Values of Penicuik Terraced Houses smash through the £155/sq ft barrier

A landlord popped into my office in Bank Street the other day to have a chat about buying a property in Peniciuik.  He already has a couple of residential properties as well as a commercial unit that are doing very well for him and is on the look out for a third residential property.  When we were talking, he asked me a question that made complete sense in terms of commercial property but was as bit ‘left field’ from a residential property point of view – how much he should be paying per square foot?

Well, that was a challenge and you know how I like a challenge!

So I did my research and found out that:

• The average flats in Penicuik are currently selling for approximately £168 per square foot costing, on average, £100,000.

• Terraced houses in the town are currently selling for, on average, £120,000 or £155 per square foot.

• An average semi in Penicuik is obtaining for £162,000 and achieving £196 per square foot. 

• Finally, the average detached house in Penicuik is achieving £191 per square foot and is selling for £300,000 although this selling price is skewed by a small number of high value properties that do not make viable buy to let properties.

Now these are of course averages, but it gives you a good place to start from.

If you recall in an earlier article, my research reveals that Penicuik terraced houses tend to generate a better yield than detached and semi-detached houses (probably because they are cheaper to buy than semi-detached houses but rents as fairly similar) and flats (probably because there are not that many flats for rent in Penicuik). However, detached houses, semi-detached houses and flats tend to appreciate in value more rapidly and may well be easier to sell, simply because there are fewer being built – remember, 29.8% of properties in Penicuik are terraced houses compared to a national average of 18.6%.

So, terraced houses are the cheapest to buy per sq ft and give the highest rental yield but give the lowest capital growth.  That’s interesting.

If you would like to explore how we can help you with your property investments, or should you require any advice about investing in the Penicuik property market, wish to enquire about our Investment Analysis Reports, Property Sourcing, Residential Lettings or Property Management services, please do not hesitate to visit the Penicuik property Blog (www.penicuikpropertyblog.co.uk), contact us for a chat (phone us on 01968 674601), come and see us in our offices (6 Bank Street, Penicuik) or email us (robert@thekeyplace.co.uk; linda@thekeyplace.co.uk).