ESPC say Musselburgh is best Toun for landlords

Data from ESPC and Citylets has revealed top rental yields in Musselburgh.

One bedroom properties in the EH21 postcode district offer landlords an average gross rental yield (AGRY) of 6.8%, higher than most areas in the city.

This is based on the latest rental market data from Citylets and accompanying house price information from ESPC from 1st September to 31st December 2019.

The EH21 area is in both the East Lothian and Edinburgh council areas, and includes Musselburgh, Newcraighall, Wallyford and Whitecraig. One bedroom properties there sold for an average price of £117,500 in the last quarter of 2019, and the average monthly rent for these properties was £666.

Other areas with strong rental yields were EH12 and EH15. One bedroom properties in these areas achieved an AGRY of 6%. Two bedroom properties in the EH12 area also achieved an AGRY of 5.3%.

One bedroom Old Town properties offered a good return on investment with achieving an AGRY of 5.8%.

Nicky Lloyd, Head of ESPC Lettings, said: “While there is high demand from tenants for the West End and Leith, competition for properties in these areas can mean that average property prices are high, which results in potential rental yields not being as strong.

“Combining ESPC and Citylets data we can see that one bedroom properties in the EH21 area, had an AGRY of 6.8%. As this area is further out of the city, property prices are less competitive but excellent bus and train links to the city centre make it an attractive option for tenants.

“One bedroom Old Town properties also offered a strong average rental yield, highlighting that while property prices are high in this area, the strong demand for rental homes in the city centre can still result in a good return on investment.”