A PROPERTY developer has urged potential buyers to act now to secure its last remaining one-bedroom flat following an increase in enquiries and demand.
The Wireworks development on the banks of the River Esk is now down to its final single bed property within block two of the complex – and is the last remaining unit of its type to come with an allocated parking space.
At £184,995, The Wireworks apartment has been compared to an Edinburgh equivalent property at Temple Park Crescent, Merchiston on sale for £285,000.
Sales and Marketing Director of Dundas, Craig Fairfoull, believes the increase in demand has come off the back of mortgage rates beginning to stabilise.
He said: “We have started to see an increase in enquiries across our developments, and in particular, The Wireworks, since the turn of the year. We feel this is due to the softening of mortgage interest rates.
“Mortgage products are now readily available at 4-4.5%, down from more than 6% before Christmas. That equates to a reduction of at least £200 a month in interest alone.
“We expect this trend to continue softening ever so slightly, yet we anticipate mortgage interest rates will not revert back to the 1 or 2% mark prior to the cost-of-living hike.”
The average house price in Edinburgh in December 2021 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.
A recent survey found Musselburgh had experienced a housing recovery post-pandemic, with sales exceeding £24 million in March 2021.
Craig said: “With an increase in enquiries, comes an increase in demand for The Wireworks development and its enviable location. Therefore, we are urging any potential buyer interested in purchasing the last remaining one-bed flat to contact our sales team immediately.”
The Wireworks is a £35 million redevelopment of the former Brunton Wireworks site in Musselburgh and will bring to market a range of high-spec one to three-bedroom apartments.
The available plot offers a spacious open-plan kitchen, dining, living room, as well as a luxury bathroom and a Juliette balcony.
The 140-home 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.
Dundas Estates has a mission to create homes that make people feel great. Headquartered in Livingston and proudly Scottish, it has a track record of building well-designed homes that are higher spec than a vast majority of competitor properties.
The Livingston-based developer is focused on building welcoming, integrated communities, and making the journey of buying a home more straightforward, inspiring and fun.
It is also 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.