Searching for Edinburgh's property hotspots

Against a backdrop of uncertainty in equity markets and low interest returns for savers, a combination of attractive mortgage offers and great value new homes is arguably starting to spark activity in the housing market.

According to one selling agent, it's not only the normal prime locations around Edinburgh which have been attracting interest - there are reportedly signs that new hotspots are emerging in response to the economic climate.

The company cites the historic waterfront town of South Queensferry as one example. Said to be within easier reach of Edinburgh city centre compared with some of the capital's own suburbs, South Queensferry offers good commuter links, local amenities and deals from local developers.

Echline Court is one development in the region where potential purchasers can take advantage of a savings scheme which Places for People - the developer behind the project - has introduced.

The scheme enables potential buyers to rent any of the available homes for up to two years without further commitment. The full 100% of the first year's rental then goes towards the deposit for the new home which means new owners have then had a year's worth of rent-free living.

"The financial logic behind 'Try before you Buy' is clear and offers would-be buyers the opportunity to purchase a property at a highly-competitive, locked-in price regardless of how the market behaves in the future," says Matthew Benson, director of new homes at Rettie & Co., selling agent.

"Paying rent and having this same money applied towards the deposit for a mortgage is a huge investment return especially when savings rates are so poor.

"Rather than leaving money in the bank earning interest payments that are hardly worth counting after tax, the money you are paying to 'buy' the use of a house for a year is actually working twice, securing your future home at a locked in price and contributing to the deposit.

"As house prices bottom out this year and then begin to stabilise within the next 12 months, this has every potential to be a good one way bet."

The 'Try before you Buy' offer is also available at the developer's Harvesters Way project in Wester Hailes and the company's St Triduana's Rest development in Restalrig.

For details on all of these developments, visit www.placesforpeople.com/propertyshop

Information courtesy of Maggie Wright Associates Ltd. and Rettie & Co.

© PropertyIndex.com 2009 | Last updated: 12th May 2009

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