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Edinburgh Rents Second Only To London

New research has shown that the price of renting accommodation in Edinburgh is the most expensive city to live in in the UK, second only to London.

Second Least Affordable Place

The research found that Scotland’s capital was the second least affordable place to stay with 47% of net income spent on renting properties, only 2% lower than London. The survey found that Glasgow was joint fifth with Norwich when it came to percentage of net income in rent, with 35% of a person’s income being spent on putting a roof over their head.

Despite analysts stating that Scotland’s rent between September and October falling by 4.4% being common for this time of year, the survey by Homelet found that on a year by year basis Scotland’s rent has risen by 2.6%.

“Inflation Busting Growth”

A recent survey found that in the the third quarter of 2014 Scottish cities such as Edinburgh, Aberdeen and Glasgow had all recorded “inflation-busting” rental growth.

Molly Chesney, of HomeLet, said: “You have pockets of cheaper rents, in comparison to the UK as a whole and super-desirable areas within them, and that’s what we seem to have with Edinburgh – it seems to be the attraction of a desirable city.

“Of course, lack of affordability always hits those who do not have the income to afford the rents but want or need to live in the city.

“London has the edge on everywhere else in this situation, and what many people do to get around this problem is that they flatshare because they tell themselves that it’s more important to live in the city than outside the city.”

She added: “The attractions simply outweigh the drawbacks.”

For informaton on buying a property in Scotland see our online guide.

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