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
Feb
11
The Citylets Belfast quarterly report Q4 2010
Filed Under Belfast Property News, Citylets Rental Reports, Did you Know...?, Letting agents, Market News, Property by DanCookson | Comments Off
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.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/
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/
Oct
20
Belfast Rental Report Q3 2010
Filed Under Belfast Property News, Citylets Rental Reports, Citylets.co.uk News by DanCookson | Leave a Comment
The 3rd issue of our quarterly report into the private rented sector (PRS) in Belfast (Q3 2010) received some excellent coverage in the local media. TV, Print, Radio and Online Media all covered the story http://www.bbc.co.uk/news/uk-northern-ireland-11571628
Key findings from the report include a more than 7% rise in average monthly rents from the beginning of 2010 Q1 (£544) to Q3 (£564) though year on year figure represented a slight decline of 0.5%. However, the time it takes a landlord to let a property has increased by 8 days during the third quarter to an average 56 days. This suggests that while the demand for PRS is increasing there is still a plentiful supply of private rented stock which is providing tenants plenty of choice.
To download your copy of the latest report visit http://www.citylets.co.uk/reports/
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