May
6
The Citylets Report Q1 2011
Filed Under Aberdeen Property News, Citylets Rental Reports, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
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
Jan
25
The Citylets Report Q4 2010
Filed Under Citylets Rental Reports, Edinburgh Property News, Glasgow Property News, Market News, Property, Renting news, Scottish Property News by DanCookson | 1 Comment
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
Nov
17
The Citylets Report Q3 2010
Filed Under Aberdeen Property News, Citylets Rental Reports, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
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/
Aug
11
Belfast Rental Report Q2 2010
Filed Under Belfast Property News, Citylets Rental Reports, Market News, Renting news by DanCookson | Leave a Comment
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/
Jul
30
Trends in Scottish Residential Lettings Q2 2010
Filed Under Aberdeen Property News, Citylets Rental Reports, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
We were really pleased that the BBC published our recent analysis of the Private Rented Sector in Scotland http://www.bbc.co.uk/news/uk-scotland-10698297
If you have not seen it our latest issue (No 14) of ‘Trends in Scottish Residential Lettings’ for Q2 2010 reported average monthly rents at £654 in Scotland, a 3.3% rise over the year. Rents in the 3 largest Cities eased upwards over the year as well. In Q2 2010 Edinburgh had an average monthly rent of £755, up 4.3% on the year, while Aberdeen rents were £854 up 2.0%. Glasgow saw rents of £590 which were up 2.6% on the previous year.
The Citylets Rental Index for Scotland stood at 110.9 in June which is the second highest figure recorded since the Index was initiated four and a half years ago (Jan 2006 =100). This and the steadily improving Time to Let figures are a clear indication of the increased demand for good quality rental property. Many tenants are extending their leases and pondering their first steps on to the property owning ladder.
To download your copy of the latest report visit http://www.citylets.co.uk/reports/
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