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Gregor McMeechan

Whole-market Edinburgh mortgage advisor Gregor McMeechan can quickly source the right Buy To Let deal for you.  Contact him today for a no-obligation quote.

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1 Whole of market
2 Broker-only Deals
3 based in edinburgh
4 CEMAP qualified

What Gregor’s Clients Say...

“Gregor took the stress out of a potentially confusing situation. He was pleasant yet professional, accommodating and instilled confidence.”

Sandy Pryde, Livingstone.

Want To Buy To Let In Edinburgh? Read Our Property Investment Guide First

In recent years, fuelled by an increase in rental demand, interest in Buy to Let properties in Edinburgh has increased amongst both first-time landlords and established property investors.

The housing market and the mortgage lending market alike have been turbulent since the financial crisis hit in 2007/2008.

However the first step towards investing in a rental property remains the same as it ever was – potential investors must take the time to carefully research the local property market, and the feasibility of the property as a letting investment, before committing to purchase.

Edinburgh’s property and letting markets present potential investors with some pros and cons compared to other areas of Scotland.

However demand for rental property in the city remains high, and average rental yields are reasonable, though could perhaps be described as unspectacular.

In common with some of the UK’s other premium locations, high property prices in Edinburgh to some degree limit the available rental yield.

On paper, Edinburgh’s average gross rental yield of 5 per cent (based on figures from the last quarter of 2012) compares poorly with some other Scottish locations. 

For example locations such as North Lanarkshire, Renfrewshire and Falkirk, have relatively low property prices which help deliver rental yields in excess of 8 per cent.

Strong Rental Demand

Rental yield aside, demand for rental property in Edinburgh is stronger than in many other areas in Scotland, as demonstrated in the relatively short average time to let of 29 days. Compare this with (for example) Dundee where average time to let is 47 days.

Interestingly, Edinburgh properties with more bedrooms have also shown surprisingly strong performance in this regard.

In the first quarter of 2013, 36 per cent of four-bedroom properties were let within a week or less. 80 per cent were let within a month.

Four-bedroom properties have also seen a 6.9 per cent increase in average rent (to £1,502) over the past year, compared to a city-wide average increase of 3.7 per cent for all types of property.

Edinburgh’s BTL Property Hotspots

In terms of rental performance, the EH2 post code area (the New Town area broadly between Princes Street and the Queen Street Gardens) is particularly strong, 

Recent figures show it delivered both the highest average rent in the city (£1,140) and the largest average rent increase in 2012/13 (21 per cent). Post code areas EH9 (Newington, a strong area for student rentals) and EH10 (Morningside) are also performing well. 

Perhaps unsurprisingly, the Newington area also performs strongest in terms of shortest average time to let, at just 21 days. 

Edinburgh Mortgage Broker Gregor McMeechan of Malleny Mortgage Solutions has years of experience arranging BTL mortgages in Edinburgh.  He also has a wealth of local knowledge regarding the rental scene.

Your Next Step...

Gregor McMeechan - EdinburghMortgageBroker.co.uk

Contact Gregor McMeechan today.

Call  0131 510 3624 and get access to thousands of buy-to-let mortgage rates.

Or just complete the request a call back form to receive a call back from Gregor at a time suitable for you.

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Sources

http://www.citylets.co.uk/reports/pdf/Citylets-Rental-Report-Q1-13.pdf?ref=reports