Scottish rental market shows Aberdeen about to slip below Glasgow

Scottish rental market shows Aberdeen about to slip below Glasgow


Todays other news


Scotland’s rental market swings to extremes, suggests the latest figures from website Citylets.

 

On the one hand the Scottish average rent has risen to £768 per month with Edinburgh in particular performing strongly – rents in the capital have broken through the £1,000 per month threshold.

 

Glasgow, too, is continuing to rise and is now £740 per month, an all time high for the city and growth of 4.2 per cent over the last year. 

 

However Aberdeen – once Scotland’s highest value rental market thanks to the oil industry – is now on the way down thanks to long-term falls in oil prices. The latest CityLets figures show Aberdeen falling to the Scottish national average rent level of £768.

 

Glasgow is now set to overtake Aberdeen in the next few months. 

“The first quarter [2017] numbers are noteworthy on a number of levels including Aberdeen now seemingly finding its new level and likely to level off by the end of the year. Glasgow, historically a social rent city, looks set to overtake the UK’s oil and gas capital in Q2 – something nobody would have predicted just three years ago” explains Thomas Ashdown, managing director and founder of Citylets

 

“Strong growth has returned to the central belt at circa five per cent, slightly down on the longer term trend of six per cent and possibly representing a new norm for the major cities in the region” he says. 

 

Because of a shortage of supply, Ashdown adds: “The findings also represent further evidence of the pressing need for Build to Rent and other related initiatives to be rolled out to increase supply for the benefit of the Scottish housing market.”

Share this article ...

Join the conversation: Login and have your say

Recommended for you
Related Articles
Leaders Romans Group has acquired GPS Lettings, a Kent lettings...
A lettings agent has received a 12-month community order and...
Salford council has now launched a consultation on whether private...
Fine & Country has moved to a new office in...
Reeves to slash Right To Buy discount on Wednesday...
It’s been revealed by Propertymark that HM Revenue & Customs...
A regional agent says the fear of further taxes on...
Recommended for you
Latest Features
The rental market in England cooled dramatically in October...
A consultancy advising on agency sales has claimed it’s first...
Sponsored Content
In an industry where compliance and client money handling are...
PropTech provider Reapit will announce the latest enhancement to its...
B-hive Block Management Partners Celebrates Major Milestone With Over 100...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here