Each week, we report on trends in the Private Rented Sector in the UK, with particular emphasis on Scotland. The Scottish housing market has experienced some dramatic changes over the past 5 years, and this data will provide a snapshot of the situation in various cities.
All statistics are based on rental properties advertised on Lettingweb, which run into the hundreds of thousands; however weekly sample sizes are often much smaller. As more data is accumulated we intend to provide further UK-wide reports.
As with last week Aberdeenstill tops the list for rental prices. One-bed flats rent for an average of £582 a month (a close to 10% increase on the figure for 2011) with two-beds at £780 a month (conversely, a £31 decrease in price from 2011)
The average time taken to let flats have decreased dramatically in the year since August 2011, down from 33 to 2 days and from 38 to 1 day for one- and two-beds respectively.
One-bed flats in Dundee decreased in rental value per month from £362 in 2011 to £320. Two-bed flats saw a massive £100 decrease in price, from £510 to £420 a month.
The number of days taken to let these flats has consistently dropped though, from 43 days to 2 days for one-bed flats and from 31 to 3 days for two-bed flats.
The capital city has seen a widespread decrease in average rental prices, with one-bed decreasing slightly from £546 in 2011 to £549 in 2012; two-bed flats showing a slight decrease from £754 to £737 a month; three-beds dropping around 5% to £912 a month; and four-beds decreasing almost £200 in rental price from £1685 to £1498.
However, the average time taken to let decreased dramatically for all properties. One-, two-, three- and four-beds took 2, 2, 2 and 1 days to let respectively, compared to 20, 26, 41 and 63 days respectively in August 2011.
Glasgow showed a mix of increases and decreases in rental values, with one-bed rentals decreasing in price more than 10% from £483 to £412; two-beds decreasing from £598 to £571; but three-beds showing the only increase in price during the year, from an average of £801 a month to £838 a month.
The average time taken to let decreased dramatically as throughout the rest of Scotland’s major cities, with an average of two days taken to let all flats; this compares to 50, 50 and 55 days for one-,two - and three-beds respectively during the same period in 2011.
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