Scotland: real estate market trend in Edinburgh and Leith

 

Lloyds Banking Group has analysed the trend of real estate prices in Scotland revealing that prices of homes are on the fall on a three-monthly basis. On a yearly basis, instead, there is a 0.8% increase. This declining trend comes after the vast improvement registered between November 2009 and January 2010.

Some other real estate agencies differ from the evaluation made by Lloyds and talk about an improving real estate market.

The Edinburgh solicitors’ property centre reported an 11% increase in the average property prices in July compared with the same period of the previous year. This price rise was driven by the purchase of large homes. The number of sales also increased by one fifth in the period comprised between May and July in comparison with the same period of the year before.

The Scottish Registry Office has pointed out that there has been a 5.3% rise in the average price of real estate properties in Scotland.

Nationwide has analysed the situation in the entire United Kingdom and maintains that prices have fallen by 0.9% in August. The annual growth has descreased to +3.9% from the +6.6% registered in July and the +10.5% that was reported in April.

A real estate property in Leith – the harbour area of Edinburgh – costs 235 thousand euros on average. Prices in the city centre reach 275 thousand euros on average. The average value of properties in Leith is 187 thousand euros, while the average value of houses in Edinburgh is 199 thousand euros. The price of 75% of real estate properties for sale in Leith is under 200 thousand euros.

Leith district is central. It overlooks Firth of Forth, the deep inlet in which Forth river flows. The Ocean Terminal shopping centre was built in this area in order to upgrade the neighbourhood. Leith is the most multicultural district in Edinburgh. There are numerous ethnic shops and beautiful green parks.

According Espc website, in order to make a real estate investment in Leith, it is necessary to be ready to pay from 75 thousand pounds for a close-to-the-sea two-roomed flat on the third floor, to 595 thousand pounds for a sky and land building with five bedrooms situated at the Shore.

There is no difference between the city centre of Edinburgh and Leith as regards the time required to carry out a property sale: about 4 months are necessary in both of the places.

Several young people and foreign buyers are choosing Leith to buy a home. They are taking advantage of the shared equity proposed by the most important banks – Halifax, Nationwide and Rbs – that finance 80% of the final purchase price. The remaining 20% is represented by a 15% refundable capital with no interests and by a 5% deposit.

Construction is a very important asset in the Scottish Gross Domestic Product, but the building of new dwellings has become a thorny issue in the UK.

Yet Stop Norwich Urbanisation (Snub) is an association that wants to stop the building of four thousand new homes on agricultural plots of land located close to Norwich. The group is protesting against Cameron government for the abolition of Regional Spatial Strategies, according to which the central government of London is the only body to be entitled to make decisions on the number of new homes it is possible to build. Cameron government wants to give this task to local authorities, so that they can take into account local needs more closely.

Cala Homes is a building firm that has its seat in Edinburgh. Its lawyers claim that the simple revocation of the strategies without the implementation of a transition process is unlawful.

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