Widely anticipated pent-up demand was released at the start of Q3 which saw tenants take up their leases or begin their property search in earnest. Traffic to Citylets platforms was materially above average over the whole quarter and historically high levels of stock returned to normal with some markets rapidly overshooting to unseasonably low levels.
Indeed, the Scottish PRS was already in motion before the official end of lockdown on June 29th in so far as material volumes of properties were being taken off the market in advance of physical moves, and facilitated by an accelerated growth in technology that allowed many tenancies to be agreed without any direct contact between agent and tenant.
“The rental market throughout the Scotland continues to perform strongly despite the wider issues affecting the country. In particular we have seen increased demand for family homes in smaller towns and rural areas. I believe this may be a reaction to months of lockdown and people looking for more space. At the other end of the market we have also witnessed increased demand for one beds in university towns and cities from students looking for sole occupancy. Previously they would have been expected to be in halls or sharing HMO’s with other students. These examples show how flexible and adaptable the private rented market is and how it remains such an important provider of housing in this country.”
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