South Lanarkshire

Lesley Barclay

Lesley Barclay - Happy Lets (Hamilton)

“The letting market in the South Lanarkshire area is remaining extremely busy with an exceptionally high amount of applicants for each property. Properties are being taken quicker than I have ever seen in my many years in letting. We need more letting stock to deal with the demand. Since the change in the mortgage rates, we have had an increased amount of landlords looking to sell the properties as they can only increase the rent by 3% and the mortgage rates have gone up by double this amount. Landlord are struggling and I see this continuing.”

Market Overview - Q2 2023

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £501 5.0% 23.4% 33.6% 17 7 19% 84%
2 bed £711 12.5% 33.4% 51.3% 22 5 29% 69%
3 bed £906 7.3% 32.3% 49.8% 17 3 29% 87%
All £768 7.4% 27.8% 46.8% 20 6 26% 78%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 99.3 101.3 102.4
2009 103.3 96.7 95.6 103.3
2010 104.1 99.4 99.8 104.8
2011 96.3 99.4 100.4 97.2
2012 100.6 99.3 102.9 97.8
2013 95.0 96.3 97.2 97.6
2014 95.9 103.1 104.1 95.6
2015 101.8 104.1 102.4 104.1
2016 101.1 105.3 108.3 105.3
2017 106.3 106.4 105.5 109.2
2018 107.0 110.7 107.6 106.3
2019 109.4 111.0 112.3 112.5
2020 111.0 108.1 115.5 119.7
2021 115.1 120.3 124.7 121.5
2022 131.1 131.7 126.3 134.1
2023 139.4 141.4    

Market Composition

Yield by Popular Postcode (Flats):

Postcode20172018201920202021
G71 5.40% 5.50% 5.90% 4.90% 6.1%
G72 8.30% 7.50% 7.50% 7.40% 8.2%
G73 7.00% 6.60% 6.80% 6.60% 6.5%
G74 6.80% 7.00% 6.60% 6.70% 6.6%
G75 8.90% 8.80% 8.70% 7.90% 8.0%
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