Mar
25
More than 300 movers & shakers in the property rental sector turned out at Scotland’s biggest annual landlord event yesterday organised by the Scottish Association of Landlords (SAL). As key sponsor, Citylets expects the event will go from strength to strength as private landlords take on increasing political significance in the current housing market.
MD, Thomas Ashdown commenting on the record breaking turn out said that the success coincided with an extremely positive Government review of private rented housing. “It’s telling that on the day of the event the Scottish Government has published its review of private rented housing and acknowledged that private landlords are playing an ever more important role in the housing market. “I believe what we are witnessing is a sea change in attitudes towards the private sector. There has often been a misconception that it’s about little more than wealth creation however it has a very serious role to play in Scottish housing.
Among the guest speakers at
Previous quarterly reports can be found at www.citylets.co.uk
Jan
23
Citylets Property Reports
Filed Under Citylets Rental Reports | Leave a Comment
Over the last quarter of 2008 the banks continued to cover themselves, but not in glory, as huge losses limit their ability to lend and expected future losses necessitate the widening of margins. It is incredible that so many got it so wrong, so few are accountable, but perhaps Minksy helps us understand why “A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.” Still, it’s hardly a resounding endorsement of all the checks and balances that are supposed to protect stakeholders.
In the Scottish residential lettings market the effects of ongoing turmoil in financial markets and economic slowdown have been a continuation of a trend first seen in Q3 2008 and the development of a new one. Tables Turned, the latest Citylets Report, shows a further rise in rental stock levels partly as a result of Citylets client growth but also as more reluctant landlords have entered the lettings market. Even so, the time-to-let averages were only slightly longer than in Q4 2007 although there was one major exception – one bed flats to rent in Glasgow, Aberdeen and Edinburgh all took significantly longer to let than they did last year. The slowdown in 1 bed flats is probably a consequence of lower economic activity in the cities but also, with ever gloomy headlines, more people are looking to save money by sharing, or remaining in shared, rental accommodation. With unemployment expected to rise in the coming months, dampening demand, it’s likely in the first half of this year properties of all sizes will take longer to let than previously. Read the full Citylets Report.
Oct
17
Citylets Property Reports
Filed Under Citylets Rental Reports | Leave a Comment
A once in a century storm hit financial markets towards the end of the last quarter. Initially criticism rained down on short-sellers - we were half expecting to see a ‘short-sellers ate my hamster’ headline – but it served little other than to distract from the shortcomings of, among others, governance, regulation, rating agencies and prudential supervision. A twister touched down in September, felling some banks while others ‘too big to fail’ entered the Downing Street bunker. “Come in,” they said, “I’ll give you shelter from the storm” - oh, and £37 billion.
As property sales volumes continued to dwindle more people turned to the rental market notably ‘reluctant landlords’ - those looking to let property until the sales market stabilises. The latest report, The Tempest, shows that while tenant demand has remained strong, very unusually for the third quarter stocks of rental properties stayed high as the supply increased. This may be the first sign that trends seen over the last few years are about to change.
Activity was much higher in September than is normal (especially for two bed flats to rent in Edinburgh ) so, despite the increase in supply, the time-to-let averages were comparable to Q3 2007. Rents of one bed flats appreciated by more than inflation with, as ever, one bed flats in Aberdeen commanding the highest rent (averaging £578) and posting the strongest growth. However, with two bed flats in Aberdeen there are signs that the market may be cooling. Read more in the full report here.
Jul
23
Citylets Property Reports
Filed Under Citylets Rental Reports | Leave a Comment
The second report of 2008 ‘Time to Let’ provides further evidence that more people are renting property as the full ramifications of the credit/capital crunch slowly unfold. Traffic to Citylets remained high throughout the quarter; there was a 21% increase in the number of properties let and; properties let considerably faster than in Q2 2007.
Two bed flats to rent in Glasgow saw the most significant change with the average time-to-let (TTL) falling to 31 days – 6 days lower than Q2’08 – coupled with a 3.1% rise in average rents to £573. Although 1&2 bed flats in Edinburgh also were taking 20% less time to let than in Q2’07 the fall for Glasgow 2 beds is more unusual as average TTL’s haven’t varied much in quite some time.
Rents for one bed flats in Aberdeen rose to £567 up 11.7% on the year and once again it seems supply is short and demand high with 88% taking less than a month to let. Two beds were in demand but prices were stable averaging £822. Oil prices rose strongly through the first half of 2008 (spurring a further rise in energy sector activity) but seemed to have peaked for now. Read the full report here
Apr
25
Citylets Property Report
Filed Under Citylets Rental Reports | Leave a Comment
As we thought might be the case activity in the residential lettings market remained high throughout the first quarter of the year. The latest quarterly report ‘Lease is more’ shows there was strong tenant demand with, after allowing for Citylets growth, more properties being let than we would expect in what is typically a fairly quiet time of year.
There were 20% more searches for one and two bed flats in Edinburgh, which let faster and for more, than in Q1 2007. Year-on-year rental growth has risen again with rents up on average 5.8% (1 bed) and 6.3% (2 bed). It’s the same story over on the West coast in Glasgow though rents for two bed properties haven’t appreciated on last year.
Surprisingly, considering how fast they were letting in Q4 2007, rental values for 1 bed flats in Aberdeen have fallen on the last quarter (to average £550) but, they still post 10.9% increase on Q1’07. It’s possibly a sign of pressure for rental property easing in Aberdeen after two years of non-stop growth but it’s a bit early to tell on one quarter’s figures. Read the full report here
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