New analysis from property website Rightmove has revealed that first-time buyer asking prices and equivalent asking rents have risen three times faster compared with pre-pandemic years.
Average asking prices for first-time buyer type properties (two bedrooms and fewer) are up 13 per cent (+£17,557) since July 2020, compared with the 4 per cent (£8,069) rise between July 2018 and July 2020. For prospective first-time buyers looking to save while renting, they face the challenge of record rents that are rising at the fastest rate ever recorded.
Average monthly rental payments are 17 per cent higher (+£128) nationally than they were two years ago. National average earnings are up by 14 per cent over the same period.
READ MORE - Edinburgh mum gives up her job to transform derelict farm into adventure playground
Edinburgh has seen its fair share of price rises over the pandemic, from housing to the cost of living - but how expensive is it to live in the capital?
Edinburgh Live has sourced the most and least expensive property in the capital on the market right now, with extremely stark differences between the two. Check out the two of them below.
Low priced property - A one-bed flat in Chesser, Edinburgh
The cheapest property on Rightmove in Edinburgh is this one-bedroom flat in the Chesser neighbourhood of the capital. It is a ground-floor flat with a parking space, plenty of storage and an open plan kitchen and lounge area.
An ideal property for first time buyers, this Laichpark Place address is surrounded by shared grounds and comes with an exclusive parking space.
The accommodation includes an entrance hallway and a good sized lounge and kitchen which is on open plan with three windows. There is a double wardrobe and a door leads to the bedroom.
The kitchen is fitted with modern base and wall units with oven, hob, hood and washing machine to remain and space for fridge. The bedroom has a window to the side and a shelved alcove with overhead cupboard.
The bathroom is fitted with a three piece coloured suite with shower over the bath. There is good access to amenities nearby, like a 24-hour Asda supermarket, Green's Fitness Centre and a Costa Coffee.
This property is on the market for offers over £99,250, and the closing date for offers is tomorrow at noon (August 10). Just under £100,000 for a one bedroom flat is quite the stone's throw from prices pre-pandemic, and these will only continue to rise.
Now for the most expensive property - brace yourselves, folks.
High-priced property - An eight-bedroom mansion in Murrayfield, Edinburgh
The most expensive property that doesn't include land alongside the home itself is this eight-bedroom mansion in the Murrayfield neighbourhood of Edinburgh. The home is described as a fine Georgian house nestled in particularly private grounds, and also includes the delightful Old Coach House.
Named Innerwick, this property is thought to be one of Edinburgh's finest houses, nestled in private, beautifully screened and walled grounds in the much sought after Murrayfield district of Edinburgh. A high amenity area, the property is well located for access to a wide range of excellent private schools, the Financial district and all cultural and sporting amenities around the city.
Innerwick House is a beautifully presented and well appointed stone built Georgian house, sympathetically extended in Edwardian times to provide superb family accommodation set over two principal floors. The property was comprehensively refurbished and reconfigured in the late 1990s by the acclaimed Lorn Macneal Architects to create free-flowing family living and reception space on the ground floor, complemented by 5 generous double bedrooms and 5 bathrooms making this an exceptional family home.
Of particular note are the original period features, the elegant drawing and dining rooms and the wonderful open plan dining kitchen and family living room. There is an extensive cellar below providing useful storage space. The house is approached by a drive-in, drive-out gravelled drive providing ample parking as well as access to a car port.
A colourful front garden is well screened by a number of mature trees, while to the rear of the house there is a paved stone terrace and a sizeable lawn with beautifully landscaped borders surrounding. To the west side of the garden there is a delightful water feature with a summer house, and to the rear of the garden there is a gardener’s pavilion with wood panelled Den above.
The Old Coach House is set to the northern boundary and has courtyard parking in front. The property has been successfully let on short-term holiday lets providing a substantial income, with the accommodation including hall, breakfasting kitchen with utility room off, office/bedroom , shower room and open plan dining room and drawing room with Minstrel’s gallery above.
Upstairs, there are 2 bedrooms and an en suite bathroom. To the rear of The Coach House there is a paved garden.
This astonishing property is on the market for offers over £5,000,000, on a freehold tenure. With a difference of more or less £4.9 million between these two homes, it is safe to say there is a wide variety of homes available in the capital.
For more information on these properties, and many more, visit the Rightmove website here.
READ NEXT
- The best of Edinburgh Festival Fringe unlocked in new BBC Scotland series
- New Scottish Harry Potter road trip takes Potterheads on journey across the country
- Coleen Rooney to 'make' Rebekah Vardy pay full amount of Wagatha Christie bill
- The 'likely' epicentre of Covid pandemic finally pinpointed by new studies
- Neighbours boss confirms reason Kylie barely spoke during finale special
