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Scottish Rental Market Weathers Financial Storm Well
Citylet's latest quarterly report on the Scottish residential letting market shows that the market is surprisingly buoyant despite the current recession. Rental prices have dropped throughout the country, and the overall number of lets has increased.
EDINBURGH, SCOTLAND, May 09, 2009 /Architecture PR News/ -- A report by Citylets, Scotland's leading online letting portal, on the state of the residential letting market in Scotland in the first quarter of 2009 has shown that the market is standing up well against the backdrop of the UK's current financial turmoil.
With many individuals currently unable or unwilling to buy a property in today's uncertain economic climate and banks becoming increasingly reluctant to issue home loans, it is perhaps unsurprising that the rental market has remained as buoyant as it is.
Although these factors have led to an increase in demand for rental properties, the latest rental report , reveals that rental prices have actually dropped throughout Scotland, with the cost of private rental accommodation down by 1.1% on the first quarter of 2008, and the average rent now GBP638.
High demand has been outstripped by mounting stocks of properties available to rent. This is particularly evident in Edinburgh rental properties, where, for the first time since Citylets started reporting on the market in 2003, the cost of renting one and two-bed flats has declined.
With an increasing stagnation in the residential sales market, many properties have transferred to the rental sector. This is good news for renters, as they can afford to be more selective when choosing rental accommodation.
For landlords and property investors, however, higher time-to-let periods can be expected - the report shows that only 38% of properties let within a month, as opposed to 52% the previous year. This highlights the importance of using an accommodation rental site such as Citylets to bring properties to the widest possible range of potential renters.
With the volume of lets in the first quarter of 2009 surpassing previous quarters, the rental market appears to be in remarkably good health in spite of the ongoing recession, however, the impact of increasing stock levels may yet to be felt in earnest.
About Citylets:
Launched in 1999 Citylets (http://www.citylets.co.uk) is Scotland's most successful lettings portal, facilitating over 40,000 lets annually through over 250 agents. Its quarterly reports are the only detailed and independent barometer of Scotland's rental market, and are widely respected throughout the industry.
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