Scotland has been experiencing a surge in demand for housing in recent years, and the effect is best seen in Edinburgh. Thanks to its vibrant city life, culture and rich history, Edinburgh has become the place to be for people of all walks of life.
Competition is fierce for the most coveted areas and properties in the city. Driven in part by the pandemic, the demand for spacious family homes to allow for home working has been one of the most notable shifts.
One Of The Most Desirable Locations In The UK
Edinburgh has all a major city has to offer. With most key areas of Edinburgh within walking distance, the city has a small-town feel with all the amenities that you could wish for in a city. It has a thriving and vibrant arts culture, an unending supply of independent businesses and restaurants, and a friendly atmosphere. It’s no wonder that people are moving there at a rate that the housing supply is struggling to keep up with.
Demand Outstripping Supply
While Edinburgh is a major city, it is still a relatively small one. Given that the demand is so great for quality housing in Edinburgh, this has created an issue of demand outstripping supply and, therefore, a rise in rental and property prices.
Low Cost Of Living
While it is one of the most expensive places to live in Scotland, the cost of housing is significantly lower than in other areas of the UK, notably the South East of England. This has led to a significant shift in people living and working in Edinburgh, where city life can be enjoyed more affordably.
The Rise Of Short Term Lets
Short term lets for holidaymakers have had an undeniable impact on the housing market. While the influx of tourists has had a great effect on the local economy, the popularity of short term lets like Airbnb have meant that local people are effectively being pushed out of the housing market. As many as 1 in 6 properties in Edinburgh are registered as Airbnbs.
Excellent Education Opportunities
Edinburgh is a fantastic place to raise a family. It is home to some of the top state schools in the country as well as some prestigious private schools. It is important to remember that competition is fierce for the top schools in Edinburgh, which has driven the prices and demand for housing in the right catchment zones even higher.
Demand For Spacious Home Offices
The coronavirus pandemic has led to a massive increase in home working. Many people are recognising the importance of having enough space to work comfortably and productively from home. This desire for roomier living spaces has definitely been seen in the rising demand for larger homes with room for a home or garden office.
The Bottom Line
The benefits of buying or renting a property in Edinburgh speak for themselves. The burgeoning popularity of the city shows that it is more than living up to the hype. With demand for property at an all-time high, if you’re planning your own move to Scotland’s capital city, get in touch with us today to help you find your perfect new home.