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Issue 20 of Citylets Rental Report caps five full years of analysis

DanCookson — Thu, 19 Jan 2012 08:00:09 +0000

After 20 consecutive quarterly publications, the latest Citylets Report (Q4 2011) – caps five full years of analysis and reveals a thriving market where the volume of quality properties to let is higher than ever, rents are easing upwards, yet landlords are resisting any urge to squeeze tenants. Scotland’s private rented sector has coped well with the jump in demand that has materialised post credit crunch, as the banks have upped their deposit requirements and first time buyers are now obliged to save an average £25,000 for their deposit.

The overall average monthly rent in Scotland now stands at £656, a rise of 1.9 % on Q4 2010. Meanwhile, the average time to let (TTL) figures rose slightly from 35 days in Q4 2010 to 39 days in Q4 2011. Scotland-wide, the average rent for a two-bedroom flat rose 1.5% from £617 to £626 between the final quarter of 2010 and the same period in 2011. For one bedroom flats, the average rent rose 3.6% year on year, from £473 to £490.

Citylets Rent trends Q4 2011

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Optilet

admin — Wed, 14 Dec 2011 09:25:04 +0000

Citylets has developed Market Analysis tool Optilet to assist agents set the optimal rent by applying sophisticated analysis to the most recent market data.

Agents can now search for comparable properties by street, area or postcode and match by property type, level of furnishing, number of bedrooms and other criteria. This, in conjunction with agent expertise, allows rents to be set with a clear insight of how long the property should take to let at the asking amount.

Results can be displayed in either list or map format. The map displays the relation of rents of similar properties to precise location and the list format allows results to be ordered by criteria such as ‘time to let’.

Additionally Optilet shows the average comparable rent for the property compared to other types of property in the same area and also compared to the city-wide and national average.

Optilet draws on our expertise built up over the years through analysis work on our quarterly market reports.

For more info, please visit www.citylets.co.uk/optilet

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Belfast rent prices hold up as house sales sag

DanCookson — Thu, 08 Dec 2011 11:36:43 +0000

Large deposit requirements and a still sluggish local sales market continue to prop up rent prices in and around Belfast, with values holding their own in the face of steady tenant demand, our latest report shows.

According to the latest quarterly figures for Q3 2011 landlords in the city are now charging an average £590 a month, little changed on the same period a year ago.

Chart_rent v house price index

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Citylets reports record volumes and rents in Q3 2011

DanCookson — Wed, 26 Oct 2011 22:44:35 +0000

Our detailed analysis of the PRS in Scotland has just been published www.citylets.co.uk/reports and certainly makes for interesting reading. The third quarter (Q3) of the year is invariably a very busy one for the Private Rented Sector (PRS) as it copes with the spike in demand generated by students and summer movers. Q3 2011 was no exception and it was actually the busiest quarter ever for Citylets with the volume of let properties up 17.5% on the year. The average rent in Scotland now stands at £670 which is an all time high and 3.2% up on Q3 2010. While this is headline news it is worth stating that this increase is still below the current rate of inflation and that affordability is not the issue it is in South East and South West of England.

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Citylets.co.uk Wins Through on X-Factor

admin — Mon, 17 Oct 2011 15:21:47 +0000

Visitor traffic to citylets.co.uk rose 16.3% in Q3 2011 compared to the same period last year boosted in part by substantial investment in prime time TV advertising such as ITVs X-Factor.

The third quarter of the year is traditionally the busiest and once again both the monthly (August) and quarterly records fell.

Citylets.co.uk is continuing its TV investment throughout October.

Citylets.co.uk Wins Through on X-Factor is a post from: Citylets News

The Citylets Report Q1 2011

DanCookson — Fri, 06 May 2011 15:41:54 +0000

The Scotsman ran a feature in its Smart Money section about the latest Citylets Report, which revealed that rents are continuing to perform strongly in Edinburgh and Aberdeen. http://thescotsman.scotsman.com/business/Rising-demand-from-frustrated-buyers.6754741.jp

In Q1 2011 average rents in the Granite City rose to £907 the highest they have ever been.

Key drivers of the expansion of the Private Rented Sector have been the steadily expanding number of households in Scotland and the ongoing barriers facing people wanting to enter the property sales market – with many would-be buyers not able to afford a deposit for a property of their own and having to rent instead. Some existing home-owners with equity are selling up and moving in to the rented sector because it gives them the flexibility and time to monitor the sales market and buy quickly when they see the right property.

