Scottish property rental site, Citylets, has released its first quarterly report for 2017 with some stark facts and figures that reflect shifting plates in the Scottish market.
The overall Scottish private rented sector (PRS) experienced a slight uptick at the national level in Q1 of 2017 fuelled by growth in the central belt and restrained by Aberdeen’s continuing decline which, however, appears to be stabilising with average rents expected to level off by the end of the year.
Highlights of Q1 report:
- Scottish average in private rented sector at £768 at end of Q1 2017
- Aberdeen falls to national average for first time since records began
- Glasgow set to overtake Aberdeen for first time in Q2
- Edinburgh breaks back through £1000 level to reach highest ever level of £1023
- Dundee at £610 per month, West Lothian at £656 average
Thomas Ashdown, Managing Director and Founder of Citylets, said:
“The Q1 numbers are noteworthy on a number of levels including Aberdeen now seemingly finding its new level and likely to level off by the end of the year. Glasgow, historically a social rent city, looks set to overtake the UK’s oil and gas capital in Q2 – something nobody would have predicted just three years ago – and Edinburgh reached its highest ever level.”
“Strong growth has returned to the central belt at circa 5 %, slightly down on the longer term trend of 6% and possibly representing a new norm for the major cities in the region. The findings also represent further evidence of the pressing need for Built to Rent and other related initiatives to be rolled out to increase supply for the benefit of the Scottish housing market.”
Founded in 1999, Citylets is a Scottish residential lettings site with up to 4 million visitors a year (from 1.4 million unique visitors) and over 400 agent offices advertising over 50,000 properties per year.