What began as a resurgence of tenant demand late in Q2 2021 quickly evolved into what many letting agents in Scotland have described as simply the strongest and most sustained period of lettings activity on record. Stock levels in Scotland plummeted a full 65% over the quarter.
Q3 2021 will likely be remembered as a unique period where demand for property to rent was simultaneously high in all regions covered by our report. Major cities, satellite towns and rural locations all posted positive annual growth of up to more than 10%.
Larger properties, in general, continued to fare best with 3 and 4 beds posting annual growth of 8.4% and 5.8% respectively driving the Scottish average up 4.7% Year on Year (YOY) to a new all time high of £906 per month.
“When commenting on the market I feel like a broken record. High demand, low stock. Post-lockdown we experienced a 100% increase of enquiries from people looking for properties across Scotland, especially family sized homes. This demand has continued throughout quarter 3. With insufficient properties to meet demand it leaves many people feeling upset and frustrated because they can’t find a home. The PRS in Scotland is the most heavily regulated in the UK therefore is a matter of deep concern to hear increased anti-landlord rhetoric from the coalition. If this continues, I fear many landlords will leave the sector reducing further the choice of properties available.”
I am a Tenant Landlord