BBC Scotland ran a piece on the rise in popularity of renting earlier today.

Rental properties ‘preferred option’ – you can see it here:

http://www.bbc.co.uk/news/uk-scotland-13292951

The Citylets Report Q1 2011 is a post from: Citylets News

The Citylets Belfast quarterly report Q4 2010

DanCookson — Fri, 11 Feb 2011 16:18:37 +0000

Our Citylets Belfast quarterly report Q4 2010 was released this week and we were delighted with the coverage it received in the media. The Private Rented Sector is playing an increasingly pivotal role in the provision of housing in Northern Ireland and our ongoing monitoring of trends in both rent values and ‘time to let’ is recognised as being of real relevance in a sector that has not traditionally had much meaningful current research.

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/cold-helped-keep-lid-on-rents-15079049.html

http://www.build.ie/construction_news.asp?newsid=122718

The overall Time to Let (TTL) for the greater Belfast Area lengthened in Q3 to 56 days which seems to have led to a softening of overall rent values in Q4. Encouragingly though the TTL figures dropped in Q4 2010 to 48 days which bodes well for rental values in Q1 2011.

To download your copy of the latest report visit http://www.citylets.co.uk/reports/

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The Citylets Report Q4 2010

DanCookson — Tue, 25 Jan 2011 18:50:24 +0000

While Scotland’s property sales market continues to struggle, the rental sector is performing strongly – with rents continuing to rise across the country and properties being leased to tenants quicker than at any other time in the last three years.

The latest Citylets quarterly data report saw the average rental price in Scotland rise by 2.2% over the past year to £644.The figures also show that the average time taken for properties to let in Scotland has fallen to 35 days – the lowest it has been since the height of the credit crunch in 2008 when there was a surge of demand for rental property.

And in Edinburgh, rents are now at their highest-ever levels with the mix adjusted price for all property being £772 up 5% on the previous year. The average rental price for a 2 bed property currently stands at £704 (up 5.5% on 2009 levels), while the average rent for 3-bed properties has risen by 9.8% over the past 12 months to £1054.

Trends-in-Scottish-rents

A copy of the report is available at www.citylets.co.uk/reports

The Citylets Report Q4 2010 is a post from: Citylets News

Technorati Tags: citylets, Citylets Rental Report, House Prices Scotland, residential lettings; citylets

The Citylets Report Q3 2010

DanCookson — Wed, 17 Nov 2010 17:09:09 +0000

The latest Citylets Rental report Q3 2010 shows that the average monthly rent in Scotland during Q3 2010 was £649 – a small 1.4% increase on the same period in 2009 – however the time taken for properties to rent has fallen dramatically due to increased demand among tenants. The average 1 bed property in Scotland now takes 33 days to let, while 17% of all new properties are now being let within a week of being advertised.

Rents continue to remain stable across Scotland’s three biggest cities. In Edinburgh, the average rent for a two bed flat in the city now stands at £681, a rise of 3.2% on Q3 2009. The average time to let figure – a key indicator of demand for the private rental sector – currently stands at 31 days.

In Glasgow, the average rent for a two-bed flat is now £582 – a modest rise of 0.9% on Q3 2009 – while the average time to let figure stands at 37 days.

Aberdeen remains the most expensive city in Scotland to rent property, with the average rent for a two-bed flat in the city now standing at £791 – a rise of 3.3% on Q3 2009. The average time to let figure in the city currently stands at 34 days.

In this the 15th issue of the report we have extended our analysis to cover areas beyond the largest Cities and the map of Scotland below shows the extent of this new coverage. Copies of the report can be downloaded from here: http://www.citylets.co.uk/reports/

The Citylets Report Q3 2010 is a post from: Citylets News

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Belfast Rental Report Q2 2010

DanCookson — Wed, 11 Aug 2010 13:23:59 +0000

The second issue of our quarterly report into the private rented sector in Belfast (Q2 2010) received some excellent coverage in the local media. Print, Radio and Online Media all covered the story (Irish Times and Belfast Telegraph) as well as specialist Property media such as PropertyWeek .

Key findings from the report include a 3.7% rise in average monthly rents from Q1 (£544) to Q2 (£564) though this represented an annual decline of 6.6%. However, the average time it takes a landlord to let a property has continued to fall over the year for all property sizes.

To download your copy of the latest report visit http://www.citylets.co.uk/reports/

Belfast Rental Report Q2 2010 is a post from: Citylets News

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