{"id":3634,"date":"2018-04-23T15:15:45","date_gmt":"2018-04-23T15:15:45","guid":{"rendered":"https:\/\/www.citylets.co.uk\/blog\/?p=3634"},"modified":"2018-04-24T11:25:43","modified_gmt":"2018-04-24T11:25:43","slug":"supply-constraints-raises-edinburgh-to-all-time-high","status":"publish","type":"post","link":"https:\/\/www.citylets.co.uk\/blog\/supply-constraints-raises-edinburgh-to-all-time-high\/","title":{"rendered":"Supply Constraints Raises Edinburgh To All Time High"},"content":{"rendered":"

Competition for larger 4 bed properties lifted the Scottish national average into positive growth for the first time in 3 quarters. Average rents in Scotland rose to \u00a3780 per month, up 1.6% year on year (YOY). 4 bed properties rose 6% to stand at \u00a31585 on average reflecting seasonal demand from the student population in large urban areas. Property to rent<\/a> in Scotland has risen 3.1% on average over the last 5 years and 2.1% over ten years.<\/p>\n

\"Scotland-Market-Overview-Q1-18-sm\"<\/a><\/p>\n

Edinburgh<\/strong><\/h4>\n

Supply of rental property, in terms of the number of properties available to rent, has been steadily reducing since its peak in 2013. Nowhere has this been more keenly felt than in Edinburgh<\/a> where annual rents have been increasing, as measured quarterly, for 8 full years. However whilst the 5 year average rise of 6% will be concerning for tenants, the ten year view of 4.2% is broadly in line with the CPI+1+N proposals for rent caps<\/a> in any designated rent pressure zone. In other words, the current form of rent cap would offer the highest going rate in the open market in any of Scotland\u2019s cities on the long term view. Rents in Edinburgh are currently at an all time high of \u00a31062 on average, up 3.8% on last year. 1-4 bed properties all posted positive growth of between 3 and 6 % YOY with 3 and 4 beds letting quickest bucking the normal trends and reflecting the very strong demand from students<\/a> in the capital.<\/p>\n

\"Edinburgh-Market-Overview-Q1-18-sm\"<\/a><\/p>\n

Glasgow<\/strong><\/h4>\n

Rents in Glasgow have also been increasing steadily, not as sharply as in Edinburgh but for nearly the same amount of time- 28 consecutive quarters, 7 years. Q1 2018 records a 1.2% YOY rise to \u00a3749 on average, overtaking Aberdeen, but growth has slowed remaining in the 1-2% range down from both the 5 year average of 4.4% and the 10 year average of 3.2%. The average property in Glasgow<\/a> takes 1 month to rent, up 1 day on Q1 2017. Larger 4 bed properties saw the steepest rise in Q1 2018 up 7.3% YOY to \u00a31600.<\/p>\n

\"Glasgow-Market-Overview-Q1-18-sm\"<\/a><\/p>\n

Aberdeen<\/strong><\/h4>\n

Rents in Aberdeen fell below national average for the first time this quarter however this is not likely to unduly unnerve investors as the trend towards levelling off continues. The average rental property in Aberdeen<\/a> costs \u00a3736 per month, down 4.2% YOY. As with Scotland\u2019s other large cities, 4 bed properties fared best recording positive growth, albeit slight at 0.3%. The average property in the granite city takes almost 2 months to let at 58 days. The 5 year picture for Aberdeen is down 23.4% but the ten year view is less at minus 16.8%.<\/p>\n

\"Aberdeen-Market-Overview-Q1-18-sm\"<\/a><\/p>\n

Dundee\/West Lothian\/South Lanarkshire\/Renfrewshire<\/strong><\/h4>\n

Dundee also returned to positive growth in Q1 2018, up 0.7% YOY, but driven by strong gains in the main 1 and 2 bed markets- up 5.6% and 2.5% respectively. The average property in Dundee<\/a> rents at \u00a3614 per month and takes 46 days to let. Rents in West Lothian also posted sharp annual growth, up 4.6% YOY, with all 1-4 bed markets recording sharp rises. 1 bed properties in South Lanarkshire<\/a> recorded 3.8% growth leading the region to a 0.7% annual rise.<\/p>\n

\"Dundee-Market-Overview-Q1-18-sm\"<\/a><\/p>\n

The\u00a0full Citylets Quarterly Report on Scotland\u2019s rental prices can be found at:<\/p>\n

https:\/\/www.citylets.co.uk\/research\/reports\/property-rental-report-scotland-2018-q1\/<\/a><\/p>\n

A report PDF is available at:<\/p>\n

https:\/\/www.citylets.co.uk\/research\/reports\/pdf\/Citylets-Quarterly-Report-Q1-2018.pdf<\/a><\/p>\n

The Citylets Quarterly Report is widely regarded as the most authoritative barometer of the Scottish PRS with expertise built up\u00a0over 11 years of publication. For enquiries, please contact\u00a0us<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Competition for larger 4 bed properties lifted the Scottish national average into positive growth for the first time in 3 quarters. Average rents in Scotland rose to \u00a3780 per month, up 1.6% year on year (YOY). 4 bed properties rose 6% to stand at \u00a31585 on average reflecting seasonal demand from the student population in …<\/p>\n","protected":false},"author":1,"featured_media":3642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[12,3,10,11,172],"tags":[288,181,289,182,157,405,406,403,404,84],"class_list":["post-3634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aberdeen-property-news","category-citylets-quarterly-reports","category-edinburgh","category-glasgow-property-news","category-scotland-property-news","tag-aberdeen-rental-market","tag-citylets-renatl-report","tag-dundee-rental-market","tag-edinburgh-rental-market","tag-glasgow-rental-market","tag-property-to-rent-aberdeen","tag-property-to-rent-dundee","tag-property-to-rent-edinburgh","tag-property-to-rent-glasgow","tag-scottish-rental-market","aberdeen-property-news","citylets-quarterly-reports","edinburgh","glasgow-property-news","scotland-property-news"],"yoast_head":"\r\nSupply Constraints Raises Edinburgh To All Time High - 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