Rents in the Scottish capital yet again recorded positive YOY growth to average £1048 per month, up 3.5%. However the rate of growth has eased on recent quarters and it will be interesting to see whether growth will now remain at this new level. Average Time To Lets (TTLs) were 22 days, 2 days more than in Q3 2016 and further mild evidence of a slight market easing. 1 bed properties rose the most, up 5.5% at £747 per month and taking 17 days to rent on average. Over 3 and 5 years the growth has been 24.1% and 36.3% respectively.
“We continue to see very short ‘time to let’ figures with an average of just four days ‘time to let’ and each property is averaging a pleasing 100 viewings per day. Occupancy remains very high at 99.4% with rental growth increasing on average at 3.5% per annum. Immediate concerns for the future include a chronic shortage of quality property and the forthcoming legislative changes – The Model Tenancy (October) and December’s Private Residential Tenancy will potentially complicate things in the short term both for agents and landlords. However, Cullen Property along with Edinburgh’s other letting agents will embrace these changes.”
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