Growth in Glasgow outstripped Edinburgh for the second time in 2019 at 4% YOY. The market also moved at a greater pace than the capital at just 20 days TTL on average, down a material 5 days on Q4 2018. 1 bed properties took just 15 days on average to find a tenant. A very significant 85% of 1 bed properties and 78% of the whole market let within a month. The average property to rent in Glasgow now stands at £802 and would seem set to remain above £800 having surpassed in the previous quarter. Rental growth in Glasgow is almost exactly 4% from the 1, 5 and 10 year view.
“At Western Lettings we have just had our busiest Q4 on record. Nevertheless, there are some signs of weakening tenant demand, particularly for larger properties and HMOs. There can be little doubt that the supply of Purpose-Built Student Accommodation (PBSA) is reaching saturation point with approximately 20,000 bed spaces available across the city, predominantly in the West End. We have seen evidence of investor landlords exiting the sector due to increasing regulatory pressure and ratcheting tax burdens. On the plus side, yields remain high in a global context, and there is no shortage of investors eager to snap up attractive rental properties.”
I am a Tenant Landlord
