Scottish national average moves to new high, up 1.3% YOY to £799
Demand for larger 4 bed properties continues
Edinburgh annual growth rate edges higher to 4.8%
According to the latest report by Citylets, Scotland’s PRS continued its recently rediscovered positive annual growth in Q2 2018, rising 1.3% to £799 per month on average representing an all time national high. All major urban markets continue to operate to trend but with Edinburgh recording an uplift in year on year (YOY) growth. Again, as per Q1 2018, 4 bed properties showed the strongest annual rise at 3.3% to stand at £1522. The average property to rent in Scotland takes just over 1 month to let at 33 days, unchanged from Q2 2017.
Property to rent in Edinburgh also reached an all time high in Q2 2018, rising 4.8% YOY to £1087 per month. It is a noteworthy acceleration on annual growth from the c3% recorded over recent quarters however the market continues to move at approximately the same pace as last year with an average Time To Let (TTL) of 26 days, just 1 day more than Q2 2017. All 1-4 bed markets rose sharply with 4 bed properties gaining most, up 6.8% YOY, outperforming the city average TTL at just 20 days, down 5 on last year and confirming the sustained demand for larger properties in the capital’s Private Rented Sector.
Source – Citylets