The enduring appeal of city lights and city living was evident in the Scottish PRS over the course of the first quarter of 2022. Whilst demand remains high and stock levels low in both urban and rural areas, rental growth in Scotland’s major cities generally outstripped the surrounding counties where previously growth was notably higher over some quarters of the pandemic.
Rents in Scotland rose a significant 8.5% Year on Year (YOY) to average £896 with Time To Let (TTL) materially lower at just 20 days, in part reflecting that Scotland was in various stages of lockdown over Q1 2021. Whilst the property market remained open, demand was nonetheless impacted.
“As we head into the spring market, the demand from tenants remains high. With the notice periods reverting back to pre Covid, there are some landlords who are now looking to sell and exit the market, which will only add to the supply / demand challenges we are facing. Investor interest hasn’t abated, which is an encouraging sign given the proposed changes. We should be encouraging more landlords to enter the sector to meet this demand, not discouraging them. For the second year we are seeing student enquiries peak with the enquiries coming in earlier.”
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