Students brave icy weather to be first in line for hot property

Published on Saturday 2 February 2008 10:03

STUDENTS have been recruited to camp outside a city estate agents as investors from England and Ireland look to beat first-time buyers to new flats.

A group of six students spent the night in freezing conditions to be first in line when homes at the Springside development in Fountainbridge went on sale today.

They were hired by Warriston home search and relocation agency Into Edinburgh to camp outside Savills on Wemyss Place and act as proxies for their clients.

City council housing leader Paul Edie today said the move reinforced how difficult it had become for first-time buyers to get on to the Capital's housing ladder.

Demand for the first 58 flats, which start from 150,000, was expected to be so high that the students were told to be in position from midday yesterday.

It is not known whether they represented buy-to-let investors, but Into Edinburgh director Nigel Masterton said none of his clients was Scottish. He said yesterday: "It's not my place to ask what my clients are buying for. They just tell me what they're looking for.

"Scotland-based buyers may be expecting to turn up tomorrow to get the best deal, but clearly we've got the edge."

He refused to say how much the students were being paid, but added: "Students are very good for this kind of activity. Many of them travel so they know how to keep warm."

Cllr Edie said no-one should have to spend the night outside to secure a house. He said: "I'm assuming these buyers are buy-to-let clients, but it's an open market and estate agents are entitled to sell to whomever they please.

"If they are buy-to-let I would hope that they will rent the properties on for an affordable price, as I would be disappointed if local people were priced out of the Fountainbridge area.

"I think this reinforces the point that there is a need for more social housing in Edinburgh."

Chemistry student Kirsteen McEwen, 21 said: "We knew what we were letting ourselves in for so it's not like we've been coerced in any way. I can see why these houses are in demand because they're really central."

Cooking bacon outside Savills this morning, Ms McEwen said: "We had a tent and two cars between us, so it wasn't too bad overnight. The temperature was meant to have gone down to minus four, so we're happy to all be all right this morning."

Associate director of Savills Mark Coulter said: "I haven't seen anything like this since the height of the housing boom in 2003/04."

Grosvenor director John Irvine said: "There has been significant interest in Springside, which is testament to its excellent location and the quality mix of homes."

www.intoedinburgh.com

www.savills.co.uk