As we move into December, we have taken a look at how our lettings have performed across our various offices in the third quarter of 2016, as well as collating the latest views of our Clyde Property agents on the Scottish property market.
The general consensus across the board – from Ayr to Aberdeen and Edinburgh to Glasgow – is that the lettings market demonstrated continued strength and growth when compared to the same period in 2015.
Positive trends include current low interest rates, which are leading to further buy-to-let investment. Our Clyde Property agents are attributing this boost from low interest rates to landlords who are seeking to reap the rewards of higher yields, as rental prices in several areas continue to rise compared to last year in line with increasing demand for quality private rental accommodation.
Finally, the continued issue of demand outstripping supply, from one-two bedroom flats in the Capital, to four bedroomed homes in Hamilton, has led to strong rental choice, higher yields and incredibly fast letting turnarounds. Below, we’ve rounded up three of the most significant shifts in Q3 of 2016 compared to last year’s Q3.
Highest number of properties to let
The West End office continues to perform well, emphasising the perpetual demand for high quality properties in this popular and trendy area of Glasgow. During this quarter, 126 leases were agreed, following on from over 450 viewings. Naturally, demand continues for well-maintained one and two bedroom flats, which have been achieving prices between £750-£995 per month. Furthermore, demand is said to be “soaring” for three and four bedroom family accommodation.
Most progressed area for lettings
While all of our Clyde Property offices have performed well this quarter, one office in particular has excelled – Bearsden. Lettings in this affluent area of Glasgow have continued to grow and have, in fact, nearly doubled on the same period last year. Leases agreed for this quarter are up to 39, compared to 20 for the same period in 2015. The Bearsden team has completed a variety of leases this quarter, from one bedroom flats to five bedroom homes, ranging in price from £500pcm to £2500pcm.
Breaking the £1000 rental barrier
Figures from quarter 3 have revealed that the average rental income in Edinburgh has now surpassed £1000; the average is now £1050. This represents a growth of 7.6% over the year, proving that the capital city remains a safe move for buy-to-let investors. As demand rises, the time it takes to let out properties continues to gather pace, too. One and two bedroom properties are being let within 14-20 days on average, and 41% of one bed properties are securing tenants within just one week.
If you are thinking of letting out your property, why not contact your local Clyde Property team to discuss prices and strategy.
With our award-winning letting service and unbeatable knowledge of the Scottish rental market, Clyde Property is in an unparalleled position to help you find the perfect rental property. As Scotland’s leading independent letting agency, we work hard every day to ensure sure we live up to the title and make finding your perfect rental property painless.
The only local agency with all offices open 7 days a week. Each one of our 11 branches has a team of dedicated letting experts who will work with you to help you find the right property to rent.