January News Bulletin

January News Bulletin

Edinburgh 2018 – More reasons to invest in Scotland’s capital

This thread on Skyscraper City forum details the planned developments for Edinburgh. READ MORE.

Cullen Property opinion:

The projects which include Edinburgh’s New Waverley, the International Business Gateway and Pentland Studios are expected to create a huge economic advance for Edinburgh, providing you with more reasons to invest in Scotland’s capital.
(Image courtesy of Edinburgh St James)

Rental growth across Britain picked up in 2017, led by Scotland

Property Wire reports; Scotland was the only region in Britain where rental growth outstripped London with rents up 3.3% to an average of £640. READ MORE.

Cullen Property opinion:
Increasing rents in Scotland is partly due to a fall in the amount of properties purchased by buy-to-let landlords (it is currently at the lowest in Scotland at just 8.3%). This has led to a drop in the amount of residential properties available on the Scottish rental market. Edinburgh’s population is growing by over 5,000 people per year, expanding the city’s economic growth, which is increasing competition for rental property in prime city centre locations.

Homes shortfall in Edinburgh and east helps boost prices

BBC News reports; A shortfall in homes coming on the market has helped boost prices by more than 6% on average during last year. READ MORE.

Cullen Property opinion:
Prices rising by more than 6% in the past year is more than twice the pace of inflation in the rest of Scotland, placing the average Edinburgh property at 71% more expensive than the national average. Edinburgh is among a handful of UK cities where quality of life means that location is more important than a job - people are targeting Edinburgh as a place to live and then try to secure a job which enables them to live here, rather than the other way around.

Why wise investors are looking towards Edinburgh’s East

The Scotsman reports; Edinburgh’s east-end and Leith are seeing some exciting developments. READ MORE.

Cullen Property opinion:
Edinburgh has been named as one of 21 ‘new world cities’ seen as redefining the investment landscape. This is clearly portrayed in Edinburgh’s east end with the current £1 billion re-development of the St James centre, the re-development of St. Andrew Square and the new £45 million music concert hall. These projects offer a huge social, cultural and economic potential – generating a new ‘buzz’ to Edinburgh’s east end. Property in Edinburgh’s east end, particularly in Leith, is expected to become incredibly sought-after once the projects are completed in 2020.

(Image courtesy of Kenny Lam / Visit Scotland)

Property Sales in Scotland reach highest levels since 2008

Property Wire reports; Property sales in Scotland reached their highest level since 2008 in November last year and average prices were up £6,000 or 3.5% year on year, the latest index shows. READ MORE.

Cullen Property opinion:
In November 2017 residential property sales across Scotland hit their highest level since the financial crash of 2008, with average prices up 3.5% (£6,000) year-on-year. The Scottish property market is currently performing better than anywhere else in the UK as investors search for prominent cities to invest in, with Edinburgh leading the way.

Letting Agent Code of Practice

Letting agents in Scotland must comply with the Letting Agents Code of Practice by joining the Register of Letting Agents. The register is due to open at the end of January 2018 and all letting agents in Scotland must join before 30th September 2018. This practice has been introduced to ensure the private rental sector is well managed to a professional standard and quality homes for tenants are provided throughout Scotland. READ MORE.

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