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TODAY'S OTHER NEWS

Business as usual after tenancy change in Scottish lettings sector

CityLets, Scotland’s largest online lettings listings service, says it’s business as usual for the market north of the border despite a recent law change.

The change already introduced is the replacement of Short Assured Tenancies by Private Residential Tenancies, offering tenants increased security of tenure and fewer grounds on which they may be subject to eviction.

CityLets says this appears to have left the market unmoved, with the Scottish national average rent edging upwards to a record high of £799 per month.

That’s up a modest 1.3 per cent year on year. 

Looking at individual city markets, rents in Edinburgh reached another high this quarter, up 4.8 per cent annually to £1,087 per month. The platform says it’s likely further highs will be reported in the third quarter of this year given that rents have risen nine times out of the last 10 between spring and summer periods.

CityLets says the Glasgow rental market continues to operate to a steady trajectory with both average rents and time to let almost unchanged on last year. The average property in Glasgow now rents at £763 per month, up just 1.1 per cent year on year, and takes 27 days to let. 

Aberdeen - a volatile market affected heavily by the fortunes of the North Sea energy industry - has seen rents continue to fall in Q2 2018 to average £740, down 6.1 per cent  on a year ago and broadly in line with trend over the past 18 months. 

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