Once again Glasgow and surrounding Local Authority regions of South Lanarkshire and Renfrewshire posted the largest year on year rises as a systemic imbalance between demand and supply tightened. Rents in Glasgow rose 5.7% to stand at £848 on average with a TTL of just 20 days. 75% of properties to rent in Glasgow let within a month. The reported figures for the Greater Glasgow region add further countenance to conjecture that the pandemic was leading to widespread exodus from cities.
“The final quarter of 2020 saw the greater Glasgow area placed into Tier 4 restrictions which caused some confusion among tenants and landlords, with some thinking no house moves were possible and others thought it was business as usual. The number of properties vacated was low, restricting the availability of properties for rent and resulting in those properties placed up for let moving very quickly. We saw existing landlords increasing their portfolio size and whilst there was an obvious issue in areas popular with students, we also saw a new entrant in the requirement of tenants – renting a base close to vulnerable parents.”
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