Are you thinking about moving to Edinburgh but are undecided about your decision? Edinburgh is a fantastic city steeped in history, but how are you supposed to determine whether this is the place for your next property move?
Here at We Buy Any Home, we’ve collated all the relevant information to help make this life-changing decision easier, including the pros and cons of living in the area and the salary level required to live comfortably in Edinburgh.
Keep reading to learn more about whether you should move to the Scottish city of Edinburgh or if another city is a better choice.
Is Edinburgh a Good Place to Move to?
Edinburgh is one of the most sought-after locations to live in the UK, and with its historic attractions and characterful properties, it’s easy to see why the Scottish capital is marvelled so. It has both a medieval Old Town and a Georgian New Town, bringing something to the table for everyone. It’s best known for historical attractions such as Edinburgh Castle and the popular Edinburgh Fringe Festival which runs each year.
There are currently 1,605 properties for sale in Edinburgh, with an average sale price of £402,583. Asking prices have increased by 9% Year On Year (YOY) when comparing February 2023 with February 2022, showing that there is a high demand for properties in Edinburgh and that many people are deciding to relocate to this beautiful Scottish city.
What Salary Do You Need to Live in Edinburgh?
It’s recommended that you earn an annual salary of between £50K – £60K to live comfortably in Edinburgh. This is due to increasing house prices and the growing cost of living.
You may be able to live in Edinburgh on a lower salary than stated above; however, you may need to be more frugal with day-to-day living. The above compensation is recommended if you are looking to regularly put away savings and have one or two holidays a year.
As Edinburgh is a vibrant capital city, there are many job opportunities with good salaries available. Edinburgh’s population is continuing to increase, promoting the growth of the economy and future businesses, which is great for increased jobs in the city.
The following sectors are booming in Edinburgh – we recommend looking at job opportunities in these areas if you’re thinking about moving to Edinburgh:
- Financial Services
- Life Sciences
- Software Development
Pros and Cons of Life in Edinburgh
There are both pros and cons to consider if you’re deciding whether living in Edinburgh is for you. Look at the below pros and cons to understand better if life in the Scottish capital city is the best choice for you.
If you’re keen on history, you’ll love living in Edinburgh. The city is quite literally built on history, with Edinburgh Castle being a popular historical attraction as well as the ‘plague-infested’ Mary King’s Close.
A gun is fired every day from Edinburgh Castle to signify the time to nearby boats, with this tradition carrying back to 1861 when the idea was brought to Edinburgh by businessman John Hewat from Paris. Crowds gather each day to enjoy the spectacle, something that reminds both tourists and residents of the importance of this historic city.
Another positive feature of Edinburgh is the number of rural areas in the city. Despite being a busy, built-up area, Edinburgh benefits from many green areas such as the Royal Botanic Garden, Holyrood Park, Carlton Hill, and Princes Street Gardens.
Living in Edinburgh allows people the best of both worlds – you’ll never be stuck for things to do in this bustling city but finding a rural spot for a serene picnic is easy too.
Many Local Attractions
Edinburgh is an exciting place to live due to its vast number of local attractions – whether you’re a history buff or a creative free spirit, there’s something for everyone in this beautiful area.
Check out our top recommended local attractions to see what could be on offer to you if you decide to move to Edinburgh:
- Edinburgh Castle
- Holyrood Palace
- The Royal Mile
- Arthur’s Seat
- National Museum of Scotland
- Royal Botanic Garden
- Camera Obscura & World of Illusions
- The Scottish National Gallery
High Cost of Living
While there are some great pros to living in Edinburgh, there are a few negative points to consider too. One of these is that Edinburgh has a very high cost of living, due to the rising property and energy prices.
While Edinburgh is cheaper than living in an expensive Southern UK city such as London, it is generally cheaper to live in other popular cities such as Glasgow. It’s worth bearing in mind that you’ll always incur a higher cost of living when moving to a historic capital city, such as Edinburgh.
Expensive Property Prices
As mentioned above, property prices tend to be expensive in Edinburgh due to high demand and a booming property market. On average, properties sell for an average of £402,583, which is considerably more expensive than the average UK property price of £296,000 (October 2022).
However, property prices are significantly cheaper in Edinburgh than they are in London for example, where the average property price is £523,666. If you’re looking to move to a capital city in the UK, Edinburgh may be a better choice as it’s more affordable and provides a similar level of local attractions.
Another point to bear in mind when choosing whether to move to Edinburgh is the weather. Scotland is known for a cooler climate than England for example, and while this may seem an arbitrary factor, the weather will become important if you’re experiencing it daily.
Edinburgh receives significantly more rain than London for example, and average temperatures will generally be lower too. If you’re a sun worshipper you may be better off choosing a different city to live in, however, if you don’t mind a bit of rain then Edinburgh is a fantastic choice!
How Can We Buy Any Home Help?
If you’re currently living in Edinburgh and are looking to sell your property, look no further than We Buy Any Home. We’re the biggest cash buyer in the UK, purchasing many properties in the Edinburgh area and having years of experience in the property industry.
There are no fees for our services, and we’ll even cover the costs of a property survey as well as a solicitor to represent you throughout your property sale. You can receive the funds from your property sale in as little as 7 days! To get the ball rolling on your Edinburgh property sale, get a free cash offer today. You can trust We Buy Any Home with your property.