The data from Q2 2019 pointed towards a final leveling off in the Aberdeen rental market with annual growth at just minus 0.8% YOY. However, the Q3 2019 surprises with annual rents down minus 3.9% at £716 per month and average TTL up 3 at 48 days. TTL had reduced 4 days YOY in the previous quarter. However good properties in good locations continue to perform well and landlords remain strongly incentivised to improve the condition of their properties. All property types (1-4 bed) saw negative annual growth in Q3 2019 and lengthening TTLs. A third of Aberdeen properties are let within a month.
“The third quarter of 2019 has been extremely busy with a record month for number of signed lets recorded in August. With a large portfolio of properties on our books, we have been able to attract all types of tenants, with one and two bedroom properties generating most interest. We also noted a slightly increased interest in higher end properties from private tenants and relocation agents which again may indicate that the feel good factor in the energy sector is reaping tangible benefits. It has undoubtedly been a challenging couple of years in the region, but the market is certainly showing signs of recovery.”
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