Buyers looking for a property in Edinburgh, Scotland’s famous capital city, are likely thinking of a flat or maybe two or three-bed home in which to raise a family. Most are certainly not looking to spend to buy a £50,000 lock-up garage.
Incredibly, that seems to be the going price for a mere lock-up these days, at least according to an article in the Edinburgh Evening News. The paper, first published in 1873 and should therefore know a thing or two about Edinburgh, reports no less than three garages with mind-boggling price tags have recently gone on sale.
The garages include a double-garage with an electric door in Inverleith Terrace Lane and another with electricity and running water in Portland Row, Leith, both priced at £50,000. The good news, however, is the third garage, a West End lock-up, is being offered at a much more reasonable and affordable price, a mere £40,000 – the same price as a two-bed house in Muirhouse, according to the Evening News article.
Current strength
But readers will no doubt have been gladdened when the paper explained the rash of interest in the single garage on Palmerston Place is nothing more than a reflection of the current strength of the city’s property market. At least that’s the view of city property experts.
Meanwhile, back on earth, a record number of affordable homes are being built in Edinburgh with more quality housing than ever before available to rent or buy.
Supporting jobs
With house prices in the capital higher than in any other Scottish city, pricing many potential buyers out of the market, the City of Edinburgh Council reported it had almost tripled its delivery of quality, low-cost homes, from 411 in 2008/09 to more than 1,200 in 2013/14. The council, working with housing associations and house builders, invested £142m of public and private funding in house building over the past year generating £107m for the local economy, and support for more than 1,900 jobs.
As of March 2014, 1,000 homes are under construction on 25 sites in the city, 23 of which are brownfield sites, says the council. Recent developments include new homes in Greendykes and West Pilton Crescent, while work is set to start on a major regeneration development in Pennywell this year, which will deliver more than 700 new homes for rent and sale.
Record year
Housing Leader Councillor Cammy Day said, “The fact that this has been another record year for the provision of affordable homes in Edinburgh despite the economic climate is excellent news. Residents have the right to access quality, sustainable housing in their local communities and we are working hard to make this happen. However, it’s important that we keep up the momentum and continue to work with partner agencies to provide new housing each year. Demand for housing that people can afford to rent or buy will continue and we are committed to meeting this need, as well as supporting the local economy.”
Five-year plan
The City of Edinburgh Council is mid-way through a five-year housing strategy plan, which covers all types of housing and identifies key priorities and challenges. The key priorities for 2014/15 are:
- Increase the number of affordable homes.
- Improve the energy efficiency of homes and aim to meet the Scottish Housing Quality Standard.
- Work with partners to support housing for veterans.
- Ensuring that tenants are better connected digitally.
