Citylets, the UK’s number one lettings portal, has unveiled a new look rental report, which offers a more detailed analysis across a wider range of Scottish locations – just in time for ‘National Landlord Day’ Exhibition & Conference on Tuesday, 6 November.
The quarterly report which provides landlords and renters with comprehensive insight into renting in Scotland already covers larger areas such asEdinburgh,Glasgow,Aberdeenand Dundee and it will now be extended to cover information from smaller local authority areas including Fife, Renfrewshire, South Lanarkshire andWest Lothian.
The new look report will be unveiled and distributed at the ‘National Landlord Day’ Exhibition & Conference which is being organised by the Scottish Association of Landlords and sponsored by Citylets.
John Blackwood, Director of the Scottish Association of Landlords, said: “Ahead of our national conference and reports of rents reaching a new high for Scotland, Landlords will be pleased to note that demand for private rented accommodation is on the increase but expects rents to rise even further in 2013 as we see the full effect of greater legislative pressure put on the sector.
“This combined with benefit cuts will undoubtedly affect those families on low incomes as they struggle to find suitable accommodation in the private rented sector.”
Dan Cookson, Senior Analyst at Citylets, said: “This year has seen the rental sector face some significant challenges with both the introduction of the tenancy deposit scheme as well as the decision to ban all agency fees for tenants.
“It’s too early to see whether these changes will have an impact on our figures but we will be monitoring it closely going forward.”
Citylets’ quarter three report for 2012, has revealed thatAberdeencontinues to be the most expensive city inScotland, a position it’s held since the report started five years ago.
Dan continued: “AberdeenandEdinburghboth continue to be the most expensive places to rent as well as both having the lowest time to let (TTL) figures in the country which indicates that the private rental markets continue to thrive.
“This quarter’s figures have revealed Dundee as the most affordable city to rent, howeverGlasgowdoes continue to have a good mixture of rents available for those on a budget and also for those looking at the higher end of the scale.
“The local authority areas that we have added to the report make for really interesting reading withWest Lothiancoming in as the most expensive of the four areas and Renfrewshire is the most affordable.”
Citylets figures show that in Q3 2012 the average rent inScotlandreached an all time high at £672, although this was only a 1% increase on the same period of last year. Meanwhile, the average time to let (TTL) figures remained at 39 days, one day longer than last year.
Aberdeen held on to its title as most expensive place to rent in the country with the average two bed rents experiencing an increase of 2.4% on the same quarter last year to bring it to £899, a third more than the Scottish average. The city’s average TTL figures all improved with the biggest change in two bed properties to 20 days improved from last year’s figure of 25 days.
Dundee’s average rent currently stands at £531, down by 2.4% on the same quarter of last year, three bed rents in the city increased by 7% to £706 but these larger properties only represent 10% of transactions in the city. The average TTL figures increased to 50 days, 21 days more than Q3 of last year.
In the capital the market continued to see a steady increase with people paying on average £729 for a two bed property, 1.3% up on the figure of last year. Just outside ofEdinburgh, West Lothian also saw an increase of 1.3% of two beds with the average rent sitting at £536, andFifeexperienced a fall of 1.2% to £485 for two bed rents.
Glasgowstill offers many affordable areas to rent with two bed properties coming in under the Scottish average at £622 and one bed properties a small increase of 1.3% to £472. TTL in the city remained remarkably similar to the same period of last year with the average figure for the city standing at 41 days which is just above the national average of 39 days.
Meanwhile the new reporting areas introduced of South Lanarkshire and Renfrewshire both showed similar trends with both areas coming in under £400 for two bed properties and both experiencing fairly high TTL figures with 53 days for a two bed inSouth Lanarkshireand 48 days in Renfrewshire.
Citylets’ rental report was launched in 2007 and has since become a respected guide for housing professionals including social housing and public policy makers. The report and associated rental maps are available for download here: www.citylets.co.uk/reports