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June 10, 2009

Edinburgh’s “high-end” rental market holds up well

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by Gill Montia

Edinburgh's

Edinburgh-based Braemore Property Management has reported that “high-end” rented properties are still proving popular with tenants.

The firm describes demand for substantial family homes and luxury penthouses as “steady” in recent months, with renters still happy to pay high prices for properties in “desirable” locations.

Braemore director, Colette Murphy, comments: “While the rest of the market has been affected by an oversupply of properties – which has provided more choice for tenants and pushed some rents down – the high end of the market has remained fairly resilient.”

Many of those looking for larger properties are either between homes or have relocated to the Capital, with incomers often owning properties elsewhere which they cannot sell.

Unfortunately, the Edinburgh “high end” rental market may have to withstand further job losses.

Earlier this week, Ernst & Young’s Scottish Item Club warned that the region’s economy will be hard hit by further job losses in the financial services sector.

In its recently released summer update, the economic forecasting unit says it expects Scottish unemployment to peak at 230,000 in 2010 with the economy returning to growth at 1.7% in 2011, after a year of stagnation.

According to Scottish Item Club economic adviser, Dougie Adams, significant job losses are yet to come.


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