Jul
23
Citylets Property Reports
Filed Under Citylets Rental Reports by admin | Leave a Comment
The second report of 2008 ‘Time to Let’ provides further evidence that more people are renting property as the full ramifications of the credit/capital crunch slowly unfold. Traffic to Citylets remained high throughout the quarter; there was a 21% increase in the number of properties let and; properties let considerably faster than in Q2 2007.
Two bed flats to rent in Glasgow saw the most significant change with the average time-to-let (TTL) falling to 31 days – 6 days lower than Q2’08 – coupled with a 3.1% rise in average rents to £573. Although 1&2 bed flats in Edinburgh also were taking 20% less time to let than in Q2’07 the fall for Glasgow 2 beds is more unusual as average TTL’s haven’t varied much in quite some time.
Rents for one bed flats in Aberdeen rose to £567 up 11.7% on the year and once again it seems supply is short and demand high with 88% taking less than a month to let. Two beds were in demand but prices were stable averaging £822. Oil prices rose strongly through the first half of 2008 (spurring a further rise in energy sector activity) but seemed to have peaked for now. Read the full report here
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