Edinburgh flat market 2023

[OrElia25]

Dear All
Looking to buy a flat in Edinburgh and struggling to understand what is the market looking like.. Lots of news article talking about the market slowing down but then estate agents still saying we need to offer more than 10% than valuation to secure a flat … any recent experience on this ?
many thanks

I don't know Edinburgh specifically but more the surrounding areas. I think offering 10% over is the market slowing down. When the market was more buoyant it was probably more like 20% over.

Do you have a really good local solicitor? They will guide you on the current state of the market and what you realistically need to offer.

solicitor says 10% over as a minimum, even for one bedroom flats :(

The size of the property doesnt matter. Its always been that way in Scotland. Particularly in cities. Glasgow has had some crazy time with properties regularly going 30% over asking.

If you look at ESPC, click on a property and at the bottom of the page there will be a section ‘Area at a glance’. This has the average % of home report for the area.

Some will go over, but I also know people who had offers accepted at the home report value or near to. It really seems to vary.

What area are you looking at?

thanks all, looking at Bruntsfield or somewhere similar for local amenities and safety…

Yep, that's a popular area. Although I am seeing more fixed prices, which you can snap up quickly without a closing date.

Have you got a solicitor yet? They'll keep you right when making offers.

I’d be happy - that’s a far cry from the 25+ I was hearing about a year or two ago!

Yeah I was hoping for a covid reset but it doesn't seem to have happened yet. There is still a lot of demand for desirable properties and very few coming to market, so there are still huge pent up demand getting into bidding wars.

The market for 'average' properties in less desirable areas seems much less hectic.

Or is it just more realistic valuations? Seems daft to have all properties going 25% over asking price rather than putting them at an asking price nearer the market value.

I think that Brunstsfield, Morgningside, Stockbridge are always going to be going over the asking price. 10% at least.
Perhaps look at other areas?

Thanks . Any areas to suggest with good local amenities and safe ?

What's your budget, and is it definitely a one bed you want or do you need to have an extra bedroom for WFH, future DC etc? Good areas will partly depend on where you need to get to for work, whether you drive and factors like that (e.g. no good recommending Portobello if you will be working in Cramond and relying on public transport). If you can give a bit more detail posters can probably give better recommendations.

H thanks again for taking the time.
i work from home but travel to London and abroad often for work. Being waking distance to coffee shops, shops is important.
initiakly was looking for 2 beds but figured out my budget would only get me 1 bed - max 300k.

Honestly, if your budget is up to 300K for a 1/2 bed and you don't have a huge list of extra must-haves like a garden etc then I think you can probably afford to buy in the kind of area you want. Looking at Rightmove and ESPC there are actually quite a few flats in good areas within that price bracket that have gone to fixed price, and there are plenty of others within your range. Bruntsfield, Stockbridge, New Town would be obvious areas for safe area/nice coffee shops on the doorstep/easy distance of train station and tram links to the airport. That is definitely do-able - or you could live just off the edge of one of those areas. What about these for starting suggestions - any of these of any interest?

Lovely little 1-bed smack in the centre of Stockbridge for 260K

Really spacious 2-bed with parking just beyond the New Town for 295K though with factoring charges of 1K a year Broughton St just round the corner has loads of lovely wee coffee shops etc.

2-bed right round the corner from Morningside high street with private balcony and shared garden for offers over 259K There are currently two more flats for sale in the same development, both of which have gone to fixed price for less than this one.

1-bed with boxroom and shared garden on the edge of Brunstfield for 295K

That Broughton one is well-located, and OP would be walking distance from Waverley station too. Not to mention Valvona & Crolla!

It’s oddly cheap for that area though, especially factoring in a parking place. Makes me suspicious.

Oh yes, Valvona's! 😍Hmmm, I don't actually think that one is suspiciously cheap - East London St is not a "fashionable" street iyswim, which I think makes all the difference in central Edinburgh. It's kind of on the border between New Town and slightly grittier Leith Walk areas.

@onestarrynight True. That building is also directly next door to a block of student flats (I live just round the corner) which might also be why. East London Street can be a bit of a rat run too. Although that might ease a bit when they finally finish the tram extension work and Gayfield Place/Haddington Place/Leith Walk become functional again.

@FuckabethFuckor yes, plus being able to walk to the tram as well as Waverley would be an advantage for OP when she needs to get to the airport for work.

Thank you all !
i have viewed the one in Easter London road it’s horrible and needs full refurbishment (lots of money to spend on it) + opposite a funeral place.
i will definitely look at the other ones thanks a lot for sharing !

The kitchen looks a bit dated in the Easter London Road but otherwise looks fine. Agree with previous poster that the price is supiciously low for this location/size.