Table of Contents
- Auction Properties In Edinburgh
- Property Prices In Edinburgh
- Where To Look For Auction Properties In Edinburgh
- Auction Properties in Edinburgh FAQ
- What Type Of Auction Property In Edinburgh Should You Look For?
- Five Reasons To Buy Auction Properties In Edinburgh
- Some Final Thoughts About Buying Auction Properties In Edinburgh
Auction Properties In Edinburgh
Buying Auction Properties In Edinburgh, Scotland
The Scottish capital is known for culture and history and these are just two reasons why buying auction properties in Edinburgh is so rewarding. The population in the heart of the city is around 500,000 but although Edinburgh may be small it has a big heart.
House prices in Scotland overall are continuing to rise faster than in some other parts of the UK and there is a wide choice on offer. When it comes to buying auction properties in Edinburgh you can find residential and commercial buildings. Property investors from all over the world consider Edinburgh a prime investment opportunity.
Property Prices In Edinburgh
Edinburgh has been particularly strong in the property market in the last few years. Price rises have largely outstripped other cities in the UK except for London. February 2020 saw a 3.7% increase on 2019 with the average house costing £287,264. However, guide prices for auction properties in Edinburgh can vary depending on the condition of the building and the location.
You can buy a 2-bedroom flat in a modern development close to the centre for just £40,000. However, the average price of flats is £234,000 and terraced houses go for around £388,000. At the luxury end of the market you can buy a 7-bedroom Edwardian mansion for just over £3,000,000 but most auction properties in Edinburgh cost a lot less.
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Where To Look For Auction Properties In Edinburgh
Situated about 1 mile from the Old Town, Marchmont is an affluent residential area in Edinburgh. The early four-story tenements are made from Victorian pink sandstone and are designed in a baronial style. Later Edwardian blond sandstone was used for building in this desirable part of Edinburgh. Two excellent universities are within walking distance making this a popular choice for investors who often choose auction buy-too-let properties in the area. A 2-bedroom flat in Marchmont will cost upwards of £200,000.
New Town (EH3)
In spite of the name, New Town was built between the 18th and 19th centuries with many buildings retaining beautiful Georgian architecture. Designated a UNESCO World Heritage Site, New Town is the centre of the main shopping area and it is easy to get from there to other parts of the city. Property prices in New Town are high with a 1-bedroom apartment going for around £300,000.
Combining a village atmosphere with good access to the city centre, Corstophine is a very desirable place to buy auction property in Edinburgh. It lies on the A8 main road between Edinburgh and Glasgow and has both traditional and modern buildings. Prices for homes are lower than the city centre with some renovated 3-bedroom social housing flats costing around £145,000.
In the suburbs of Edinburgh is the village of Cramond which is situated at the mouth of the River Almond about 5 miles from the centre. Previously an industrial village, Cramond has now become popular as a desirable place to live. There are stone cottages and large houses built in the traditional Scottish Vernacular architectural style. A 3-bedroom flat in Cramond can cost around £280,000 but there are also cheaper options in purpose built blocks.
South Queensferry (EH30)
Ten miles North West of Edinburgh centre is the seaside town of South Queensferry on the shores of the Forth Estuary. There are good transport links to the city, Edinburgh International Airport and rail services on the Fife Circle Route. South Queensferry has a selection of nice bars and restaurants. A modest price of £155,000 will buy you a 2-bedroom end of terrace house in this lovely location.
Auction Properties in Edinburgh FAQ
How Can I Find Auction Properties In Edinburgh?
There are several auction houses in Edinburgh and you can make an initial viewing of the properties available by going onto the websites. The press is another good source of information with local papers advertising upcoming property auctions.
How Much Are Auction Properties In Edinburgh?
The average cost of a house in Edinburgh is around £287,000 with flats costing less or more depending upon the location and surrounding amenities. Auction properties usually cost less but can also go higher than the guide price. The actual cost will always depend upon the demand from bidders.
Which Areas Are Best To Find Auction Properties In Edinburgh?
The main residential area in Edinburgh is Southside which covers several regions and is a popular place for families to live. Leith was the original port of Edinburgh and has been redeveloped along the waterfront. Portobello is a coastal town with Victorian tenements and Georgian Villas.
Can I Buy Repossessed Properties At Auction In Edinburgh?
Repossessed properties for auction can be found by enquiring at local banks and finance companies. Local councils also have lists of repossessed properties that are due for auction.
You may also like our guide to auction properties in Scotland
What Type Of Auction Property In Edinburgh Should You Look For?
The range of auction property in Edinburgh is wide with different architectural styles of residential flats and houses. There is also a good selection of commercial properties including retail and storage facilities.
Residential Auction Properties In Edinburgh
Demand for housing in the city is high making residential auction properties in Edinburgh an excellent investment opportunity. You will find a good selection of homes available. A studio flat close to the city centre could cost around £160,000. Properties a little further out from the centre are cheaper with a 2-bedroom flat priced around £150,000.
Buy To Let Auction Properties In Edinburgh
The proximity of two prestigious universities creates a demand for buy-to-let auction properties in Edinburgh. Buying a larger property gives you the opportunity of splitting it into several flats or studios. The average rental charge in Edinburgh is £1,350 per calendar month.
Derelict Or Development Auction Properties In Edinburgh
Regeneration in parts of Edinburgh is still underway and there are derelict and development auction properties around the city. Many of the properties are period and require updating with modern bathrooms and kitchens. You can buy a large 3 bedroom detached home in need of updating for a guide price of around £300,000.
Five Reasons To Buy Auction Properties In Edinburgh
1. Wide Variety Of Auction Property Available In Edinburgh
Auction properties in Edinburgh range from small modern studio flats to listed buildings in need of restoration. The city has proved to be very attractive to buyers from all over the world with many investors choosing period tenements. A house built in the 1920’s with spacious accommodation can be bought for upwards of £500,000. You can purchase a 2-bedroom villa for just over £100,000.
2. Good Infrastructure, Education And Shopping
Transport in and around Edinburgh is very good. In the city you can get around by buses which operate 24 hours a day. Edinburgh also has a good railway connection to Glasgow and the rest of the UK as well as its own airport. Scottish schools are known for their excellence and there are two universities in the city. Princes Street is the main shopping area and there are several retail parks outside of the city centre.
3. Edinburgh Has Amazing History And Culture
Edinburgh is full of history and is a cultural centre. The famous Edinburgh Festival takes place over the summer followed by the Edinburgh Military Tattoo. In the winter, the Hogmanay (New Year) celebration now covers over 4 days of concerts, processions and street parties. Scots people welcome modern culture as well as being proud of their history.
4. Edinburgh Is A Progressive City
Although this is the Scottish capital it is more European in outlook and is very charismatic. There are job opportunities in tourism but Edinburgh is also a tech hub and has attracted many new small businesses. This compact city is easy to get around making it an attractive prospect for entrepreneurs.
5. Beautiful Environment In Edinburgh
The castle dominates the landscape of Edinburgh and will impress you every time you see it. The beautiful city with its high quality of life makes Edinburgh consistently in the top ten of places people want to live. Green and environment issues are high on the agenda of the council with sustainable development a priority. Offering excellent amenities and facilities Edinburgh also has a great community spirit making it very attractive for property buyers.
Some Final Thoughts About Buying Auction Properties In Edinburgh
Are you considering buying auction properties in Edinburgh? If so, take some time to research how it is done so that you do not make any costly mistakes. Auction properties can be viewed in advance and you should get a survey before bidding. Think about location and how much you can afford. Sticking to a few essential rules will make your auction property experience a good one.