The third quarter of any year is often the most intense for demand relative to supply sending available stocks to their seasonal low. Q3 2022 not only met that expectation but exceeded seasonal norms sending average stock levels to historic lows after having recovered mildly in the previous quarter.
It is not surprising that, despite undoubted good intentions, the lettings industry across the full private and social spectrum have raised legitimate concerns for future supply levels after the snap policy announcement to freeze rent rises for existing tenancies and evictions in early September. Questions too as to the calculations for overall net benefit to the sector and what underpinned policy. Citylets records trends in the open market at tenancy formation where supply has been chronically restrained.
“The summer months have remained buoyant with tenant demand high. We have seen a larger amount of student enquiries which is down to many not having moved on at the end of the last academic year. Edinburgh and Glasgow have both experienced a similar level of interest. Time to let is down and rents up. It really is a race for space at the moment and it shows no signs of abating. We require to see positive steps to support investment into the PRS, not more hurdles to get through.”
I am a Tenant Landlord
