Uncategorized
First-time buyer market returns in Edinburgh
The number of one bedroom homes on the market in the Scottish capital has soared, according to Edinburgh’s Solicitors Property Centre’s (ESPC) third quarter report.
The report revealed that around 740 one bedroom flats were available to purchase this week, compared to the 551 available at the same time a year ago.
The market has gradually become more accessible for first-time buyers, with the average price for a one-bedroom property falling from £129,313, down from £132,093 in the last quarter.
David Marshall, business analyst at ESPC, said: “There is a clear disparity in the level of demand for different types of property. The last seven months has been a period when supply has consistently exceeded demand.”
He added: “This has swung things back in favour of the buyer. First-time buyers looking for one-bedroom flats can be confident when negotiating because there are so many of these properties available.”
Despite a drop in house prices, buyers still have to pay a 10% deposit to be considered for a mortgage.