Citylets Rental Report Q3 2008 Summary

The Tempest

"You take risks in whatever you do. But if you understand, measure and account for them, that should keep you out of trouble" so said a late CEO of JP Morgan. Wise words, seemingly forgotten by many and while the nationalisation/taxpayer capitalisation of banks may be difficult to stomach, the alternative is worse. Stock markets sank with the exuberance of days past vaporised by pessimism as the possibility of a global economic downturn hit home. House prices continue to decline and, in all probability, more steeply than the statistics suggest. And, don’t even think about pensions.

To date the rental market in Scotland has been strong buoyed by increased demand for rental accommodation as would-be property buyers bide their time. One bed flats in Aberdeen again topped the performance table with average rents rising 9.5% since Q3 of last year and one bed flats in Edinburgh and in Glasgow also posted above inflation increases. On average, rents rose 4.3% but the events of the last month, in addition to a change of trend detected in this quarter’s rental data, suggest that things may be about to change.

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