The Glasgow market continued its rise in Q3 2017 recording 1.9% annual growth to stand at £747 on average. The average property to rent in Glasgow takes 23 days to let and 28% are let within a week. Growth has slowed from 5% recorded last quarter which may not have been expected but doubtless very welcome by tenants. Whilst the city average is predominantly driven by growth in the 1 and 2 bed markets, 3 bed properties gained the most over the year to up 5.5% on last year. Whilst growth has continued, Glasgow has not overtaken Aberdeen this quarter as the market in the Granite City continues to level off. With just £27 per month separating their average rents, down from £33 per month in Q2, it is unclear if rents in the two cities will now in fact cross over.
“The Glasgow market has seen continued growth and demand throughout the summer months, with no signs of the market cooling off. The Scottish Government is discussing rent controls to curb an overinflated market, however, it is the pressure being put on landlords by way of removing tax breaks & increased legislation that has driven rents higher. The property market in Scotland cannot be labelled as one, as each city and each area within that city has its own marketplace. Only time will tell what impact this has on the PRS.”
I am a Tenant Landlord
