Property Auctions In Edinburgh, Scotland
Buying Auction Properties In Edinburgh
The Scottish capital is known for culture and history and these are just two reasons why buying property in Edinburgh is so rewarding. The population in the heart of the city is around 650,000 and property auctions in Edinburgh are busy and competitive.
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 at property auctions in Edinburgh you can find residential lots of all shapes and sizes, from small city flats to HMO’s and larger private houses.
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Property Prices In Edinburgh
Edinburgh has been particularly strong in the property market in Scotland 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 property auctions in Edinburgh can vary depending on the condition of the building and the location.
You can buy a 2-bedroom flat in Edinburgh in a modern development close to the centre for around £150,000. The average price of flats is in Edinburgh £234,000 and terraced houses go for around £388,000.
At the luxury end of the Edinburgh property market you can buy a 7-bedroom Edwardian mansion for just over £3,000,000 but most auction properties in Edinburgh cost much less.
Where To Look For Auction Properties In Edinburgh
Property in Marchmont (EH9)
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 residential properties in this desirable part of Edinburgh.
Two excellent universities are within walking distance making this a popular choice for property buyers who often choose buy-to-let properties in the area. A 2-bedroom flat in Marchmont will cost upwards of £200,000.
Property in Edinburgh 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, Edinburgh 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 in Edinburgh are high with a 1-bedroom apartment going for around £300,000. Due to demand for properties for sale in Edinburgh New Town, it is fairly unusual to see these properties sold at Edinburgh property auctions, although not unheard of.
Buying Property in Corstorphine, Edinburgh (EH12)
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. Property prices in Corstophine are lower than Edinburgh city centre with some renovated 3-bedroom social housing flats costing around £145,000.
Property in Cramond, Edinburgh (EH4)
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. Consequently property for sale in Crammond, Edinburgh has increased in price in recent years, even properties sold by auction.
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 properties in Crammond in purpose built blocks.
Properties in South Queensferry, Edinburgh (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 South Queensferry. You are more likely to find flats and 1 or 2 bedroom houses in this area which are sold at Edinburgh property auctions.
Edinburgh Property Auctions FAQ
How can I find property auctions in Edinburgh?
There are several auction houses in Edinburgh and you can make an initial viewing of the properties due to be sold by auction in Edinburgh. The press is another good source of information with local papers advertising upcoming and future property auctions.
How much are properties for sale 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 property 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. It is also a good idea to look for property for sale just outside the city of Edinburgh.
Can I buy repossessed property in Edinburgh?
Repossessed property in Edinburgh for auction can be found by enquiring at local banks and finance companies and the catalogue provided by the Edinburgh property auctions you plan to attend. Local councils also have lists of repossessed property in Edinburgh that are due for sale by auction.
How much is property in Edinburgh?
Property prices in Edinburgh can vary greatly depending on which part of the city you are buying in. A single room studio in Edinburgh city centre can sell for upwards of £130,000 while it is also possible to buy a two bedroom house in the outskirts of Edinburgh for the same money. Try to attend a few Edinburgh property auctions as an observer before you commit to buying a property.
How do I find future property auctions in Edinburgh?
If you want to find out about future property auctions in Edinburgh, one of the best things to do is register yourself as an interested party with property auction houses in Edinburgh. Join their newsletters and keep an eye open for the future property auctions in Edinburgh which interest you. Most Edinburgh auction houses will gladly inform you of their next property auction.
You may also like our guide to auction properties in Scotland or our guide to buying rural property in Scotland.
What Type Of Auction Property In Edinburgh Should You Look For?
The range of properties sold by auction in Edinburgh is wide with different architectural styles of residential flats and houses. There is also a good selection of Edinburgh commercial properties including retail and storage facilities.
Residential Property Auctions In Edinburgh
Demand for housing in Edinburgh is high making residential property auctions in Edinburgh an excellent investment opportunity. You will find a good selection of homes available. A studio flat in Edinburgh city centre could cost upwards of £180,000. Properties a little further out from the centre are cheaper with a typical 2-bedroom flat in Edinburgh suburbs priced around £170,000.
Buy To Let Property 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 Properties In Edinburgh
Regeneration in parts of Edinburgh is still underway and there are derelict and development 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 renovation at auction for a guide price of around £300,000.
Also see: Buying a property to renovate
Repossessed Property In Edinburgh
Another good reason to attend a property auction in Edinburgh is the possibility of buying a house or flat which has been repossessed. Over the last few years there has been a marked increase in the number of repossessed properties in Edinburgh which are sold by auction.
If you have a property renovation budget or are flexible with your finances, buying a repossessed property in Edinburgh can prove to be a wise investment for the long term.
If you are specifically interested in repossessed houses in Edinburgh it may be worth contacting a local bank or specialist estate agent, as opposed to looking in local Edinburgh auction houses. Sometimes property which has been repossessed is listed by the bank but not always advertised publicly.
Talk to your local institutions and ask them if they have a list of repossessed property for sale in Edinburgh. They may inform you of property auctions in Edinburgh which they use to sell repossessed houses.
Contacting An Edinburgh Auctions House
Before plunging in at the deep end, the first thing you should do is make a list of Edinburgh auction houses that deal specifically in property for sale. Once you have narrowed down your list, register with the Edinburgh auction houses which are in the areas you are most interested in buying property.
Once you have registered you will receive a catalogue detailing all of the future property auctions in Edinburgh which are upcoming. Take a careful look at these catalogues, as they will not only give you a good idea of the kind of property for auction in Edinburgh, but also a scope of the local guide prices on property.
You can also tell the Edinburgh auction house the specific type of property you are looking for. For example, if you are looking for a coastal property for sale, small woodland for sale or even a more rural property elsewhere in Scotland, they will notify you if such a property appears at future property auctions in Edinburgh.
Resources for property buyers in Edinburgh:
Council tax rates in the city of Edinburgh
General information about Edinburgh, Scotland
Conclusion About Edinburgh Property Auctions
Are you considering buying at property auctions in Edinburgh? If so, take some time to research how it is done so that you do not make any costly mistakes. Edinburgh properties sold at auction can be viewed in advance and you should get a property survey before bidding.
Think about location and how much you can afford. Sticking to a few essential rules will make your Edinburgh property auction experience a good one.
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