A REGENERATION project in the Scots capital that plans to deliver more than 700 new homes has left residents concerned for house prices in the area.
The Meadowbank regeneration project, in the works since 2018, has caused some concern among locals who have expressed worry about their house prices.
The regeneration project promises to deliver more than 700 new homes in the Meadowbank area of Edinburgh, directly across the street from old tenement blocks.
The City of Edinburgh Council’s plans for the regeneration were given the green light in June last year with a mix of commercial, residential, roads and landscaping works set to be carried out.
The plans are being undertaken by the council in collaboration with the Edinburgh Meadowbank Consortium.
The original proposals for the multi-million-pound development featured plans for 660 homes but it’s now suggested as many as 704 will be built, with up to 35% of these being affordable housing.
With the new homes being built in the area, some locals have expressed concern that their current housing would lose value.
There were a huge number of objection comments on the plan from locals to the area submitted online to the city’s council.
The objections ranged in nature from a loss of sunlight/privacy caused by the new buildings to a loss of available parking for residents.
Some mentioned the devaluing of existing properties despite seemingly being instructed not to when undertaking the consultation.
One neighbour’s comment reads: “While the guidance for these comments states we cannot make comment on this issue, I feel it unfair in this environment that it is not a consideration by the council.
“Times are difficult for many people, with their property value being of critical importance in some cases.
“This development should only be approved when it is understood that the design and projected profit margin does not trigger the neighbouring properties devaluation as a result.
“I (along with my entire block) was not informed about the consultation evenings in February 23 and therefore have not had an opportunity to discuss any of these worrying issues with the designers/developers.”
More recently locals have been taking to social media to ask how their house prices will be affected by the new development.
A post yesterday from a local expressed concern as they looked for advice online: “Will the new development in Meadowbank increase or decrease the value of surrounding property?”
