Edinburgh is one of the most profitable places in the UK to own a holiday home

Edinburgh has been named among the top 10 most profitable destinations to purchase a vacation property in the UK.

Friday, 20th July 2018, 3:11 pm
Updated Friday, 20th July 2018, 3:17 pm
Edinburgh holiday homeowners bring in an average of 1,844 each month (Photo: Shutterstock)
Edinburgh holiday homeowners bring in an average of 1,844 each month (Photo: Shutterstock)

Owning property abroad may be the dream for many, but Brits would rather buy a holiday home here in the UK, new research has revealed, and Scotland's capital city is one of the most lucrative locations.

While Santorini in Greece topped the worldwide list of the most profitable of popular places to own a holiday home, the UK wasn't too far away, coming in at number three.

Edinburgh properties bring in £1,844 per month

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The most profitable location in the UK to own a holiday home is in the city of Bath, in Somerset, with owners making an average of £2,221 per month, according to data compiled by Hitachi Personal Finance and Airbnb.

Edinburgh, meanwhile, was named as the sixth most cost-effective destination, with owners bringing in an average of £1,844 each month, closely followed by Inverness on Scotland's northeast coast.

The top 10 most profitable UK locations and average monthly revenue

1. Bath £2,221

2. Oxford £2,066

3. Brighton and Hove £2,061

4. London £1,951

5. Cambridge £1,847

6. Edinburgh £1,844

7. York £1,835

8. Inverness £1,778

9. Windsor £1,729

10. Bristol £1,509

A holiday home is a status symbol

Nearly one in 10 Brits would opt to purchase a holiday home in the UK over one abroad, and owning a vacation property is regarded as the biggest status symbol among UK residents, with more than a third of UK adults (37 per cent) aspiring to own one themselves.

But anyone searching for their own holiday home should pay close attention.

"Never sign up for a property that you haven't visited for yourself, as you many find your dream home is actually next to a motorway, airfield, or a rubbish dump," advised international property and finance expert, Simon Conn.

"Also consider employing a managing agent to look after the property if it is a long way from your home, as there will always be someone to help you in the case of an emergency."