Top city postcodes to buck downward trend over 5 years as property prices to rise 20%
HOUSE prices in two of the Capital’s most upmarket postcodes are set to soar by 20 per cent over the next five years.
Properties in EH9 and EH10, home to Merchiston, the Grange, Newington and Morningside, have seen values increase between 1.4 and 1.8 per cent this year – bucking trends across the city.
The figures, compiled by estate agent Rettie & Co, include the sale of Harry Potter author JK Rowling’s home in Merchiston, for upwards of £2 million last month.
It comes after the Edinburgh Solicitors’ Property Centre revealed that average house prices across the Capital had plummeted by six per cent – with November the fourth consecutive month in which a year-on-year decline had been recorded.
Rettie, which predicts the 20 per cent rise over the next five years, said a lack of new developments, combined with sought-after places at local schools, meant the EH9 and EH10 postcodes remained in demand.
Director James Whitson said: “In Edinburgh, there has always been an aspiration to live on the south side. If you are going to send the children to Watson’s or Merchiston or Heriot’s, you have got a standard of life where the children can walk to school, which is pretty attractive.
“On top of that, you have got some good communities with great restaurants and shops, you can get out of town quickly or into the centre in ten minutes. It ticks all the right boxes.
“Our problem in both areas is we don’t have enough property to match the demand. The reality in the current climate is that quality property in a prime location and correct pricing will sell.”
Nearly 400 properties went for upwards of £300,000 last year in EH9 and EH10, with more than £10m in property sold on Alfred Place and £5m on Grange Loan alone. The highest average house prices were on Blacket Place and Greenhill Gardens at about £1.2m compared to the Edinburgh average of £220,000.
Rettie found that the vast majority of buyers already lived within the districts and were either upgrading or downsizing.
One homeowner in Grange Loan said she was initially attracted to the area by the stability of the housing market, but now could not imagine living anywhere else.
Helen Martin, 59, said: “People that live in houses worth millions behave the same to people whose houses cost £500,000. It’s quite a mixed area really.
“If I did ever move it would be to a retirement flat or a bigger house in the area if I win the lottery.”
Living on a payer . .
YOU won’t get much change from a lottery win if either of these catch your eye.
Flat 5 at 2 Lauder Road, left, is on the market with offers starting at £675,000 and boasts a large decked terrace, two cast-iron balconies and a shared walled garden. But if that’s not big enough, then a £1.3 million home on Mansionhouse Road may fit the bill. It is in the heart of Grange and comes with a heated indoor pool.