What Rising Mortgage Advances Mean for Edinburgh and East Lothian Housing Market
During the second quarter of the year, The Bank of England reported a nearly 17% rise in home loan advances, which is the largest quarterly increase in over a decade.
We see this as another positive signal of a renewed confidence in the UK housing market, and its effects are beginning to be felt across Edinburgh and East Lothian.
What the Mortgage Surge Means for Edinburgh
Edinburgh's housing market is already experiencing increased activity in ever-popular areas like the New Town, Stockbridge, Grange and Morningside, with significantly heightened interest in areas like Leith, Newington and Portobello.
More buyers are entering the property market thanks to more accessible lending conditions and enhanced positive sentiment.
As mortgage availability improves, properties in these sought-after neighbourhoods are moving faster, with many achieving competitive prices.
The Impact on East Lothian
East Lothian, which is known for its scenic coastline, charming villages, and family-friendly appeal, is also benefitting from the rise in mortgage advances.
More accessible financing options are drawing a wider range of buyers, from families to remote workers looking for more space and a relaxed lifestyle.
The trend indicates sustained interest in East Lothian's mix of rural and suburban settings.
What’s Next for Buyers and Sellers?
For buyers, this surge in mortgage lending opens up more opportunities to find the right property, whether in Edinburgh’s vibrant city neighbourhoods or the peaceful surroundings of East Lothian.
In turn sellers can take advantage of strong demand, with many motivated buyers actively seeking these properties, ultimately driving up competition and subsequently sale prices.
A Positive Outlook for the Local Market
At Simpson & Marwick we are extremely positive about the property market, as we head into final third of the year.
As confidence grows and lending conditions improve, we believe that we will see sustained interest and increased activity and believe that momentum will only increase into 2025.
This is a dynamic time for the local property markets, presenting opportunities for both buyers and sellers to sell or secure their next property.
Don't hesitate to get in contact for a no obligation valuation or an informal chat with our buying team.
