Dec
13
House Prices in Scotland holding up better than rest of UK
Filed Under Uncategorized by DanCookson | Leave a Comment
If you read our Citylets Quarterly Rental reports on a regular basis you will know that we also track house prices in Scotland using two of the official sources: The Registers of Scotland and Communities & Local Government (CLG). The most recent figures from CLG for October were published this morning and the index chart below compares growth in house prices for all the Home Nations since February 2002.
The encouraging news for property owners in Scotland is that average values have not deteriorated as dramatically as other Home Nations and are now 115% up on what they were in Feb 2002 (i.e. they have more than doubled in price in that time). However, a note of caution in this good news is that average prices might well be held up because the mix of properties selling has shifted, with more large and expensive family homes selling over recent years and fewer affordable properties changing hands. Recent analysis by ESPC supports this view and shows that the number of 3 & 4 bedroom homes selling is now a larger proportion of the total sales than it was pre credit crunch. The significance of the change in the mix of properties selling on the average price in Scotland has yet to be determined.
Northern Ireland have experienced a roller-coaster of a housing market during the last 10 years with an unsustainable explosion in prices from Feb 2006 to the high in Aug 2007. Since then prices have come back with a bump and are now at the level they were 6 years ago. This is obviously good news for those looking to buy now but not such a fillip for those that bought at the top of the market.
As ever with indices, so much of the interpretation can depend on the period you chose to start the index. Its fair to say that the market in England was appreciating rapidly well before 2002, but comparable figures going back to the 1990s are not readily available for all the countries of the UK.
home nations house prices small
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.
Feb
11
The Citylets Belfast quarterly report Q4 2010
Filed Under Belfast Property News, Citylets Rental Reports, Did you Know...?, Letting agents, Market News, Uncategorized 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
27
Records fall on Blue Monday (Jan 17th 2011)
Filed Under Uncategorized by thomas | Leave a Comment
It seems many took solace on this years blue monday browsing for their next flat to rent! Citylets.co.uk recorded its busiest day ever for visitors beating previous daily record set in August of last year. January is traditionally a busy month for rentals but peak activity for us in recent years has always been recorded in the late summer months…..will that be the same again this year? We think that will be the case with rental demand seemingly underpinned for the forseeable with access to mortage credit remaining tight throughout, especially for first time buyers.
Jan
25
The Citylets Report Q4 2010
Filed Under Citylets Rental Reports, Edinburgh Property News, Glasgow Property News, Market News, Renting news, Scottish Property News, Uncategorized 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
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