May
5
Citylets Rental Report Q1 2010
Filed Under Aberdeen Property News, Citylets Rental Reports, Did you Know...?, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
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
Mar
16
Strongest Growth in Scottish House Prices
Filed Under Market News, Property, Renting news, Scottish Property News by DanCookson | Leave a Comment
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
Feb
26
Compare the Housing Market. Com “Simples”
Filed Under Market News, Scottish Property News by DanCookson | Leave a Comment
As the end of the month draws near its easy to get lost among the myriad of press releases covering the UK housing market. While these can often give conflicting views on the state of the market there are a few very handy sources which distil this information objectively and succinctly. The Scottish Housing Market Review from the Scottish Government’s Centre for Housing Market Analysis (CHMA) is one of them. Hardly the snappiest or memorable of titles but its 4 page monthly snapshot of the latest statistics does a great job of summarising and presenting the latest housing market information. Well worth checking out.
The graph below is from CHMA (with my annotation) and shows how the Scottish Housing market peaked later and has recovered sooner.
One gap in the CHMA analysis is the Private Rented Sector (PRS) which is known among housing economists to be particularly difficult to track not least because in Scotland 75% of all Private Rented Properties are owned by individuals, couples or families (100,000 private landlords own 130,000 properties). With such a fragmented market and no single source of data (such as Lenders, Land Register) producing reliable PRS statistics is difficult. However, Citylets manages more than 50,000 property rentals per year which is a very rich source of data to analyse. Our Quarterly Rental Report http://www.citylets.co.uk/reports/ provides the most detailed analysis of the PRS in Scotland and will evolve over the coming months – we hope you find it useful.
Jan
29
Citylets Rental Report Q4 2009 – Encouraging Signs for 2010
Filed Under Citylets Rental Reports, Did you Know...?, Market News, Renting news, Scottish Property News by DanCookson | Leave a Comment
The latest Citylets Quarterly Report for Q4 2009 shows that Scotland’s private letting sector is shaping up well for 2010 as demand increases for rental properties.
Scottish Landlords have seen the time to let (TTL) – a key market indicator – come down significantly throughout 2009 which if it continues will lead to a rise in rents. The final quarter of 2009 saw average residential rents in Scotland soften slightly to £630 representing a modest 2.5% fall compared to Q4 in the previous year. The latest quarter is just £10 down on the Q3 2009 figures but this masks recent slight upturns in the Edinburgh and Aberdeen markets.
However, the TTL has come down dramatically in certain sectors of the market. Edinburgh for example saw 1 bed properties take one week less to rent in Q4 than in Q3 (35 days to 28 days). The same reduction in TTL was seen across all Edinburgh rental property (41 days to 34 days). Significant improvements in TTL were also seen in Glasgow which saw 1 bed properties taking 8 less days to let (40 days to 32 days) and 2 bed properties 4 less days (39 days to 35 days).
Overall these indicators suggest the private rental market has adapted well to the downward shift in the housing sales market that was seen in late 2008 early 2009 and will continue to provide good returns to landlords in 2010. The likelihood is that yields on residential rental property are going to improve and this is something we will endeavour to explore in more detail in future analysis.
You can download the full market report here: http://www.citylets.co.uk/reports/
« go back
Twitter
RSS
