- Rents in Scotland rise 1.7% year on year (YOY)
- Edinburgh rents reach new all time high
- More choice in capital slows market pace
- High demand in Glasgow pushes rents up 2.9%
Rents in Scotland’s PRS edged upwards in the first quarter despite the political landscape. The average property to rent rose 1.7% to £793 per month. 1 and 2 bed properties charted a familiar course recording positive annual growth however mixed signals at the local level were evident. Gillian Semmler, Communications Manager at Citylets said, “Scotland’s PRS operated broadly to expectation against the underlying political chaos defining the Q1 period. There have been indications of a slower moving market, especially in Edinburgh, but certainly not as marked as in other property or indeed business sectors. More choice for tenants in the capital sees more tenants taking time to view multiple properties before committing. As a result, average time to let has increased by 3 days.”
Edinburgh Property rose to a record high of £1115 pcm against a backdrop of lengthening Time to Lets (TTLs), consistent wit h anecdotal evidence from agents , of tenants taking advantage of the increased choice in the market. Q1 2019 saw properties take 30 days to rent on average, 3 days longer than 2018. The rate of growth at 5% will cheer landlords and concern tenants however this is lower than previous quarters with longer TTLs hinting at a softening market after 9 years of annual growth each quarter.
Falls in rent were reported in Aberdeen in Q1 2019 however at minus 3.5% growth YOY, the rate of decline continues to ease. With re – let times continuing to reduce it is fair to view the figures for Q1 2019 as positive overall for landlords. 1 bed properties fared best across key metrics of growth (minus 2.5%), TTL (49 days) and % let within 1 month (41%). The average property to lease in Aberdeen now costs £710 per month and takes 54 days to let, 4 days faster than last year.
Dundee starts 2019 where it left off as rents continue to move upwards, albeit at a modest 1% YOY as at Q1 2019. The average property to rent stands at £620 per month and takes around a month and a half to let at 43 days. As with other cities, the market data for Dundee was conflicting in part recording decreased rents for mainstream 1 and 2 bed markets but improved re-let periods. Rents for 3 and 4 bed properties continued to climb YOY.
Property to rent in West Lothian continues to enjoy good demand seeing averages rise once again, up 3.5% to £710 per month – same as the current average for Aberdeen. The signs for this popular commuter belt region looks positive for Landlords with the time to secure tenants also notably falling to just over 1 month at 34 days.