgh’s exclusive property review:

There is something vaguely ecclesiastical about the front door at 22c Polwarth Terrace in Edinburgh, which is actually tucked away around the back of this rather imposing detached Victorian villa, facing out on to the rear garden. This thought follows you into the vestibule where the arched timber doors look like they might have come from a church. Which they did, as it happens, owner and architect Sebastian Tombs having rescued them from a local church that was being demolished. “You see so much waste of lovely old things,” he says.

This individual approach is perfectly suited to this equally individual home, which Tombs, who is the Chief Executive of Architecture and Design Scotland, and his wife Eva, a homeopath, bought in 1983, when they moved in with Eva’s three children. The couple’s approach to house-buying was unusual in itself as they weren’t buying alone. “There were a number of people we had connections with who were looking to relocate,” says Tombs, “so we decided if something big came up we would buy it together and divide it up.”

The perfect opportunity arose when the entire house at number 22 came on the market, having been lived in by the one family since the 1920s. The scale was right, while the house is easily accessible to the city centre yet is set within the quiet and leafy Merchiston and Greenhill conservation area. (It would be a good home for a writer, as Tombs observes, given that the likes of Ian Rankin and Alexander McCall Smith live nearby: “The area’s local magic would be bound to rub off!” he says.)

The couple bought the house with two other sets of buyers, and Tombs’s first big negotiation was over who was getting which part of it. The basement level went to a young family who wanted direct access to the garden, while the grander rooms of the middle section became home to a retired teacher and her companion, with the Tombs taking the upper villa, which gave them the option of then extending into the attic.

Most people would find tackling one property a challenge, yet Tombs had the task of creating all three homes “and everyone had different things they wanted from the space,” he says. As with any big project, there were glitches along the way when developing this upper villa. Dry rot was discovered when the doorway was opened up on the ground level, and again when Tombs opened up the giant shutters in the drawing room. The bulk of the work was completed over six months, although the spaces were still a little rough around the edges when the family first moved in, when they would come in through a hole in the wall and then a clamber up a ladder as the lower section of stair wasn’t in place.

Things are certainly more comfortable these days. The main accommodation is on the original top floor and revolves around the central landing. There are three bedrooms on this level, although the smallest, which is currently used as a study, is accessed from the master bedroom, so this could become a generous en suite. The expansive bay-windowed drawing room has its original timber flooring, ornate cornicing and giant marble fireplace, while there’s also a family bathroom and a large dining-kitchen that Tombs designed with a raised cooking zone. “From this slightly elevated level, we could keep an eye on the kids playing in the garden,” he says. He did consider opening a doorway between the drawing room and kitchen for a while, creating a flow of space between the two, and that possibility remains for the next owners.

The attic level was developed in 1985 after the couple had their three youngest children and needed the additional space. It was a huge task as all the materials had to be trailed up through the house, but this has created another five rooms which have been used as bedrooms although Tombs has taken one as an office, along with a compact shower room and small kitchenette space.

Tombs also designed the timber staircase leading up to this level to reflect the existing stair below, and included a wide window seat on the half-landing which proved a popular spot with the kids when they were young. It’s been a great family home, he reflects, and the things he’ll miss most are the light on these upper levels and the stairs “because running up and down them all the time keeps you fit!”

The fact that the Tombs are now downsizing to the basement property - so not leaving at all, really - probably says all you need to know about their enjoyment of living in this grand old house.

Source: http://property.scotsman.com

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

Edinburgh is renowned for its picturesque city, however if you look further than that there is much more to this enchanted City. Did you know that Edinburgh has been voted as 16th top City in the WORLD, to visit!

Tourism is a large income earner for Edinburgh and more importantly the City Council realise that. As we all know in business to stay ahead of the chasing pack, we have to continually improve the business – in this case the city. Edinburgh City Council are investing heavily into City Improvements. Edinburgh is going to have a transport infrastructure revamp!

So what does this have to do with Edinburgh and it’s Property Market?

Very simply from the fact that decent and accessible transport links to properties increase house value! The plans in the pipeline are to create an Airport Rail Link into Edinburgh, creation of a Tram Infrastructure, and more frequent flights to Edinburgh.

All of these transport plans are currently being planned out by the City Council and its associates! So keep your eyes open for more information, because at Rent A Home Edinburgh we certainly will be.

1. Business tourism is worth an estimated £125 million to the local Edinburgh economy each year.

2. Tourism in Edinburgh generates £1.6 billon annually and sustains over 30,000 jobs.

3. Edinburgh is the most popular city in the UK in which to hold an international association meeting. Glasgow is in third place.

4. Edinburgh and Glasgow, between them, accounts for 95% of all international associations meetings in Scotland.

5. Edinburgh is currently sixteenth most popular destination in the world to hold an international association meeting according to figures released by the International Convention and Congress Association (ICCA).

6. The average overnight spend of a corporate delegate is £146 and an international association delegate, £210. (Source: “Estimating the Direct Benefits of Conferences to a local Area” research commissioned by VisitScotland, Welsh Northern Irleand Toruist Boards and VisitBritain in 2001).

7. If an additional 10% of the annual 800,000 business visitors to Edinburgh & Lothians were to extend their visit by just one day for leisure purposes, then an estimated additional £5 million would be earned for the local economy.

8. Investment in transport infrastuctiure including an airport rail link, the introduction of trams and increased direct flights to Edinburgh will continue to ensure Edinburgh’s continued appeal as a conference destination.

9. The opening of the Scottish Parliament and the increase in political meetings, the EICC expansion, further development of Centres of Excellence and investment in new venues and hotels will also provide additional opportunities for Edinburgh’s growth as a conference destination.

10. Edinburgh’s year round programme of world class festivals and events, together with the launch of the new Edinburgh brand will also assist in raising awareness of the city as a dynamic, cosmpolitan destination in which to host a conference, meeting or association event.

Source: http://www.conventionedinburgh.com/press/

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