The Sky’s the Limit – the theme for this year’s Royal Edinburgh Military Tattoo, which marked the 100th year anniversary for the Royal Airforce, recently finished. The Tattoo continues to be the most popular show at the Edinburgh Festival, with around 8,800 people watching it per night the economic benefit to the city is huge. But what effect do large-scale events such as the Edinburgh Festival really have on the Edinburgh property market? Is the “Sky the limit”?
For me at the moment it is and here is why. Annual events such as the festival make the idea of living in Edinburgh more appealing. Obviously, aside from the apparent beauty and history that covers the city. Large events help boost other activities for locals to do such as the shopping, nightlife, restaurants etc. – making it an exciting place to live for all ages. So with all the buzz around Edinburgh, it is no wonder that the demand to live in the city is high.
The Edinburgh market has seen fewer houses coming on than in previous years. I touched on this in my last blog with the supply and demand issue. That statement is still the same, there is simply not enough houses on the market to meet the demand that is out there just now and this is what is driving prices for properties on the second-hand market upwards.
To be competitive when trying to buy (unless you’re a first-time buyer) I honestly think you have to be started on the road to selling. Give yourself the best opportunity if your dream home pops up. Contact the Blackadders Property Team for a free valuation and home assessment to get yourself in the best position to buy in this very competitive market.
Scott Whigham, Property Manager
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