Rents in Aberdeen began to level off last quarter at 16.7% down year on year (YOY), less than the minus 20% previously recorded, and Q4 2016 shows this continuing trend. Average rents in the city stand at £790 per month, down 15.4% YOY similar to last quarter. It is likely that rents in Aberdeen will hit national average later this year. The average property in Aberdeen currently takes 52 days to let, up a modest 6 days on last year and further evidence of a market settling at a new level.
“We had a busy final quarter of 2016 with more new properties coming on the market and increased lets which is encouraging and hopefully a sign of things to come in 2017. It is my opinion that whilst the Aberdeen market has passed the worst, I am anticipating further minor falls in average rentals during the first half of 2017 before we start to see the beginning of a slow recovery. To paraphrase Winston Churchill I would suggest it is not the beginning of the end, but it is perhaps the end of the beginning.”
I am a Tenant Landlord
