IT is a tale of two cities. According to a review by buy-to-let mortgage lenders Landbay, rents in Edinburgh rose by 4.71 per cent, the highest increase in the UK, in this year to date. By contrast, rents in Aberdeen fell by 6.06 per cent, the biggest decrease.
Aberdeen’s situation has been affected by the fall in oil prices of 2014 having an ongoing impact on the city’s economy. Edinburgh’s situation, by contrast, perhaps reflects its growing status as a capital city. Devolution has contributed to that, along with a widening appreciation of the city’s quality of life.
But having the highest rent increase is troubling. As we noted last week, purchasing property in the capital is already problematic: first-time buyers need a deposit of £37,661, which is projected to grow to £60,000 in 10 years. If high rent is the main or initial option, young people will find it even harder to save such sums.
Likewise, potential skilled incomers to a vibrant and growing capital could be deterred, as might students to the city’s universities. Edinburgh has before it the troubling example of London where average rent is a staggering £1,871 a month. If Edinburgh is to retain its own young people, and attract skilled workers, it may be opportune for all concerned with the great push for affordable housing to consider how this might apply in particular to the developing situation in the country’s capital city.
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