Jan
31
Crunch Times in Letting
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The current credit crunch in the UK may mean a slowdown for many parts of the economy but the residential letting sector in Scotland is flying at the start of 2008. Citylets has recorded its busiest January to date with the volume of searches launched for property to let in Edinburgh and Glasgow increasing 24.7% and 19.4% respectively on last year.
While there is talk of economic adversity, people will be wary of buying homes. Others simply will not be granted their mortgage. This will drive more people to rent and for longer and we expect the demand for properties will continue to soar well into Q3 of 2008. This is good news for private landlords and their agents but tenants should expect to see rent rises in some areas.
Managing Director Thomas Ashdown commented:
“It only stands to reason that we are seeing an increase in demand in the letting sector, something we have been expecting over the last 6 months, but the size and speed of the increase is of interest. Most noticeably demand for 2 bed property in edinburgh has shot up by over 30%.
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