Jan
19
Issue 20 of Citylets Rental Report caps five full years of analysis
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
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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Dec
8
Belfast rent prices hold up as house sales sag
Filed Under Belfast Property News, Blogroll, Citylets Rental Reports, Market News, Renting news by DanCookson | Leave a Comment
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
Oct
26
Citylets reports record volumes and rents in Q3 2011
Filed Under Citylets Rental Reports, Market News, Scottish Property News by DanCookson | Leave a Comment
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.
May
13
The Citylets Belfast Quarterly Report Q1 2011
Filed Under Belfast Property News, Citylets Rental Reports, Citylets.co.uk News, Renting news, Uncategorized by DanCookson | Leave a Comment
Property renters living in and around Belfast are paying 4.2% more in rent than they did a year ago, according to the results of our most recent report (Trends in Belfast Private Rented Sector) published on Thursday 12th May. Strong demand from would be first-time buyers helped push up average rent prices over the last 12 months, particularly for one-bedroom apartments, which recorded a hike of almost 8%.
Our Belfast lettings report is the fifth since it was launched at the beginning of 2010 , and the average rent paid across all property types at the end of March 2011 was £567- up from £544 a year ago. The average monthly rent for a one-bedroom apartment was £492 against £456 at the end of March last year, while the average monthly rent for a two-bedroom apartment grew by almost 3% to £587.
This rental growth is in marked contrast to the housing sales market which has experienced a steady decline in average prices since August 2007. The chart below illustrates the comparative stability of rental values to house prices since 2008.
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
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