Fast Finish | Issue 52

  • Strong close to 2019 sees rents rise and TTLs fall
  • Glasgow posts 4% YOY rental growth, TTL down 5
  • Edinburgh rents up 3.6% YOY, unchanged on Q3
  • South Lanarkshire posts strong regional growth at 5.9%
  • Modest 1% annual fall in Aberdeen

Scottish Monthly Rent Analysis Q4 2018-Q4 2019

The Scottish PRS seemed wholly unaffected by the sustained political uncertainty, and indeed general election, in Q4 2019 bringing the year and decade to an unusually fast finish. Time to Let (TTL) figures fell, particularly in Glasgow where the local market was unseasonably strong. Rental growth operated to recent trend with average rents in Scotland rising 3.5% year on year (YOY) to stand at £798 per month and taking just under 1 month to let at 29 days. The strong annual National rise in recent quarters seems materially driven by an increasingly buoyant west coast market as much as the long running strength of the capital.

Scotland

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Citylets Rental Index - Scotland

YearQ1Q2Q3Q4
2008 100.0 101.6 102.8 100.2
2009 98.8 98.1 99.2 97.7
2010 98.9 101.4 100.6 99.8
2011 100.3 102.8 103.9 101.7
2012 102.9 104.2 105.0 104.0
2013 104.7 107.4 106.5 105.1
2014 108.4 112.1 114.1 113.5
2015 116.4 118.1 117.4 115.7
2016 118.9 120.5 120.2 114.6
2017 119.1 122.3 119.7 113.8
2018 120.9 123.9 122.3 119.5
2019 122.9 129.1 127.3 123.7

Market Composition

Households: Rented

Adrian Sangster

Adrian Sangster - Aberdein Considine

“Despite the legislative challenges being faced by landlords in Scotland, I feel as though there is generally a positive mood surrounding the PRS. Tenant activity levels throughout the country are healthy, with a noticeable improvement even in Aberdeen after a few challenging years. Relocation agents, who act for the larger corporate tenants, are also busier, which bodes well for the longer term. Other than a few areas where there is scarcity, overall there appears to be a good choice of properties available for tenants. Therefore, whilst undoubtedly 2020 will come with a few bumps along the way, my instinct is it will be a more favourable year for the Scotland’s PRS.”

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