Scottish residential lettings market thriving
The lettings market for residential property in Scotland is thriving according to independent property consultancy CKD Galbraith.
Would be property owners are continuing to rent during the current uncertain economic times, the firm’s latest lettings report shows.
In the third quarter of this year saw average rental values of £701 per calendar month with it taking on average 36 days to let out properties. During the same period, Citylets reported that the Scottish national average rental price was £670 per calendar month with the average property being let out within 38 days of coming to market.
The Scottish national average is an all time high and is up 3.2% compared with the third quarter of 2010, research by Citylets shows.
‘Demand for private rental properties is showing no sign of decline and the choice of accommodation for tenants is increasing as more rental properties come on to the market. These rental levels are area specific due to regional market conditions but demonstrate an excellent return on capital investment for landlords,’ said Shirley Kenyon, head of CKD Galbraith’s lettings department.
‘There is no doubt that the swell in popularity of rented accommodation is caused by the continuing difficulties that would be homeowners are facing in financing their first purchase. However, more recently there has been an emergence of a new sector in the lettings market. An increasing number of middle aged owners are taking the decision to sell their family home and rent, particularly in the middle to top end of the property market, whilst they monitor market conditions or alternatively decide to have less responsibilities, more disposable income, and take the positive decision to rent for the remainder of their life,’ she explained.
CKD Galbraith envisages that the lettings market is likely to remain robust in 2012 and already have a number of properties covering all categories across the country lined up to come onto the market for 2012.
CKD Galbraith’s lettings division recently became a SAFEagent thus being able to guarantee that tenants' and landlords' money is protected by a client money protection scheme.
The firm has also introduced QR (quick response) codes which enables smart phone users to gain instant access to particular properties available on the firm’s lettings website, relevant to the area in which they are seeking residential property to rent. A marketing tool which CKD Galbraith believes has led to a reduction in the average time taken to let out properties.