Leith’s landscape is incredibly diverse, offering everything from character-rich tenements and expansive townhouses to cutting-edge new builds along the scenic waterfront. This variety not only showcases Leith’s rich architectural heritage and history but also caters to a wide spectrum of preferences and budgets, drawing a steady stream of prospective buyers.
Thanks to the recent completion of tram works extending from Picardy Place to Ocean Terminal, Leith has never been more accessible. This development enhances the area’s appeal, seamlessly connecting residents to the heart of Edinburgh while maintaining Leith’s unique local charm.
Current market dynamics and trends in Leith
ESPC reported in their January 2024 house price report that Leith was the top selling area in the City of Edinburgh and whilst the average selling time in the city was 24 days on average, Leith properties were selling a lot quicker than this – just 9 days on average in some areas such as Easter Road!
Kara Marriott, Partner in our Picardy Place branch, has been at the forefront of property negotiations in the flourishing property scene in Leith, witnessing firsthand its thriving market dynamics. She advises:
“The start of the year has seen a notable uptick in closing dates, reflecting a robust demand. Each day, I am negotiating on properties for purchase clients and there are often numerous closing dates daily with high levels of interest.
It is crucial in this market that you choose an experienced local Solicitor who will provide you with the most up-to-date market trends and guide you on what to offer at closing dates.
At Neilsons, we have a unique portal that provides clients with specialist market data combined with expert legal advice, to come up with the figure that will give you the best chance of a securing a property.”
On the sales side in Leith, Solicitor Estate Agents like Neilsons have also sold properties at recent competitive closing dates in the Leith area in 2024 well above Home Report valuation. This highlights the desirability and competitiveness of the market in Leith.
While this could suggest challenges for budget-conscious buyers, there is also an array of affordable purchases in Leith, with some being set at a fixed price.
Leith’s Regeneration and Future Prospects
Leith is on the cusp of an exciting transformation, with significant investments from Edinburgh Council and private developers pouring into the area. Notably, the £250 million redevelopment of the Ocean Terminal shopping centre aims to enhance the waterfront with new homes, amenities, and public spaces. Additionally, the green light for a £100 million residential project at Ocean Point 2 underscores the waterfront’s allure, promising to invigorate Leith’s property sector further.
Conclusion: A Vibrant Property Market in Leith
Reflecting on the local property market, the vitality of Leith’s property market is undeniable. From the swift sales of new builds and tenements to the anticipation surrounding upcoming commercial and residential developments, Leith is a vibrant community brimming with opportunities.
Leith is a hub of activity, ripe with potential for buyers and investors alike.
Ready to discover the thriving property market in Leith for yourself? Reach out to our expert team at the Picardy Place office today for personalised advice on 0131 556 5522 or book a free no obligation consultation below.
Book a free consultation with Neilsons here!
Blog written by Robert Andrews, Trainee Solicitor at 2a Picardy Place.