The major Scottish cities of Glasgow, Edinburgh and Aberdeen are likely to become the recognised hot-spots for young professionals seeking flats to let.
The Bank of Scotland recently undertook a survey to ascertain the most popular areas for young Scottish Professionals wishing to buy property. The top ten areas are distributed among the three biggest cities, with Edinburgh and Glasgow sharing seven between them.
The Leith and Victoria Quay area of Edinburgh was identified as the most popular choice among Scotland’s career minded young adults. Other favourite hotspots in the capital include the north, north east and west areas.
In Glasgow, the areas favoured by the upwardly mobile can be found in Pollokshields and Shawlands, south of the city and West End and Hillhead.
The typical profile of the young professional as recognised by the Bank of Scotland is of someone with university qualifications who wishes to live near the city centre for work or social reasons.
Research undertaken by the Joseph Rowntree Foundation indicates that, overall, private rentals are increasing as the recent credit crunch and double dip depression bites into property sales. Projections based on averages from the past ten years show that the Private Rental Sector (PRS) will be the highest tenure for households in the under 35 years of age group by 2014.
Looking at these separate resources together, one can reasonably conclude that while the young professional sector continues to be attracted to the aforementioned hotspots, many more will be looking for flats to rent than those seeking to buy property.
So what is it about Glasgow and Edinburgh that attracts the young professional? The obvious answer is that is where the jobs are, but there is more to it than that. Let’s take a look at what each city has to offer.
Glasgow boasts an exciting mix of culture. Opera, ballet, avant-garde dance and rock concerts all feature on the city’s cultural calendar. Outside the West End of London, Glasgow offers the largest and busiest shopping location in Europe. The 2014 Commonwealth Games will be hosted in Glasgow; testament to the city’s reputation as an international venue to be reckoned with.
A bustling nightlife combined with a world-renowned selection of quality restaurants makes Glasgow a highly favoured location for hospitality. The stunning scenery, including the Clyde estuary and Loch Lomond, that is just a short drive from the city centre, all help to make Glasgow a popular place to live and work.
Edinburgh is world famous for its International Festival, held annually in August. In fact the Scottish capital hosts a series of festivals, taking in art, the fringe, film, jazz and blues, the military tattoo, books and many others, between June and September.
The festivals also offer property owners the opportunity to profit from short term lets when hotels and guest houses are fully booked. Visitors to the city can benefit by enjoying a more flexible accommodation arrangement; large houses, as well as flats, are made available to let in Edinburgh during the festival season.
Edinburgh is steeped in history, including the castle, the Royal Mile and Holyroodhouse Palace. Edinburgh is also renowned for its financial centre and boasts a number of shopping centres, including the famous Princes Street with the castle as its backdrop.
In addition to the young professionals, Glasgow and Edinburgh both host a thriving student community that demands flats to let in Glasgow all the year round, and of course flats to let in Edinburgh too. Both cities also boast areas of premium-priced flats to let.
All in all, the two major cities in the south of Scotland have a wealth of facilities and a variety of properties on offer.