“Enjoying close proximity to the city centre, as well as a significant number of green spaces, Leith is seen as an attractive prospect for homeowners and tenants alike. Continued development of the area, and the likelihood of the Edinburgh tram route being extended down Leith Walk towards The Shore and Newhaven is only going to make the area more popular which will see both house prices and rent levels soar in the area.”
Charlotte, Clan Gordon Business Development Manager
Located to the east of Edinburgh city centre, Leith boasts a lively community with a distinct character that sets it apart from the rest of the city. The area, previously named as one of the ‘coolest places to live in the UK’ by The Times, enjoys a vibrant arts scene and has benefited from extensive regeneration in recent years, resulting in new bars and restaurants flocking to the area and an influx of young professionals who are proud to call Leith home.
Leith benefits from a huge – and ever-expanding – range of amenities; from Ocean Terminal shopping centre, to supermarket chains, a wide variety of independent shops, multi-screen cinema, and tourist attractions such as the Royal Yacht Britannia, providing easy access to anything that Edinburgh tenants could need.
Leith Walk, one of the most densely populated areas in Scotland – with over 26,000 people living within 800 metres – links the Leith to the city centre. The street, infamously depicted in Irvine Welsh’s Trainspotting, is a bustling hub of homes and businesses and provides transport links to the rest of the city.
Buy to let in Leith
Although already popular with both property investors and tenants, the planned extension of the Edinburgh tram network to Leith Walk and Newhaven will make Leith an even more attractive prospect and has the potential to push up property prices in the area.
There are currently over 50,000 people living in Leith, 47% of whom are aged between 25 and 44 [Source: 2011 Census], highlighting the potential for attracting young, professional tenants. With this in mind, good quality one and two-bedroom flats in Leith make excellent investment opportunities. The area is also popular with students, who can make excellent long-term tenants. The average time to let in Leith for one and two-bedroom properties is currently 24 days, 2 days faster than Edinburgh as a whole, showing the popularity of this market.
With an average selling price of £206,462 [Source: Rightmove], compared to the Edinburgh average of £261,782 [Source: ESPC June 2018], investors can still get a relatively good deal in Leith if they know where to look.
For example, you can currently purchase a 1 bedroom flat on Bothwell Street, Easter Road for around £120,000, where the average rent is £711pcm, achieving a gross rental yield of 7%. Costs for renovations and furnishings would have to be factored in, but a healthy yield can still be achieved.
Average rents in Leith (per month)
|Number of bedrooms||Average rent Leith||Average rent Edinburgh|
Source: CityLets Q2 2018
These rents focus on Leith as a whole, giving a good overview of what landlords can expect to achieve per month, however, the actual rent levels can be as diverse as Leith itself. For example, if we look at individual streets and developments, we can see the difference in average rents for two-bedroom flats. As is the case in all areas of the city, tenants are more likely to pay higher rents for good quality properties.
Source: CityLets Q2 2018
Leith transport links
Leith is well served by Lothian Buses, with buses departing every few minutes to take you almost anywhere in the city. Travelling from Leith Walk (junction with Great Junction Street) to Waverley Train Station will take just over 10 minutes by bus, or a leisurely 35-minute walk.
Although the airport is on the other side of town, Edinburgh is compact enough that getting there isn’t a major expedition for Leith residents. Leaving from the Leith Walk junction with Great Junction Street, the journey will take approximately 30 minutes by car or taxi. Leaving from the same spot using public transport, it will take around 55 minutes to reach the airport.
Choose a letting agent who knows Leith
At Clan Gordon, we currently manage over 130 properties within the EH6 and EH7 postcode areas. Contact us today for expert Leith buy to let and lettings advice.