London Property Investors Head for Edinburgh
Edinburgh estate agents have recently reported a surge in London property investors flocking to Edinburgh to snap up city homes.
Letting Agent, Cullen Property, have witnessed a rise of 30% in investors interested in buying property in the Edinburgh area. They said that London investors are turning to Edinburgh because of the recent talk around the possibility that the London property market has peaked.
However, it has been reported that campaigners are not happy as this extra interest in the Edinburgh property market will drive up prices even further, making it more difficult for working locals to buy property.
Cullen Property also believe they are particularly interested in Edinburgh because it is unique in that it is not only the 2nd largest tourist destination in the UK, it is also a major student centre. Combined with a wealth of quality property available in a city rich in history. This means Edinburgh rental demand is very strong, which of course keeps prices very competitive. In fact, the average rental price in Edinburgh is on target to hit £1000 per month for the first time very soon. City Lets have stated Edinburgh rent is up 6% year on year.