Pride of Scot­land: Ed­in­burgh

Ed­in­burgh has a lot to of­fer, from Ge­or­gian houses and flats to ex­cel­lent schools and a thriv­ing gas­tro­nomic scene, finds Anna Tyzack

Country Life Every Week - - Property: City Living -

Lo­cal mar­ket update

Fol­low­ing the Brexit vote, the tele­phones in Ed­in­burgh’s es­tate agen­cies buzzed with English ‘re­main’ vot­ers look­ing to move north. ‘They were hop­ing Scot­land might re­tain stronger links with Europe,’ ex­plains Max Mills of Ret­tie & Co, ‘How­ever, there hasn’t been any kind of stand-off from buy­ers this summer ei­ther. We’re see­ing de­mand from lo­cals, but also from Lon­don and over­seas.’

Peter Lyell of Sav­ills at­tributes the cur­rent buoy­ancy in Ed­in­burgh’s mar­ket to ref­er­en­dum fa­tigue—af­ter months of un­cer­tainty, buy­ers are ea­ger to com­mit. What­ever hap­pens post-brexit, he con­tin­ues, Ed­in­burgh has a lot to of­fer: in a re­cent Daily Tele­graph poll, the Scot­tish cap­i­tal was voted the UK’S best city to live in for the third con­sec­u­tive year.

Along with Ed­in­burgh’s tra­di­tional buy­ers—young pro­fes­sion­als, fam­i­lies and stu­dent in­vestors —agents have no­ticed an in­creas­ing num­ber of over­seas buy­ers, lured by the weaker pound. ‘If you’re based over­seas, a house or a flat here is a rather good deal at the mo­ment—up to 30% cheaper,’ ex­plains Neil Scott of Knight Frank.

House prices rose 3% at the be­gin­ning of the year, but have now lev­elled out, ac­cord­ing Mr Lyell, with a lack of stock prop­ping up the £600,000 to £1 mil­lion bracket. A two-bed­room flat in Ed­in­burgh’s Ge­or­gian New Town now sells for about £500,000 and a threeto four-bed­room fam­ily house in the Grange or In­ver­leith will cost between £1 mil­lion and £2 mil­lion.

Ed­in­burgh also sup­ports a thriv­ing rental mar­ket, ac­cord­ing to Wil­liam Lob­ban of Martin & Co, with av­er­age rents of £850 to £900 per month and apart­ments in the new Quar­ter­mile de­vel­op­ment gen­er­at­ing 6% to 7% yields.

Il­lus­tra­tion by Fred van Dee­len

For Ge­or­gian ter­races, you can’t do much bet­ter than Mo­ray (pro­nounced ‘Mur­ray’) Place in the New Town—a quiet, cir­cu­lar ter­race with ac­cess to pri­vate cen­tral gar­dens and fur­ther gar­dens on the banks of the Water of Leith— or nearby He­riot Row and Aber­cromby Place, which over­look Queen Street Gar­dens. How­ever, very few prop­er­ties come on the mar­ket here—‘peo­ple tend to hold on to them for­ever,’ ex­plains Jonathan Gor­don of Clan Gor­don.

Re­gent Ter­race on Cal­ton Hill, a short walk from the city cen­tre, with panoramic views of Holy­rood Palace, is a par­adise for fam­i­lies: town houses have large gar­dens and direct ac­cess to a park with ten­nis courts. Enor­mous de­tached vil­las can be found on leafy White­house Ter­race in the Grange, to the south of the city, and In­ver­leith Place in the north, which backs on to the Royal Botanic Gar­den.

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