A Penicuik landlord of mine phoned me last week to have a chat about the rising property values in Penicuik. He owns a varied portfolio of rental properties, primarily in Penicuik, and is thinking of buying more properties so he was interested in comparing the increase in property values around the area.
Over the last 5 years the average property value in Penicuik has risen by just over £30,932, from £159,577 to £190,509. This is a 19.38% increase or £118.97 per week. When you dig a bit deeper, the values for flats has performed the best in percentage increase terms with the average increase of flats over the last 5 years being £28,911 or 27.56% or £111.20 per week whereas terraced houses have performed the worst in percentage increase terms as they have only seen an increase of value of £18,176 or 13.25% or £69.91 per week over this period. The value of detached and semi-detached houses have increased at levels in between – semi-detached houses have increased by 24% and detached houses by 16%.
When we looked at some of the surrounding towns, what we found was interesting as their property prices have all increased slightly more than Penicuik other than Bilston which has increase less. Musselburgh has had the highest average increase in property value of the surrounding towns at around £132.85 per week, followed by Loanhead at £130.63 per week, Dalkeith at £128.79 per week and Bilston at £113.20 per week.
So overall average property values in the area have risen which suggests that the local property market is remaining strong although, as always, there are pockets that are doing better than others.
When considering this landlord’s buy to let portfolio, the rental values have also been increasing strongly over the last 5 years particularly in Penicuik.
So with rising property prices and rents, it could be a good time to invest in the property market in Penicuik.
We hope you find our posts useful. If you would like some advice with your potential investment, please call us (on 01968 674601), come and see us in our offices (6 Bank Street, Penicuik) or email us (email@example.com).