Page 24 - ESPC_Aug24

PROPERTY ADVICE

Many second-steppers are often in search of school catchment areas,
transport links and good local amenities, so areas like Morningside,
Taking the Corstorphine, Silverknowes and North Berwick are often some of the
most popular areas.

next step

What’s happening to buyers struggling to take their
second step on the property ladder?

hen discussing the property one-bedroom flat. For example, ESPC’s most
market, you’re likely to hear a recent data shows that the latter costs, on
W lot about first-time buyers. But average, £199,337 – but the average cost for
what happens when those in their first home a three-bed house leaps to £372,584. That
decide to sell up, and move onto a bigger, could leave many homeowners in a difficult
longer-term home? situation, trying to bridge the gap between Lothian, traditionally lower-priced areas like Jenny Carswell, regional sales manager at
the cost of their first home, and their second. Tranent, Musselburgh, Wallyford and Port Gilson Gray, concurs: “Edinburgh is a desirable
‘Second steppers’, as they’re referred to, That begs the question: does this mean a mass Seton have also experienced a leap in demand place to live, and it’s no surprise that many first-
could find themselves in a tricky spot in the exit of young homeowners, leaving the city in for family homes. time buyers will purchase in the city, eager to
property market up and down the country, order to be able to afford that next step up the stay within easy reach of excellent amenities,
but especially in more expensive cities like ladder? Anecdotally, you may know of several Robbie Horn, property manager at Gillespie transport links and entertainment facilities.
Edinburgh, where the cost of a three-bedroom homeowners who bought their first flat in Macandrew, says: “It’s become increasingly What we are seeing is that an increasing
house is significantly higher than that of a a trendy part of town – Leith, Stockbridge, difficult for clients selling flats to make their volume of properties coming onto the market
Abbeyhill or even the New Town perhaps next step up the property ladder, as flats in the city centre is from young couples seeking
– who’ve since moved to a more suburban do not always achieve above Home Report an upgrade to a larger space. Typically, many
neighbourhood, or perhaps a different region valuation. The reason for this is that the will move outside of the city, where value for
altogether, rather than buy a bigger property market has become saturated with flats, money is greater than the rising average price
in their original location. likely caused by landlords looking to offload tag of an Edinburgh family home.”
properties due to high interest rates. Sellers
Areas of Midlothian, including Bonnyrigg, of flats may have ended up having to accept Jenny continues, “Edinburgh and the Lothians
Dalkeith, Mayfield and Lasswade have all Home Report valuation or even less for their are made up of so many sought-after
seen significant jumps in the sales volumes property, but then had to pay a premium for neighbourhoods, and we find that many
of three-bedroom houses, alongside areas a family home, especially in the city. This has second-steppers are often in search of school
of the typically much more affordable West led to a lot of people looking to move out catchment areas, transport links and good
Fife & Kinross, with substantial increases in of town to buy a family home that’s more local amenities, so areas like Morningside,
sales volumes in areas such as Crossgates, affordable to them – where you can get more Corstorphine, Silverknowes and North Berwick
Crossford, Rosyth and Inverkeithing. In East bang for your buck, so to speak.” are often some of the most popular areas.”

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