Apr

25

Citylets Property Report

Filed Under Citylets Rental Reports by admin | Leave a Comment

houses4.gif As we thought might be the case activity in the residential lettings market remained high throughout the first quarter of the year. The latest quarterly report ‘Lease is more’ shows there was strong tenant demand with, after allowing for Citylets growth, more properties being let than we would expect in what is typically a fairly quiet time of year.

There were 20% more searches for one and two bed flats in Edinburgh, which let faster and for more, than in Q1 2007. Year-on-year rental growth has risen again with rents up on average 5.8% (1 bed) and 6.3% (2 bed). It’s the same story over on the West coast in Glasgow though rents for two bed properties haven’t appreciated on last year.

Surprisingly, considering how fast they were letting in Q4 2007, rental values for 1 bed flats in Aberdeen have fallen on the last quarter (to average £550) but, they still post 10.9% increase on Q1’07. It’s possibly a sign of pressure for rental property easing in Aberdeen after two years of non-stop growth but it’s a bit early to tell on one quarter’s figures. Read the full report here