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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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Issue 20 of Citylets Rental Report caps five full years of analysis is a post from: Citylets News

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 reports record volumes and rents in Q3 2011 is a post from: Citylets News

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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 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

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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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Trends in Scottish Residential Lettings Q2 2010

DanCookson — Fri, 30 Jul 2010 11:16:05 +0000

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/

Trends in Scottish Residential Lettings Q2 2010 is a post from: Citylets News

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Most Expensive Area to Rent a Two Bedroom Flat

DanCookson — Fri, 09 Jul 2010 16:00:16 +0000

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.

Most Expensive Area to Rent a Two Bedroom Flat is a post from: Citylets News

Budget impact on Private Lettings Sector

DanCookson — Thu, 24 Jun 2010 12:11:01 +0000

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.”

Budget impact on Private Lettings Sector is a post from: Citylets News

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Citylets Rental Report Q1 2010

DanCookson — Wed, 05 May 2010 16:02:30 +0000

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

Citylets Rental Report Q1 2010 is a post from: Citylets News

Strongest Growth in Scottish House Prices

DanCookson — Tue, 16 Mar 2010 14:32:57 +0000

The latest figures from DCLG (Department for Communities and Local Government) have just been released and make for interesting reading. Scotland has seen the highest annual growth of all the home nations. Annual average house prices rose in England (6.6 per cent), Scotland (7.1 per cent) and Wales (1.3 per cent), but fell in Northern Ireland (-13.7 per cent).

Prices for property bought by first time buyers grew faster than property bought by former owner occupiers. This suggests that the first rung of the property ladder is getting higher and harder to reach which will inevitably lead to more people within the private rented sector and potential upward pressure on rents. We will see if this is so in next month’s release of the Citylets Rental Report for Q1 2010.

Download the DCLG report here:

http://www.communities.gov.uk/publications/corporate/statistics/hpi012010

Strongest Growth in Scottish House Prices is a post from: Citylets News

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