With broadly the same and uncertain macro-economic environment persisting throughout Q3 2019 as the previous quarter, it is perhaps unsurprising the characteristics of the Scottish PRS were generally consistent. Rents rose 4.1% Year on Year (YOY) overall to stand at £821 per month on average and Time To Let (TTL) remained unchanged at 33 days. Larger 3 & 4 bed properties posted the strongest annual gains at 6.2% and 8.3% respectively driven in part by strong student demand throughout summer 2019 and reflecting new market dynamics introduced by the new PRT. Dundee posted the largest yearly gain of the major cities at 4.8% and continues its long and steady upward trend.
“Overall, the rental market continues to perform well despite political headwinds with 1 and 2 bed flats in high demand in the key areas of the main cities. Rents are holding up well with the Scottish market continuing to attract interest from investors south of the border who are looking to diversify, as well as international investors who are looking to take advantage of currency rates. This is especially true in the Edinburgh market. Year-on-year the main cities have shown rising rents and increased yields. Interest from renters continues to be strong which is down to the lack of supply being there to meet the demand, especially in core urban markets.”
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