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And he described the difference between house prices in Edinburgh and the rest of Scotland as “amazing”.
David Alexander, chief executive of DJ Alexander Scotland, said: “The gap in house prices between Edinburgh and the rest of Scotland has grown enormously over the last decade, with the average price now £327,751 in the capital compared with £191,435 across the rest. of the country. That is a difference of £136,316. The difference with Glasgow is even greater, rising to £151,696.”
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He added: “When you examine average prices for detached homes, the gap between Edinburgh and the rest of Scotland is more pronounced. A detached home in Edinburgh now averages £715,794 while in the rest of Scotland [it] is £336,060 lower at £379,734.
“There is a remarkable gap between the capital and the rest of Scotland and there is a risk that Edinburgh will become unaffordable for people moving to the city in the future, but appropriate action now will ensure that the capital remains accessible .”
DJ Alexander said that over the decade to 2021, Edinburgh had benefited from double the percentage growth of the population. The estate agent pointed to an influx of “well-qualified, well-paid working-age people from all over the world”, declaring that this had “transformed” the Scottish capital’s economy and housing market.
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He added: “Hosting the biggest arts festival in the world has increased Edinburgh’s international standing, attracting people to live and work, resulting in population growth far higher than the rest of Scotland. There is strong international interest from buyers from all over the world with the New York Times running a feature this month showing what $600,000 could buy in the capital.”
DJ Alexander stated that in the decade to 2021, Edinburgh’s population has increased by 10.2%, compared to an increase of 3.4% for Scotland as a whole.
It noted that “the capital’s working age population increased by 8.6% during this period, compared to 0% growth for the rest of Scotland”.
DJ Alexander said: “Most of this population growth is in overseas migration and Edinburgh has the highest growth of any of the UK’s eight largest cities except London.
“With 82.2% of the population economically active, Edinburgh tops all UK cities, including London which has 78.6% and Glasgow on 73.6%. The capital’s unemployment rate of 2.6% is the lowest in the UK and its median hourly wage of £17.70 is the highest outside London.”
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The lettings and property company added: “The news is even better as figures show the capital has the highest percentage of high-skilled jobs in the UK with the most graduates, 79.5 %, of any city, produces the highest GIC (gross). value added) per head – £48,300 – from any city in the UK apart from London.
“Most of the high GVA – £6.1bn – comes from finance and insurance services, with real estate activities the second highest generator of value at £3bn annually. Edinburgh has the highest value residential property market in Scotland with sales in the capital representing 46% of the residential market value of all Scottish cities.”
Mr Alexander said: “These multiple factors have produced a rapidly growing city which is expanding its growth into the surrounding areas around Edinburgh, producing major house building programs leading to rising prices. constant in the East. [Lothian]West [Lothian] and Midlothian.”
He offered his view that “encouraging more investment from property investors and support for landlords would produce a steady flow of suitable homes for the well-paid, educated working-age people flooding the eager city to live and work in a dynamic environment. and a vibrant location”.
Mr Alexander added: “To alleviate the wider demand, more house building is needed in general and a significant increase in the number of social housing is essential. Amazingly, Edinburgh has a further advantage over other major UK cities as it is the least populated, allowing for further building in the future. A growing Edinburgh is a positive sign of a growing Scotland and should be welcomed.”
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