19 May 2017

Trams 'have boosted property prices in Edinburgh'

Trams 'have boosted property prices in Edinburgh'

The average price of some houses close to the Edinburgh Trams route have jumped by nearly £40,000 since the service began in 2014.

This has just emerged in new research by the Bank of Scotland.

The largest rise was in the postal area of EH11, which includes Balgreen, Bankhead, Edinburgh Park Station and Saughton stops.

The bank's housing database shows that the average property value in EH11 has grown from £153,465 to £190,841 in the last three years, an increase of 24% - double the 12% recorded in the rest of the city.

Investment

Graham Blair, mortgage director at Bank of Scotland, said: “A modern transport system is potentially a great catalyst to urban regeneration and can be a game changer for cities investing in improved links.

"An excellent tram system can stimulate inward investment for the local economy, unlock previously hard-to-reach sites for development and make it easier for people to move around the city. 

"These are important factors for the housing market, and we can see that these routes have helped boost increases in property values."
However, not all areas on the trams route have done so well as EH11.

Growth

In EH12, the average house price has grown just 1% to £230,867. This area includes the stops at Murrayfield Stadium, Haymarket, Edinburgh Park Central and Edinburgh Airport. 

Bank of Scotland reports that the average house price on the trams route has grown by 10% over the last three years from just under £200,000 to £218,350.

This rate of increase is much faster than in the two years before the line opened when the average price on the trams route grew by 3% from £193,976 to £199,171. 

It was reported earlier this year that house prices in some Edinburgh areas which feature in Trainspotting have increased over 200% in the last 20 years.

Leith is very different nowadays to the one portrayed in Irvine Welsh’s novel and film - it’s had an injection of life as more young professionals have moved in to the area.

According to Bank of Scotland data, had you invested in a property in Leith in 1996, it would have cost an average £59,902.

Fast forward 20 years and average prices had risen to £182,440 - 205% more.

Edinburgh property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

We are currently offering Edinburgh sellers the chance to get their property on the market without paying any upfront marketing fees.

We are also an independent broker of mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here.

* Your home may be repossessed if you do not keep up repayments on your mortgage


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