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Edinburgh Tops The UK Property Rental Charts

26.06.24

When you think of the highest earning households in the UK, you immediately think of London. And of course, the capital city is top of the list just as you’d expect, closely followed by the Southeast and East of England. But you may be surprised to hear that Scotland is fourth on the list, with 86,000 households earning over £100,000. Edinburgh, Glasgow and Aberdeen in particular, all tend to have higher than average salaries due to their economic activity and excellent job prospects. Plus offer amazing quality of life, with access to some of the best coastlines and countryside landscapes in the UK.

Edinburgh is famously home to a range of companies within the financial services sector, including banking, insurance, and investment management, an industry which typically pays a better than average wage and often significant annual bonuses. It also has several internationally respected universities and research institutions, attracting highly skilled academics and professionals, including the University of Edinburgh - one of the top 50 universities in the world.

So, it stands to rights that these areas boast extensive ranges of high-end prime property. Prime property is defined as the most desirable and most expensive property in a given location, usually the top 5% of each market by value. In the UK, this is generally considered as properties worth over £1million.

Scotland has a range of varied and unique property, for several reasons. There are lots of older properties here, including many large country houses built during the late 18th and 19th centuries, with houses even dating back to the Mesolithic era! Scotland’s varied landscapes, from rugged coastlines to hills and mountains, inspire different architectural styles including coastal cottages, highland lodges, and city townhouses. Largely because of the hard weather, traditional Scottish houses were built using local materials like stone, timber, and slate, with thick walls, steep roofs and small windows, which has influenced the design and appearance of homes across the country. Scotland has produced several renowned architects which contribute to the style of homes here, including Sir Robert Lorimer who combined traditional Scottish architecture with classical and Arts and Crafts styles, and Charles Rennie Mackintosh, a key figure in the Art Nouveau movement.

Edinburgh is the most expensive place to live in Scotland, and also perhaps surprisingly the most expensive place to rent in the UK. Ann Street is the most expensive street, with house prices amongst the highest in the region, closely followed by Wester Coates Avenue in Murrayfield. A terraced town house in Regent Terrace, right near to Holyrood House, the official residence of the British Monarch in Scotland, will set you back at least £1.5million. Other prestigious areas include Danube Street, Heriot Row and St Catherine’s Place.

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