Edinburgh has topped the list in a top 50 poll of the best place to live in Britain.
The Property Week Hot Housing Index 2017, compiled by CACI, saw Edinburgh in pole position, ahead of Crewe. It was a major improvement on the fifth place achieved by the city last year.
The Scottish capital’s ranking was boosted by its strong property market and its residents’ propensity to move, it was announced. Property Week added that Edinburgh is also being helped by considerable investment, which is boosting an already strong retail offering.
Revealing the results of the index, Property Week highlighted the St James Centre redevelopment in Edinburgh, which is one of Britain’s longest regeneration projects, eventually offering a mammoth 850,000 sq ft of premium retail space. Also mentioned was the Edinburgh Marina development, which is a £500 million project due to be completed by 2019, featuring a hotel, homes and shops. This is set to boost property prices in the vicinity.
The top 50 index was once again dominated by UK areas outside of London and England’s South East region and, according to Property Week, it reflects the importance of affordability in the property market. It featured 11 Scottish areas and 12 in the North West, both of which are renowned for offering affordability, said CACI’s principal consultant, John Platt.
He added that affordability was defined as the link between household income and house prices. The average UK property costs 7.4 times the average British household income, but this can go down to just three times in some areas of the North East and Scotland.
In contrast, the average in London is 12 times and the Royal Borough of Kensington and Chelsea is the country’s least affordable location, with the average home costing a massive 40 times household income. One London location did make the top 50 – for the first time – with Wandsworth earning 30th place.
The index was created using grades in a variety of different categories. Edinburgh gained C grades for affordability and employment levels and A’s for the other categories of internet connectivity, school provision, local amenities, access to public transport and propensity to move. This resulted in an overall score of 72.60 per cent. Crewe managed to achieve a total score of 69.40 per cent, followed by Harrogate on 68.90 per cent.
To find out more about all the benefits that living in Edinburgh could offer you, get in touch with a member of our expert property team today, 0131 603 7333.