A major new study has revealed that Edinburgh is the second top UK city for residential property investment. The findings, courtesy of international commercial property advisers, Colliers, show Edinburgh just pipped to the top spot by Cambridge, with Bristol and London surprisingly behind in third and fourth place respectively.
The reason for the Scottish capital’s strong position is due to a combination of factors including its solid record of house price growth, growing economy, highly educated workforce, growing population, range of quality universities, and impressive cultural heritage. All this, combined with its relatively compact size which makes it easy to navigate, means Edinburgh is a greatly desirable place to live, study, and work – which in turn makes it an appealing prospect for property investors.
It is therefore no surprise that property prices in Edinburgh have soared by a staggering 17 per cent since the pandemic hit in March 2020. In fact, the current average sale price of a home in the city is around £275,000 – up 5.5 per cent compared to last year.
Edinburgh – a city for everyone
Edinburgh offers great potential to investors because of its diverse appeal. Thanks to the city’s reputation within the world of finance, tech, tourism, and retail, it has an enduring appeal for professionals. The world-class education available at the leading universities means it will always appeal to students. And because of the range of top-quality schools and reliable public transport links, it’s the perfect choice for families too.
Unlocking the potential within Edinburgh properties
Revere Contracts was established in Edinburgh in 2018 and since then we have completed numerous residential renovations for property investors. We therefore have a thorough understanding of the importance of good quality materials and workmanship built to last, but always with careful consideration of our clients’ budgets to ensure they get the maximum return on their investment. Our most commonly requested renovations include:
Creating an extra bedroom: Given the generous proportions of traditional Edinburgh tenements, we have reconfigured the internal layouts of several investment properties by splitting one large bedroom into two, to effectively double the potential income for landlords. We have also transformed kitchens into multi-use cooking, dining, and living areas, enabling living rooms to be changed into an additional bedroom.
Creating an open-plan layout: As well as putting up walls, we’ve also done our fair share of taking down walls too! Creating a more open-plan layout is much more conducive to the modern way of living, therefore top of many property investors’ wishlists.
Sympathetically modernising period properties: So many of Edinburgh’s properties are full of Georgian and Victorian charm, with stunning original features. We have experience in complete interior renovations, modernising period properties whilst retaining as much of the character as possible.
Extending to create extra space: Whilst the nature of some of Edinburgh’s traditional period properties present their own unique challenges when it comes to extending, in many cases it is perfectly possible to extend to the side, rear, or convert a garage or attic to create more living space.
Revere Contracts – trusted by property investors throughout Edinburgh and beyond
If you would like to discuss the renovation of an investment property, speak to the experts at Revere Contracts. Simply call us on 0345 241 7010 to arrange a free, no-obligation appointment.