A Letter To Londoners

Fiona Nicolson suggests that Londoners might prefer to live somewhere else......

The astronomical price of property in London has long been a favourite dinner party topic for Londoners. It's thought to be the high price Londoners pay for living in a capital city and for the lifestyle that goes with it.

So if you're a Londoner, how do you feel? As you trudge through the Underground on the way to work, to pay for that massive mortgage on your over-priced piece of London property, do you ever dream about moving somewhere else?

I don't mean upping sticks to the countryside or living abroad, but moving to another capital city: one with similar advantages to London. A city not too far away, which also has good jobs, excellent restaurants, cinemas, theatres, centuries' worth of fascinating history, beautiful scenery and friendly people.

And where you also get more property for your money.

The city I'm thinking of is Edinburgh. You might believe that it's grim up north and sometimes the weather certainly fits that description. But if you lived in Edinburgh instead of London, you could have a lifestyle that's much better value for money than the one you have now.

So, how much money could you save by living in Edinburgh instead of London? The average price of a property in London is currently around £335,000. In Edinburgh it's nearly £228,000. Just think what you could do with an extra £100,000 or so. It could pay for holidays, school fees, a new car, or whatever else you could do with some spare cash for. Perhaps even a second home.

It's still not worth moving for, you might say, if you're lucky enough to live in one of the smarter boroughs of London. But if you were to compare what you have at the moment with a similar property in one of Edinburgh's most desirable locations, you might change your mind.

First of all, let's look at the price of the property in two reasonably similar areas. The average price of a flat in the London borough of Camden is nearly £425,000: in Edinburgh's upmarket Stockbridge, the average price for a two bedroom flat is £259,000. So, again, there's potential to swell your bank balance.

It's also worth bearing in mind that in Edinburgh, £425,000 could get you at the very least a 3 bedroom flat in an A listed Georgian terrace, a short walk from Princes St.

More reasons to re-locate

It's not just about the property gains, though. There are other savings you can make by living in Edinburgh, instead of London. As someone who has lived in both cities, here are a few of the main benefits I've discovered:

1. If you live in Stockbridge or somewhere else central, you can probably walk or cycle to the office (which of course also saves you money and is environmentally friendly as well)

2. socialising is much cheaper: Edinburgh has got loads of great bars and restaurants (even a few Michelin starred ones), but it won't cost you quite as much to eat out or go for a drink

3. if you're a shopaholic, don't worry. Edinburgh's got plenty to offer, including a Harvey Nichols. And with smaller mortgage payments, you may well have more to spend

So, if you're looking for ways to pay less for your property and lifestyle, it could be time to break for the border.