Scotland's Residential Lettings Market Booming
The lettings market for residential property in Scotland is thriving as many would-be property owners are continuing to rent during uncertain economic times.
With six regional lettings divisions throughout Scotland, we can report a higher than average rental value than the Scottish national average, with demand remaining strong in the lettings sector where lending is still somewhat stringent in some segments of the market.
Our latest lettings report for Quarter3 (July-Sep) highlighted average rental values of £701 per calendar month (pcm) with it taking on average 36 days to let out properties. During the same period, Citylets reported that the Scottish national average rental price was £670pcm with the average property being let out within 38 days of coming to market.
2011’s Scottish national average is an all time high and is up 3.2% on Quarter3 2010, research by Citylets shows.
Our regional offices reported the following average rental values for Quarter3, which takes into account the full range of properties let out by the firm in the area:
Stirling (covering Glasgow and Stirling areas) – average rent of £823pcm
Average time to let out a property – 15 days
- Ayr – average rent of £636pcm
Average time to let out a property – 35 days
- Galashiels (covering the Scottish Borders) – average rent of £558pcm
Average time to let out a property – 49 days
- Inverness (covering Inverness-shire and the Highlands)– average rent of £572pcm
Average time to let out a property – 28 days
- Cupar (covering Kingdom of Fife) – average rent of £903pcm
Average time to let out a property - 49 days
- Perth – average rent of £715pcm
Average time to let out a property – 42 days
Shirley Kenyon, head of our lettings department, said: “Demand for private rental properties is showing no sign of decline and the choice of accommodation for tenants is increasing as more rental properties come on to the market. These rental levels are area specific due to regional market conditions but demonstrate an excellent return on capital investment for landlords.
“There is no doubt that the swell in popularity of rented accommodation is caused by the continuing difficulties that would be homeowners are facing in financing their first purchase. However, more recently there has been an emergence of a new sector in the lettings market - an increasing number of middle aged owners taking the decision to sell their family home and rent, particularly in the middle to top end of the property market, whilst they monitor market conditions or alternatively decide to have less responsibilities, more disposable income, and take the positive decision to rent for the remainder of their life.”
As we enter the New Year, we envisage the lettings market to remain robust and already have a number of properties covering all categories across the country lined up to come onto the market for 2012.
Currently for let through CKD Galbraith:
- Pumpherston Farmhouse, West Lothian: A substantial five bedroom farmhouse recently refurbished and situated in mature garden grounds - £1250 pcm
- 5 Collairnie Cottage, Collairnie, Cupar: A charming two bedroom detached country cottage enjoying country views over farmland - £650 pcm
- Charleston, Stanley, Perthshire: Traditional four bedroom farmhouse set in 1.5 acres offering spacious and flexible accommodation - £1295 pcm
- 82 Doonfoot Road, Ayr: Spacious family home with 4/5 bedrooms located in excellent area of Doonfootwith easy access to Ayr & A77 - £1,100 pcm
- 1 Bluecairn Cottages, Bowhill, Scottish Borders: Traditional semi-detached country cottage on Bowhill Estate recently redecorated offering three bedrooms - £425 pcm
- The Old Post Office, Glen Mazeran, Tomatin Inverness-shire: Beautiful converted old post office offering comfortable accommodation in a peaceful rural location - £675 pcm
Our lettings division recently became a SAFEagent thus being able to guarantee that tenants' and landlords' money is protected by a client money protection scheme.
We have also introduced QR (quick response) codes which enables smart phone users to gain instant access to particular properties available on the firm’s lettings website, relevant to the area in which they are seeking residential property to rent. A marketing tool which we believe has led to a reduction in the average time taken to let out properties.
To talk to about letting any of our properties or if you would like to rent out your own property, please get in touch with your nearest lettings department.