FINWIRE®

Healthy Rental Report Is A Winter Warmer For Scottish Property Market

February 14th, 2008

Latest Citylets report shows increase in demand for and prices of residential rental property in Edinburgh and Glasgow. Elsewhere, rents for one bed flats in Aberdeen continue to soar.

Landlords across Scotland are among the few people seeing benefits from the credit crunch, with demand for rented property being fuelled by economic uncertainty.

Scotland’s only detailed study of the rental sector has shown that both demand and rental prices rose in the final quarter of 2007 – with evidence suggesting that growth is set to continue.

Citylets’ report, Trends in Scottish Residential Lettings, for Q4 2007 showed an increase in rents, homes being let more quickly and increased tenant demand – all helping to drive up the base index of Scottish rents by 2.6% on the same period in 2006.

Thomas Ashdown, managing director of Citylets said: “In the last report we predicted tighter credit criteria and slowing house price growth would lead to higher tenant demand and from mid-November this turned out to be the case.

“We’ve just seen our busiest January ever, with visitor numbers 41% higher than in 2007. The evidence strongly suggests that although Scottish property price growth remains positive, many would-be-buyers are playing it safe for the moment and are happy to carry on renting.

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