The EH21 region, where Musselburgh is located, has experienced a strong recovery in the wake of lockdown restrictions being lifted mid-2020, with sales exceeding £24million in March 2021, more than £18m above pre pandemic levels.
Despite increasing popularity, 90% of homes in the area sold for under £400,000, with apartments concentrated at under £160,000, more than £100,000 less than the average flat in the capital.
The new report by property experts Rettie & Co. has revealed that areas previously considered suitable for buyers with lower budgets such as Leith are on the up, with EH postcodes still considered the most expensive in the country.
It comes after the firm’s latest 140 home development in Musselburgh, The Wireworks, in partnership with independent property developer Dundas Estates, has received more than 600 enquiries in just nine months.
Director of New Homes at Rettie & Co., Calum Miller, said: “Musselburgh is becoming increasingly popular as it offers a viable alternative to Edinburgh within a reasonable price range.
“Typical buyers that, two or three years ago, could have afforded a two-bedroom apartment in Leith, would now be struggling to purchase a one bedroom for the same budget. Musselburgh offers a lot more value for money, still within easy reach of the draw of the capital.”
The average house price in Edinburgh in December 2022 was £312,000, up 9.7% on the previous year according to the Office of National Statistics.
In contrast buyers in East Lothian are paying £285,000 for the average home, which has led to an increase in demand within the region.
Calum, said: “We’re currently seeing a spate of enquiries in the EH21 postcode, and for good reason.
“Being a commuter town just outside of Edinburgh, Musselburgh offers the best of both worlds; city convenience with an abundance of green space and amenities such as the River Esk, nearby beaches and the Musselburgh Racecourse, as well as the renowned Luca’s Ice Cream parlour.”
Head of Sales & Marketing at Dundas Estates, Craig Fairfoull, said: “It is important that we meet the demand for housing in what is becoming an ever-popular destination in the east of Scotland.
“We are delighted to be working alongside Rettie & Co. to help deliver reasonably priced, high-quality homes to meet demand in Musselburgh.”
Dundas Estates, through a partnership with Tesco, East Lothian Council and NHS Lothian, acquired The Wireworks site after receiving planning permission to regenerate the former Brunton Wireworks site and neighbouring land in 2008.
The development will have the capacity to store 140 bicycles in internal and external bikes stores. Electric car charging facilities will be available throughout the development. Private gardens and balconies will also be available at various apartments.
The Livingston-based firm is committing, through Section 75 payments, to contribute up to £400,000 along with the other partners which will be invested into local schooling and infrastructure.
To learn more about Dundas Estates’ Wireworks development visit: https://www.dundas.co.uk/developments/the-wireworks, call 0131 243 3858 or email: email@example.com