Aberdeen

Aileen Merchant

Aileen Merchant - Stonehouse Lettings

“Q3 has continued the upward trend that began in Q3 2022 with high demand for central one and two bedroom properties. With confidence restoring in the oil and gas sector due to the announcement of new oil licences and the carbon capture project, we have seen a much greater demand for high quality, large family homes in desirable areas. The challenges of the rent increase cap and eviction ban continue to pose challenges for landlords, especially with multiple rises in interest rates, however, rising rental prices and increased demand in the city see no sign of slowing down.”

Market Overview - Q3 2023

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £527 10.7% 11.4% -16.2% 26 -2 20% 69%
2 bed £757 9.7% 10.8% -18.1% 27 -1 18% 69%
3 bed £1,108 11.8% 6.5% -16.2% 41 5 9% 47%
4 bed £1,610 0.7% 12.0% -19.9% 44 0 4% 39%
All £832 7.8% 11.7% -17.0% 29 -1 17% 65%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 99.5 100.7 98.8
2009 97.1 94.6 93.8 96.8
2010 96.9 96.5 96.3 98.3
2011 102.5 97.4 99.2 101.0
2012 103.2 101.8 101.6 107.3
2013 108.6 109.3 113.2 116.2
2014 120.5 122.5 120.6 125.4
2015 123.1 117.9 112.4 105.5
2016 97.7 93.9 93.7 89.2
2017 86.8 89.0 87.5 85.3
2018 83.2 83.6 84.2 80.8
2019 80.2 82.9 80.9 80.0
2020 79.3 78.6 80.7 80.1
2021 79.0 79.9 80.8 80.7
2022 81.7 83.4 87.2 88.8
2023 90.2 94.4 94.0  

Market Composition

Yield by Popular Postcode (Flats):

Postcode20172018201920202021
AB10 5.20% 5.40% 5.20% 5.30% 5.3%
AB11 5.60% 5.70% 6.00% 6.20% 6.1%
AB15 5.10% 4.90% 5.20% 5.20% 5.4%
AB24 6.60% 6.70% 6.40% 7.30% 7.4%
AB25 5.50% 5.30% 4.90% 5.60% 5.8%
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