Aug
11
Filed Under Belfast Property News, Citylets Rental Reports, Market News, Renting news by DanCookson | Leave a Comment
The second issue of our quarterly report into the private rented sector in Belfast (Q2 2010) received some excellent coverage in the local media. Print, Radio and Online Media all covered the story (Irish Times and Belfast Telegraph) as well as specialist Property media such as PropertyWeek .
Key findings from the report include a 3.7% rise in average monthly rents from Q1 (£544) to Q2 (£564) though this represented an annual decline of 6.6%. However, the average time it takes a landlord to let a property has continued to fall over the year for all property sizes.
To download your copy of the latest report visit http://www.citylets.co.uk/reports/
Aug
5
Citylets.co.uk – UKs No 1 Residential Lettings Site Jul 2010
Filed Under Citylets.co.uk News, Market News by thomas | Leave a Comment
Citylets.co.uk retained its position in July 2010 as the No 1 residential lettings portal in the UK according to Hitwise custom category of dedicated residential lettings sites.
Citylets.co.uk recorded 57% more visitor traffic than its nearest placed UK competitor despite having no operations in the large rental markets of England. Citylets.co.uk remains dedicated to Scotland and parts of Northern Ireland.
In the monthly rankings of top performing property sites in the UK released by Hitwise, citylets.co.uk was ranked 65 overall in the top 100 for the second month in a row.
Jul
30
Trends in Scottish Residential Lettings Q2 2010
Filed Under Aberdeen Property News, Citylets Rental Reports, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
We were really pleased that the BBC published our recent analysis of the Private Rented Sector in Scotland http://www.bbc.co.uk/news/uk-scotland-10698297
If you have not seen it our latest issue (No 14) of ‘Trends in Scottish Residential Lettings’ for Q2 2010 reported average monthly rents at £654 in Scotland, a 3.3% rise over the year. Rents in the 3 largest Cities eased upwards over the year as well. In Q2 2010 Edinburgh had an average monthly rent of £755, up 4.3% on the year, while Aberdeen rents were £854 up 2.0%. Glasgow saw rents of £590 which were up 2.6% on the previous year.
The Citylets Rental Index for Scotland stood at 110.9 in June which is the second highest figure recorded since the Index was initiated four and a half years ago (Jan 2006 =100). This and the steadily improving Time to Let figures are a clear indication of the increased demand for good quality rental property. Many tenants are extending their leases and pondering their first steps on to the property owning ladder.
To download your copy of the latest report visit http://www.citylets.co.uk/reports/
Jul
9
Most Expensive Area to Rent a Two Bedroom Flat
Filed Under Citylets Rental Reports, Citylets.co.uk News, Did you Know...?, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
Citylets has revealed figures showing for the first time the locations of the country’s most and least expensive rental areas.
The research shows that Glasgow’s Park neighbourhood http://goo.gl/2yAR is the top rental hotspot in Scotland, with the average rent for a 2-bed property standing at £1104, closely followed by Aberdeen and Edinburgh’s West End districts.
The cheapest area to rent is Johnstone in Renfrewshire, where the average rent for a 2-bed flat currently stands at £421.
This local area information will now be included in Citylets’ quarterly data reports, which provide the most in-depth analysis of the country’s rental market. The Q2 2010 Report will be published in the coming week.
Jun
24
Budget impact on Private Lettings Sector
Filed Under Did you Know...?, Market News, Renting news, Scottish Property News, Uncategorized by DanCookson | Leave a Comment
The recent increase in capital gains tax to 28% is likely to have an impact on the private rental sector. Although it is not as high as the 40% to 50% rises that were being suggested last week, landlords will still have to adjust to a new investment landscape in which the housing sales market is likely to be flat and where reliance on capital appreciation and disposal will not generate the returns of former years.
The majority of the 100,000 Private Landlords in Scotland have very small portfolios and are looking for capital growth on their investment. If Private Landlords are discouraged from remaining in the market by the prospects of lower capital gains and hard to get finance there is a possibility that they will withdraw from ‘buy to let’ leading to a lack of supply of suitable rental properties to meet the growing demand in the future. If this pans out rents will have to rise which will eventually attract serious landlords back in to the market.
“I believe a ‘rental income’ based approach to property investment will be the way forward – which will encourage or require landlords to enhance and maintain their properties to the highest standards so that they can achieve the higher rentals.”
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