Our home deposits cost just £5 – now they’re selling for 59,000 times more

PEOPLE living in an iconic housing estate have revealed their home deposits that once cost £5 are now selling for 59,000 times more.

The Stockbridge Colonies in Scotland were built for poor families, but are now considered the most desirable neighborhoods.

6

6

6

The estate was built in the 1860s in an attempt to house Scotts during Edinburgh’s population growth during the Industrial Revolution.

The buildings, built by the Edinburgh Co-operative Building Company, could accommodate up to 7,000 people.

At the time, neighbors would secure a top or bottom floor apartment for which they only had to pay a £5 deposit – which could be paid within 20 years.

But what was once home to struggling workers is now worth a whopping £295,000 for a one-bedroom apartment.

Despite the increase in value, residents claimed the area is still community-driven.

HISTORICAL GEM

Jessie Deopp, who moved from the US, praised the estate for its historic charm and for being family-oriented.

The virtual assistant said: “It was the community in the town that attracted us – we were really looking for a place to raise our small family.

“We had heard such wonderful things about the colonies and how they are filled with little children and young families. It feels like a small community in a big city.

“We got a glimpse of it springand everyone was outside doing laundry, gardening, or just walking and getting outside – it’s very social.”

She also revealed how she chose Stockbridge for its iconic history.

The mother-of-two added: “We are really attracted to the historical element. That’s another reason we chose the Stockbridge Colonies: it’s nice to live in a place with so much history.

“It makes you think about who lived here and what experiences they had. It’s really cool to have the original fireplaces and exposed brick, and the tall windows.

“We really have a thing for historic charm!”

RISING PRICES

Fellow resident Bill Brownlee, who lived on the estate for almost three decades, bought his lower floor flat for just £55,000.

While he admits the area has changed in recent years, he claims the community still clings to age-old traditions.

He said: ”There are many events taking place throughout the year which increase community spirit.

‘At Christmas we have a ceilidh where the tickets initially go to the residents of the colonies, and then if there are any tickets left, other people can come to the ceilidh.

“There will also be an annual yard sale coming up in May, with about 30 homes able to participate.”

However, Bill admitted that skyrocketing prices and rents have made it more difficult for young people to buy a home on the estate.

The 72-year-old added: “I bought my apartment almost 30 years ago, and I couldn’t afford to buy it now – I think that’s unfair to people coming in,” he said.

“Mine was advertised for £58,000 and needed some repair work. I think I got it for around £55,000. That seems like nothing now, but almost 30 years ago that was still a fair amount to pay.

The historic buildings are currently Grade II listed and protected by Edinburgh Council.

Real estate experts explained that the area has gained popularity in recent years due to its ideal location.

Francesca Hill of estate agent Coulters said: “The charm of the Stockbridge Colonies continues to attract buyers, both locally and from further afield.

”These characterful properties have a unique appeal, being both peacefully situated on the Water of Leith and within walking distance of Edinburgh city center and its main attractions.

“The Colonies attract a variety of buyers, from first-time buyers and investors who mainly purchase the lower 1 and 2 bedroom Colonies, to couples and families attracted to the larger double upper flats.”

It comes as Scotland’s cheapest apartment hit the market for just £1,000, but there’s a big catch.

The path on an estate 72 kilometers south of Glasgow is one of the cheapest on sale in Britain.

6

6

6