Our estate has some of UK’s most sought-after homes where deposits cost just £5 – now they sell for 59,000 times more

RESIDENTS on one of Britain’s most sought-after estates where home deposits were once just £5 say houses now sell for nearly £300,000.

The Stockbridge Colonies in Scotland were built for hard-up families but they are now considered the most sought-after neighbourhoods.

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The estate was built in the 1860s in a bid to house Scotts during Edinburgh’s population boom during the Industrial Revolution.

The properties, constructed by the Edinburgh Co-operative Building Company, accommodated up to 7,000 people.

At the time, neighbours secured an upper or lower level flat for splashing just £5 as deposit – and it 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 flat.

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

HISTORICAL GEM

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

The virtual assistant said: “The community within the city was what attracted us – we were really looking for a place to raise our little family.

“We’d heard such wonderful things about the colonies and how they’re filled with small children and young families. It feels like a little community within a big city.

“We’ve had a glimpse of spring, and everyone was outside doing their laundry, their gardening, or just going for walks and getting outside – it’s very social.”

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

The mum-of-two added: “We’re very drawn to the historical element. That’s another reason why we chose the Stockbridge colonies – it’s fun to live in a place with so much history.

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

“We really have a thing for historical charm!”

SOARING PRICES

Fellow resident Bill Brownlee, who lived in the estate for nearly three decades, bought his lower-level flat for just £55,000.

Although he admits the area has changed in recent years, he claimed the community still holds onto longstanding traditions.

He said: ”There’s lots of events that take place over the year that raise that community spirit.

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

“There’s also a yearly yard sale coming up in May, and there can be 30 odd houses participating.”

However, Bill admitted the skyrocketing prices and rents have made it more difficult for young people to buy live in the estate.

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

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

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

Property experts explained the area has gained popularity in recent years for its ideal location.

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

”These characterful properties have a unique draw, being both peacefully situated beside the Water of Leith yet walking distance of Edinburgh’s city centre and major attractions.

“The colonies attract a variety of buyers, from first time buyers and investors predominantly buying the 1 and 2 bedroom lower colonies, to couples and families drawn to the larger double upper flats.”

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

The pad on an estate 45 miles south of Glasgow is one of the cheapest for sale in Britain.

UK’s cheapest estates

RESIDENTS who bought their homes for £1 on Britain’s cheapest housing estate have revealed how they are saving hundreds.

Lucky locals took advantage of the scheme where they can snap up a property for just a pound on the £34million Marches estate in Wolverhampton.

The development is selling two, three and four bedroom homes under a help-to-buy scheme, which then allows residents to purchase them after renting for 25 years.

As part of their plans they can build up a loyalty premium, and then buy their home for £1.

And although the scheme sounded “too good to be true”, residents say the reality is even better than they’d hoped for.

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This post first appeared on thesun.co.uk