BANKERS and students will be increasingly vital to the Edinburgh economy in 2011 and beyond – according to Edinburgh-based Cullen Property.
Steve Coyle, operations director at Cullen Property, says that, despite a current public backlash against bankers and students, both groups play a huge role in the future success of Edinburgh’s economy.
He says: “One in eight people living in Edinburgh is a student and one in 15 is employed by a bank – combine this with the knowledge that the top nine employers in Edinburgh are either a public sector agency such as CEC and the NHS, or a bank, or Edinburgh University, and I think the penny should be dropping that we really need bankers and students in our city.
“Because of the relatively high proportion of Edinburgh’s population employed in the public sector (36 per cent, Edinburgh by Numbers 2010/11) the impending public sector job cuts could mean significant disruption to the status quo of Edinburgh’s employment market and cause shock waves throughout the city’s economy and housing market.”
Mr Coyle adds: “David Cameron and Nick Clegg have assured us that the new ‘big society’ will ensure that the private sector will be able to save the day and re-employ anyone who has lost their job at a local council, for example.
“But, if the private sector is to plug the public sector job void left by cost-cutting, then it is the banks and the demands from the student-related market that will really come to the fore in Edinburgh.”
Cullen Property specialises in acquiring and managing properties for clients looking to invest in and let out residential property in the city, as well as letting to students, so is well placed to comment on the impact of the student fees increase on the city’s housing market.
“Ultimately, the very reason that students were protesting recently may prove to be good news for the Edinburgh property rental market,” says Mr Coyle.
“UK students could see a move north as a way of saving money on the increased tuition fees and this would lead to increased demand not just for university places but also for accommodation.
“And even if the Scottish Government decides to follow suit and allow increased fees to come in, it will mean more money for the universities which will then be able to offer more courses and places as a result.
“So, the next time someone in Edinburgh asks you what you think about students and bankers, just remember the chances are that you’re speaking to one!”
ENDS
For further media information or to arrange an interview with Steve Coyle please contact Samantha McKay on 0131 669 0333 or samantha@nicheworks.co.uk.
Notes for editors
Cullen Property
- Cullen Property was founded in 1998 by two directors who believe passionately in the future of Edinburgh’s property market
- The company specialises in acquiring and managing properties for clients looking to invest in and let out residential property in Edinburgh
- It currently manages approximately 300 properties and consistently achieves over 98% occupancy levels
- For further information visit: www.cullenproperty.com.
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Contact: Samantha McKay Challen
Email: samantha@nicheworks.co.uk
