The deluge of stock onto the Edinburgh market from the effective closure of short term holiday rentals in particular saw the capital record a significant annualised fall at minus 4.1%. The average property to rent in Edinburgh stood at £1085 over the last quarter of 2020. Stock levels in the city remained high by classic standards and rents look set to fall further as we enter 2021. TTL lengthened significantly on last year by 11 days to 33 days. 54% of properties let within a month.
“After the boom of Q3 2020, the lettings market slowed considerably in Q4 as we moved towards the end of the year and saw a large oversupply of property with far fewer enquiries from potential tenants. Covid was the main driving force of this trend as the country realised we were going backwards rather than forwards. A number of our student tenants handed in their notice as they came to terms with the proposed restrictions coming into force on Boxing Day. Rather than just go home for the Christmas holidays, as they would normally, they gave up their tenancies and moved home for the foreseeable future. This micro-trend within the whole market contributed, in part, to the large oversupply of property seen in Edinburgh during Q4.”
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