Are you dreaming of owning a detached house in Edinburgh? You might need to win the lottery.

The price of detached homes in Edinburgh has gone absolutely bonkers, shooting up by nearly £1,500 every single week over the past year.

Detached Homes – A Big Jump

According to DJ Alexander, Scotland’s biggest estate agency, the average price of a detached house in Edinburgh has rocketed from £666,814 to a whopping £742,304 between April 2023 and March. That’s a massive increase of £75,490 in just 12 months, or an eye-watering £1,451.73 every single week.

City Life is Back!

But why the sudden surge? David Alexander, the boss at DJ Alexander, says it’s all about people wanting to live in the city again. He says: “The trend of everyone moving out of the city seems to be over. Now, buyers are back, and they are willing to pay a fortune for a slice of city life.”

Outpacing the Nation

Edinburgh’s detached house price growth is way ahead of the national average. Across Scotland, detached house prices only increased by just over £500 per week, while in England and Wales, the rise was much smaller, at around £2,959 over the same period.

Good News… But With a Warning

While the news is good for the Scottish housing market, Mr Alexander warns that things might not stay this way forever. He said: “Markets can get crazy if prices rise too fast, and it’s not clear if this growth can keep going.”

Will the Boom Last?

Even though Edinburgh and Glasgow remain popular with homebuyers, Mr Alexander wonders if this trend will continue. “It’s a big question whether people will be able to, or even want to, pay these kinds of prices in the long run,” he said.

So, what does it all mean?

The price of detached homes in Edinburgh is rising, but it’s not clear if this trend will last. It seems like everyone wants to live in the city, and they’re willing to pay a lot for it. But with rising mortgage rates, only time will tell if the price boom will continue.