In the coming weeks and months, we will be reporting 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 month Aberdeenstill tops the list for rental prices, due to the oil money flooding into the city. One-bed flats come in at an average of £588 a month, a 10% increase on the average rental price of £534 for the same period in 2011. Three-bed flats averaged £975 – a noticeable increase in price from the equivalent period in 2011 of £943.
The average time taken to let a one-bed flat has decreased dramatically in the year since June 2011, down from 26 days to 3 days; three-beds have also shown a decrease from 35 days to 4.
On the other hand, the capital city has seen a mix of both increases and decreases in average rental prices, with one-bed flats showing a small decrease from £559 to £546 a month; two-beds decreasing from £702 to £690 per month; three-beds increasing 10% from £973 to £1067 a month; and four-beds dropping dramatically by almost a third from £1458 to £1050.
However, the average time taken to let decreased dramatically for all properties. One-, two-, three- and four-beds took 3, 3, 4 and 1 days respectively to let (as opposed to 29, 31, 31 and 34 days respectively in 2011).
Glasgow showed a general decrease in rental values, with one-bed rentals decreasing almost £100 from £455 a month in 2011 to £361 a month; two-beds oddly almost doubling from £353 to £638; and three-beds dropping a negligible £6 during the year, from an average of £806 a month to £800 a month.
The average time taken to let decreased dramatically as throughout the rest of Scotland’s major cities, with an average of 2 days taken to let one-, two- and three-bed flats; this compares to 43, 27 and 48 days for one-, two - and three-beds respectively during the same period in 2011.
Dundee showed a general increase in rental prices between 2011 and 2012. One-bed flats were the only size that showed a marginal decrease in price, from £336 to £330. Two-bed flats increased significantly in price from £529 to £600 a month, and three-beds increased almost 70% from £675 a month to £1050.
Although the time taken to let is generally longer in Dundee than in the other cities in Scotland, they have still decreased dramatically since 2011; from 44, 42 and 45 days for one-, two- and three-bed flats respectively, to 3, 8 and 7 days respectively in 2012.
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