Jan
23
Citylets Property Reports
Filed Under Uncategorized by admin | Leave a Comment
Over the last quarter of 2008 the banks continued to cover themselves, but not in glory, as huge losses limit their ability to lend and expected future losses necessitate the widening of margins. It is incredible that so many got it so wrong, so few are accountable, but perhaps Minksy helps us understand why “A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.”Still, it’s hardly a resounding endorsement of all the checks and balances that are supposed to protect stakeholders.
In the Scottish residential lettings market the effects of ongoing turmoil in financial markets and economic slowdown have been a continuation of a trend first seen in Q3 2008 and the development of a new one. Tables Turned, the latest Citylets Report, shows a further rise in rental stock levels partly as a result of Citylets client growth but also as more reluctant landlords have entered the lettings market. Even so, the time-to-let averages were only slightly longer than in Q4 2007 although there was one major exception – one bed flats to rent in Glasgow, Aberdeen and Edinburgh all took significantly longer to let than they did last year. The slowdown in 1 bed flats is probably a consequence of lower economic activity in the cities but also, with ever gloomy headlines, more people are looking to save money by sharing, or remaining in shared, rental accommodation. With unemployment expected to rise in the coming months, dampening demand, it’s likely in the first half of this year properties of all sizes will take longer to let than previously. Read the full Citylets Report.
Twitter
RSS