Edinburgh rents overtake Aberdeen

Edinburgh has overtaken Aberdeen as the most expensive Scottish city in which to rent a property, with the capital’s average monthly let rising 5.7% over the past year to £951.

Average rents in Aberdeen have fallen 15.9% to £934 a month over the last year as the slump in oil prices continues to hammer the local economy.

According to the latest Citylets report, Glasgow rents rose 4.2% to £701 per month, and Dundee rents climbed 4.6% to average £570.

The Scottish average rent is £747 per month.

Callum MacGregor of Braemore Sales & Lettings told the Citylets report: “The private rented sector continues to grow within Edinburgh with many new landlords and investors coming to the market.

“Many of these investors are looking to complete on purchases before the 3% tax change on the 1st April 2016.

“Tenant demand continues to outstrip available property with time to let at record breaking levels and rent levels still very positive across the board.

“The 1 and 2 bedroom markets remain particularly strong at this time of year.”

Brian Callaghan of Letting Solutions said: “Tenant demand in West Lothian has moved up another gear from an already high level.

“All the signs are there: multiple applicants for every property; up to six prospects and more for each viewing; new properties signed up and let in two days or less … there is increasing anxiety from many tenants at the prospect of missing out.”

The Glasgow market is seeing a rise in lets to corporate professionals.

Colin Macmillan of Glasgow Property Letting said: “We have seen sustained growth in the last quarter with no let up in the quality of stock in the private rented sector.

“Obviously the student market has finally slowed down in the last quarter but this has left the market wide open for professional executive lets to take over and we have seen a great increase in corporate relocations.

“We have also witnessed more private investor landlords releasing equity in their own property to purchase buy-to-let properties before the end of the financial year.”

In Renfrewshire, Denise Rhodes of Belvoir Lettings said: “Demand for rental property continued to grow in Q4 2015. Demand for houses was particularly strong.

“Well presented property, with garden, often attracted more than one applicant allowing landlords choice when selecting tenants.

“We noted an increase in enquiries from English investment landlords considering investing in property in Renfrewshire.

“Their internet research had concluded that Paisley is one of the most attractive places in the UK for buy-to-let property.”

Elsewhere, Adrian Sangster of Aberdein Considine said: “Our Edinburgh, Glasgow and Bathgate offices reported a very busy final quarter with tenant demand continuing to outstrip supply.

“Perth and Stirling also experienced a busy end to the year — however there does appear to be a better balance of supply and demand in these areas.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.