It has been revealed that Scotland’s two largest cities are the most popular places for people to buy flats. Edinburgh and Glasgow both had 9,900 searches in a single month for flats for sale in their cities.
The research was carried out by Global House Prices which found that property buyers are flocking to the East and West of Scotland. The nation’s capital came in at third place with 6,600 searches in March. However, both Glasgow and Edinburgh were more than three times more popular than Bristol at number four.
This article will look at why Scotland is such a popular location for buying property. It will also look at the benefits and drawbacks of other cities on the list.
|Search Term||Number of searches|
|Flats for sale in Edinburgh||9,900|
|Flats for sale in Glasgow||9,900|
|Flats for sale in London||6,600|
|Flats for sale in Bristol||2,900|
|Flats for sale in Bournemouth||2,400|
|Flats for sale Brighton||2,400|
|Flats for sale Dundee||2,400|
|Flats for sale in Manchester||2,400|
|Flats for sale Paisley||2,400|
|Flats for sale in Aberdeen||1,900|
Why Edinburgh is a good place to buy property
Edinburgh has a steady, growing economy and excellent academic institutions. For example, the University of Edinburgh is ranked as the 12th best university in the UK, with notable alumni like Charles Darwin and Alexander Graham Bell.
Edinburgh also has exceptional transport links across the city, including its tram system. Furthermore, the city centre is a thriving shopping district with world-renowned attractions bringing tourists each year. Such events and attractions include; Edinburgh castle, The Fringe Festival, and Edinburgh’s Hogmanay.
Although property prices in Scotland’s capital are the highest in Scotland, it is still attractive for a property investor. This is largely because of its growing economy and student populace. Many students will be looking to rent property in Edinburgh, making it the perfect buy to rent investment.
Why Glasgow is a good place to buy property
Property prices in Glasgow are likely the defining factor for many potential buyers. At £165,805, average house prices are far below the Scottish and UK average. The average property price in Scotland is £180,822 and £276,755 in the UK, as of February 2022.
This means that even though property prices have risen by 9.5% in Glasgow, it is still attractive for property investors. Much like Edinburgh, Glasgow has a thriving student scene, including the 16th best-ranked university in the UK. This makes Glasgow a perfect location for property investors looking for rental income.
Glasgow has the largest economy in the UK, with a vast array of leisure activities and venues such as the Hydro Arena. The city centre has a number of busy shopping centres, and there are good transport links throughout the city. Much of Glasgow was also regenerated for the 2014 Commonwealth games, and further development is ongoing.
Glasgow is also just downwind of Loch Lomond and the start of the highlands. This makes it the perfect property location for both the hustle and bustle of city life and the seclusion of nature. Lastly, the low average house prices make Glasgow a great city for first-time buyers.
The benefits and drawbacks of living in London
London, the capital city of the UK, needs no introduction. It is one of the most well-known cities in the world for a multitude of reasons. Forbes listed London as the third most popular city in the world, with around 19 million visitors in 2019.
London is full of historical landmarks, museums, pubs, nightclubs, restaurants, and almost anything you can think of to keep you entertained. There are, in fact, 75 Michelin star restaurants in London. Because of this booming economy and incredible transport links, there are also a huge amount of job opportunities. Many of the UK’s largest companies are based solely in London. This means in some cases living in London is a necessity for career progression.
However, all of these leisure activities and employment opportunities come with a price. The price that is paid comes from the expensive house prices. For example, some areas in London have the highest average house price in the UK. Property in Kensington or Chelsea fetches an average price of £1.4 million. Even the cheapest area of London (Barking and Dagenham) has an average price of £341,190. For many first-time buyers, buying in London is all but an impossibility.
London can also feel cramped in comparison to other areas. For example, the population of London is higher than the entire population of Scotland. Not only is the average price of a house expensive, but it also has one of the highest living costs in the UK.
The benefits and drawbacks of living in Bristol
The property market in Bristol is thriving as many people see the value of living in there. The average price of property rose by 8.2% in 2021 to £334,010. The economy has also been steadily climbing in Bristol, meaning job opportunities are fruitful. In particular, Bristol is known for its engineering and tech scene.
Because of this growth in industry, the price of properties in Bristol is likely to rise. This makes a property purchase in Bristol a worthwhile investment in terms of rental income and resale. Bristol is another student-laden city with two major universities. Again this means that property, flats especially, can be bought and rented to a constant flow of students.
Also, according to the cost of living calculator, Numbeo Bristol is 14.91% less expensive than London.
Most popular places to buy a flat: 5-10
The housing market is seemingly in a very healthy place in both England and Scotland. There were five areas tied with 2,400 searches in March. Bournemouth and Brighton on the south coast of England. Dundee city on the East coast of Scotland, Manchester in the northwest of England. Paisley, despite only being a town centre and not a city, made the list also. Perhaps this is due to its close proximity to Glasgow city centre.
The historic city of Aberdeen sneaks into the top ten with 1,900 searches in March. The city in the northeast of the UK is said to be as old as 10,000 years. In more recent times, the city of Aberdeen has become known for its oil industry.
Unfortunately, Wales and Northern Ireland did not make the top ten.