Citylets Q1 report

We were delighted to feature in Citylets quarterly report, marketing the Scottish letting trends, market overview and localiased rental price analysis.

Rental caps inline with the Cost of Living (Tenant Protection) (Scotland) Act was a key focus given the unintended consequences of this piece of legislation, with the report entitled ‘Cap Trap?’.

Average rent in Scotland rose 12.4% YOY in the first quarter of 2023 to an average £1,007 per month, with properties taking just 21 days to let. Here in Aberdeen and shire, growth above 10% has been recorded for the second quarter, on par with with the Citylets Index 2008 base (note: adjusted for inflation rents remain significantly lower in real terms)

Aberdeen’s Property Market Insights

Scott Morrison, our Aberdeen Branch Manager, was featured in the reporting commenting that:

“Q1 has followed the trend of the past three quarters of being exceptionally busy. Enquiries and viewings still continue to be the highest on record.

An arrival of international students with their families for Jan/Feb intake has increased demand, with supply still low. This has meant that re-lets and new properties hitting the market are being let at a higher rent quickly, which will be welcome news for landlords who are seeing mortgage rates and other costs increasing.

We anticipate another busy quarter ahead with students already trying to secure property for September and increasing oil and gas activity, but are finding more landlords looking to exit the market, which could cause further supply issues in the summer.”

Read the full report here.