The housing market in Edinburgh is hot right now with brutal competition and property getting snapped up within a matter of weeks.
New figures show that Edinburgh's annual house price growth has risen with the average house price hitting £255,800.
This comes as the UK is experiencing the lowest rate of monthly price growth since December 2019. According to research from property experts Zoopla, property prices are up 8.4 per cent, compared to 9.2 per cent growth in April, with quarterly growth at 1.4 per cent - the slowest since March 2021.
READ MORE- UK Government issues travel checklist to help people avoid airport chaos this summer
In Edinburgh, annual house price growth is at +4.3 per cent where the average house price is currently £255,800, while in Glasgow house price growth is 5.4 per cent, with the average house price currently £138,600.
Meanwhile in Scotland, annual house price growth is at 6.1 per cent making it the lowest of the four nations. For comparison it is 7.9 per cent in Northern Ireland and 11.4 per cent in Wales, where house prices have been extremely strong for the last year.
Zoopla also predict that new mortgages are expected to cost an additional £2,500 by the end of the year compared to December 2021 with buyer demand higher than a five-year average.
However, for those feeling overwhelmed with the buyer's market, there is some good news if you're looking to buy. The demand seems to be declining week on week on a return to ‘more normal’ levels, according to the research. And sellers who are thinking of making a move should therefore act now.
Gráinne Gilmore, Head of Research at Zoopla below: "House price growth in Edinburgh is currently sitting at 4.3 per cent, some way behind the UK average of 8.4 per cent. Despite this, properties in the city are being snapped up quickly with the time between listing and sale agreed currently at 14 days highlighting that demand is still returning to city centres after the pandemic."
READ NEXT-- Edinburgh Airport issues 'key' summer guidance to avoid queues and delays
- Cheapest Edinburgh Airport July flights for under £40 including France and Spain
-Aldi beans 'much better than Heinz' say shoppers after it's pulled from Tesco
- Spain travel warning as tourists told they face fines for being rescued from sea
- Urgent BP fuel card scam warning issued as drivers targeted on Facebook
