Jul
13
No1 Lettings Site in UK
Filed Under Citylets.co.uk News, Did you Know...? by thomas | Leave a Comment
Citylets.co.uk retained its position in June as the No1 residential lettings site in the UK, according to online competitive intelligence agency Hitwise. This is the third consecutive month that Citylets has outperformed all other lettings sites, whether competitors or partners. Of interest is the widening gap from its nearest direct competitor – despite covering a much smaller part of the UK (strictly Scotland and NI) we now have over 50% more visitor traffic. Currently ranked 65 in the UK for property sites, none of our direct competitors once again made the top 100.
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.”
May
5
Citylets Rental Report Q1 2010
Filed Under Aberdeen Property News, Citylets Rental Reports, Did you Know...?, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
Our latest Citylets Rental Report for Scotland saw average monthly rents standing at £638, a small 1.3% (£8) rise between Q4 2009 and Q1 2010 and an increase of just £1 on the previous year’s figure. The 3 main cities also saw remarkably stable rents over the year. In Q1 2010 Edinburgh the average monthly rent was £740, and in Aberdeen £858 both figures down just £1 from Q1 2009. Glasgow rents were £591 up £11 (1.9%) on the previous year. We have started to drill down and analyse local areas in our reports and the most expensive neighbourhood to rent a 2 bed flat in Scotland is Park (Glasgow).
Our Top Ten is listed below:
Copies of the latest Citylets Rental Report for Scotland can be downloaded here: Citylets Rental Report
Mar
26
Private Rented Sector expands in Northern Ireland
Filed Under Belfast Property News, Did you Know...?, Market News, Renting news by DanCookson | Leave a Comment
Citylets have been operating in Northern Ireland for more than two years. A relatively short period but one that has nonetheless seen dramatic changes in the property market. The downturn in sale prices has been both swift and severe as this chart from the recent NI Quarterly House Price Index shows:
The credit crunch has made it far tougher for first time buyers to get on the property ladder so they are tending to stay in the private rented sector (PRS) for longer. We have seen increased NI traffic on the Citylets network throughout this period and this increased interest in PRS has been backed up by the recent findings of the NI House Condition Survey 2009 which shows a continued increase in the number and proportion of privately rented dwellings in Northern Ireland. In 2006 approximately 12 per cent of all dwellings were in the private rented sector. By 2009, this had risen to more than 15 per cent. If vacant dwellings, which when last occupied were in the private rented sector are included, the figure rises to nearly 20%.
Citylets will be reporting on the detailed trends in the Belfast private rented sector in its forthcoming report.
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