A GROWING number of people are opting to move to Edinburgh and commute to London for work.
Property experts say the “super-commuters” are attracted by large period homes, quality of life, good schools and value for money.
Estate agents Savills said in its autumn report on Scotland’s prime residential property market that the number of sellers based in England searching for houses in Scotland had more than doubled in the past year.
Andrew Perratt, head of Savills residential property, said a growing gulf in property prices between London and Scotland was the biggest factor driving the trend.
He said: “As the temperature of London’s prime property market soars, the yawning gap between London and Scotland has never been greater.
“This is making the move north a sensible option for an increasing number of people.
“There is a real rise in the number of super-commuters – those buyers currently living in London but moving to Edinburgh or Glasgow in order to take advantage of good schools, larger accommodation and value for money.”
Latest figures from the Office of National Statistics, published earlier this week, show London properties recorded the largest year-on-year price rise in July – almost ten per cent – while prices in Scotland dropped by two per cent.
A typical house in London is now worth £438,000, while the average price in Scotland is £182,000.
Even in some of Scotland’s most expensive residential areas, house prices are well below those in London.
Savills said buyers in the London suburb of Fulham would pay more than three times more per square foot than they would in a similar area of Edinburgh.
Prospective house purchasers with a budget of between £500,000 and £750,000 could expect to find a detached house in the EH10 postcode area, covering Morningside and Bruntsfield, for around £361 per square foot compared with a two-bedroomed flat in London’s SW6 postcode area which would command a price of around £1151 per square foot.
Mr Perratt said air travel between Scotland and the south of England was often cheaper than commuting by train.
The Savills report also noted that some of those who bought a larger property in Scotland often used their equity to reduce the size of their mortgages.
Almost 75 per cent of prime property transactions in Scotland take place in the three market hubs of Edinburgh, Aberdeenshire and Greater Glasgow, though Tayside and Stirlingshire are now showing signs of increasing interest, thanks partly to the strength of the Edinburgh market.