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Letter from Scotland..


It may look like a small speck on the map, but Scotland is home to a very diverse residential property market.


From a residential property investor’s point of view, Edinburgh is the most interesting proposition among Scotland’s cities. As the country’s capital and the UK’s second fi nancial centre after London, Edinburgh has prospered despite the recent downturn. The Scottish capital is among fi ve UK cities where renting remains cheaper than buying and, with properties prices remaining comparatively high, many people opt to remain in rented accommodation for longer periods.


Steve Cullum


It’s good news for landlords, as potential tenants include recent graduates, postgraduate students and professionals with secure jobs and a relatively high disposable income. Add to that Edinburgh’s student population who, to a large degree, are able to afford and want high-quality housing.


Here is where the potential lies for investors, as students are looking for larger, traditional tenement fl ats, often with four or more bedrooms. We are able to source these properties at a reasonable cost, making entry to investment far more accessible than in London.


Aberdeen’s property market is a different animal altogether with developments in the city fuelled (pardon the pun) by the North Sea oil industry. The constant infl ux of oil workers has kept property prices in the city almost constant.


Other cities around Scotland have not been quite so lucky, but those with comparatively large student populations such as Glasgow and Dundee have fared well.


What about control of the market and regulation? Scotland has recently introduced Tenancy Deposit Schemes (TDS) last year. This requires landlords to place their tenants’ deposits in one of three government-approved schemes and provides independent arbitration should there be disputes at the end of the tenancy. Is it working? From our perspective, the


system is off to a good start, although it would benefi t from being better known both by landlords and tenants.


Steve Coyle is Operations Director of Cullen Property, which is based in Edinburgh. The company specialises in Edinburgh residential property investment, lettings and management.


E: steve@cullenproperty.com T: +44 131 221 1818 W: www.cullenproperty.com


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