Glasgow reached a significant milestone in its Private Rented Sector (PRS) history in Q4 2017 recording an average rent now higher than the national average. The average property in Glasgow now rents at £742 per month, £8 above the national, and now only £13 below Aberdeen, closing over recent quarters (£27 as at Q3 2017 and £33 as at Q2 2017) but still unclear if the two will cross with as much depending on Aberdeen’s recovery as Glasgow’s continued growth. The market in Scotland’s largest city continues to move quickly at 24 days on average, just 2 days slower than Q4 2016. 70% of Glasgow properties are let within a month and as per Edinburgh, rental growth seems to have settled at a lower rate (of c2%) in recent quarters.
“Despite the general belief that the market is quieter in the year’s final quarter, there was no shortage of tenants looking to start their tenancies during Q4. December saw a rise in valuations, with prospective landlords preparing for the New Year; properties came on the market until mid-December, with tenancies commencing right up until 23/12/2017. The team underwent extensive training to prepare for the introduction of the new ‘Private Residential Tenancy’ (PRT) which took effect on 1st December 2017. The focus was on ensuring our landlords and tenants were well-informed of how the legislative changes affected their rights and responsibilities.”
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