Citylets says Scotland booming despite poll worry

The average rent in Scotland now stands at £699 pcm, some 3.6 per cent more than a year ago after big increases in demand in the country's four largest cities, according to Citylets.

After recent months of stability, Edinburgh rose 3.8 per cent and Glasgow was up 2.4 per cent; volumes have increased as expected with seasonal student landlords placing property on the market in addition to the influx of stock aimed at other tenants. Dundee outpaced the larger two cities with average rent up 4.0 per cent to £595 and now closing in on the elusive £600 pcm barrier for the first time.

But as is now increasingly common in stories about the Scottish property market, Aberdeen beat everyone else hands down.

The oil city's average monthly rent is £1,066 after 10.9 per cent increases in the 12 months to April 2014. Ironically this came despite Time To Let average duration growing slightly in the first quarter of this year to 21 days.

Four bedroomed Aberdeen properties now typically let on average at 36 days but by contrast one bedroom units are mostly let within a month and nearly half of them gone within seven days according to Citylets.

2014 will be a unique year for the country with the independence referendum in September and, with the associated uncertainty, it will be interesting to see how landlords and tenants react over the next few months says a Citylets spokesman.