LHS Appendix 10 - Aberdeen City Council

The Citylets Report | Issue 22 | Q2 2012
Scottish Private Rented Sector
This is our second quarterly report for 2012, covering the period April to the end of June. In this issue we
consider the growth of the Private Rented Sector (PRS) and introduce a new ‘volume index’ which monitors the
lettings advertised on the Citylets network. Our analysis shows that while the weather has been unquestionably
miserable it has not put a dampener on the lettings market in Scotland which continues to expand.
National & Urban Profile
Trends in Scottish Rents
Q2 2009 - Q2 2012
Average monthly rents in Scotland in the second quarter
of 2012 reached £672, an increase of just 1.4% on the
same period in 2011. This comparatively modest rise
in rents is below the latest Retail Prices Index (RPI)
inflation figure for June of 2.8%, and suggests that while
the demand for rental property is high the market seems
to be well balanced with sufficient supply to maintain
stable prices.
Aberdeen
Average All Scotland
Edinburgh
Glasgow
£900
£850
£800
£750
Below inflation rent increases have not been experienced
everywhere though. Aberdeen continues to be the most
expensive city to rent and it also experienced the biggest
jump in prices of any city, with average rents rising 4.5%
year-on-year to £901. The typical monthly cost for a 3
bed property in the Granite City is now £1,225, up 8.1%
on the year.
£700
£650
£600
£550
In Glasgow the mix adjusted average rent was up 1.3%
on the year to £609, while in Edinburgh average rents
rose 2.9%, a fraction over the rate of inflation, and are
now £791.
£500
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
Citylets Scottish Rental Volume Index (Q1 200 - Q2 2012)
Volume Index
As the PRS expands we felt it would be useful report the
extent to which lettings volumes have increased on the
Citylets network since 2008. Our ‘volume index’ is set
at 100 in Q1 2008 and now stands at 198, which means
that volumes are up 98% in that time. The chart also
clearly illustrates the seasonality of the lettings market
with the 3rd quarter invariably being the busiest.
Time To Let
2012
Q1
2012
Q2
Index level (Q1 200=100)
250
200
150
100
Average time to let (TTL) for all properties across
Scotland in Q2 2012 was 39 days which is one day
longer than a year ago, but five days better than the
figure of 44 days recorded in the previous quarter.
Our detailed chart of TTL across Scotland by property
size shows that larger 3 and 4 bed properties have seen
the most improvement in TTL on average. In Q2 2012 3
bed properties took 41 days to let while 4 bed properties
were on the market for 37 days, which is the same TTL
figure as 1 bed properties.
The pie chart below shows that just under a half (49%) of
properties took 4 weeks or less to let during Q2 2012.
50
0
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
Time to Let in Scotland by Property Size (Q2 2009 - Q2 2012)
4 bed
3 bed
2 bed
1 bed
60
50
40
Proportion of all Scottish properties let by TTL period
Q2 2012
30
11%
9%
20
10
14%
0
15%
51%
1 week
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2 weeks
3 weeks
4 weeks
>4 weeks
Tenant Referencing & Nil Excess Rent Guarantee
www.letalliance.co.uk
Economic and Social Trends
The Private Rented Sector (PRS) in Scotland is experiencing ongoing expansion
and we felt it would be helpful to set this within the context of the social rented
sector in terms of scale, volume and revenues.
Private
273,000
Local Authority
320,000
According to the most recent housing statistics published by the Scottish Government for
the year 2010-11 the total stock of local authority owned dwellings was 320,000, with an
average weekly rent of £54.63. This equates to an annual rental income of just over £900
million. On the other side of the social housing rental sector are the Registered Social
Landlords (RSLs) such as Housing Associations (HA), and the total HA stock stood at
just under 275,00 dwellings. Average weekly rents for HA tenants are slightly higher than
council owned properties at £61.39, which gives an approximate total rental revenue of
£878 million per annum. In the most recently published Scottish Household Survey there
are estimated to be 273,000 privately rented dwellings in Scotland as of March 2010,
a figure that has increased by more than 110,000 since March 2001. On this trajectory
the stock of PRS property will exceed the 275,000 properties rented through housing
associations and the 320,000 rented from councils within the next few years.
Housing
Association
275,000
Scottish Rental Stock
Local Authority
0.91
To estimate the total amount of rent paid by PRS tenants across Scotland we can simply
multiply the Citylets average monthly rent (£672) by the total stock. However, we are
conscious that our data is predominantly urban and that some cheaper rental properties
are not advertised via the internet, so have discounted this figure by 10%. Also, rental
properties do have void periods so have assumed rent receipts for 11 months in the
year. This results in an estimated annual rental income of £1.82 billion which matches
the total rental receipts of the entire social sector (£1.78 billion). On the basis that
the average tenancy in the PRS is approximately two years, the total number of new
tenancies in a year is estimated to be around 100,000 (allowing for void periods). Within
the social sector in 2010-11 there were 24,831 new council lets and 24,981 new HA lets
respectively, which is half the volume of new lettings Ln the PRS.
Private
1.82
Housing
Association
0.88
Annual Scottish Rental Receipts
(£billion)
On the basis of these estimates we anticipate that the recently introduced tenant deposit
schemes (TDS) will, when fully operational, take in approximately £60 million per annum
in new rent deposits.
Local
Authority
24,381
Housing
Association
24,981
Private
100,000
Annual Volume of New Lettings
Citylets Rental Index v ONS House Price Index v ROS Index (January 2006 - May 2012)
135.0
Index level (Jan 2006=100)
ONS Index
ROS Index
Citylets Index
130.0
In June 2012 the Citylets Rental
Index stood at 113.6 which
exceeds the previous high of
112.9 reported in September
2011. Meanwhile, Scottish
house prices reported by both
Registers of Scotland (ROS)
and Office for National Statistics
(ONS) can best be described
as flat.
125.0
120.0
115.0
110.0
105.0
100.0
95.0
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
Nov-07
Sep-07
Jul-07
May-07
Mar-07
jan-07
Nov-06
Sep-06
Jul-06
May-06
Mar-06
Jan-06
The Citylets Scotland Rental Report | Issue 21| Q1 2012 | p2
Aberdeen
Aberdeen continues to be the most expensive city for private tenants in Scotland with a mixed adjusted average
monthly rent of £901 in Q2 2012, which is up 4.5% on the figure of a year ago. However, despite this annual growth
Aberdeen still experienced a small downturn in overall rents from the high reported in the previous quarter (£913).
Average rents for 1 bed flats are now £576 which is up 3.6% on a year
ago. 1 bed properties recorded a very short TTL figure of 17 days, and
80% of these smaller properties are being let within a month of being
advertised. 2 bed properties saw rents rise by a similar amount, 3.4%
over the year to £827 but their TTL has improved dramatically by 13
days and a typical 2 bed property now takes just three weeks to let.
Rents for 3 bed property in Q2 were up by 8.1% on the year and TTL
improved by 6 days over the year.
£1400
£1200
£1000
£800
Aberdeen Analysis Q2 2012
Average Growth
Average Change Let
Let
Rent
Q2 2011 TTL (days) Q2 ‘11 - within
within
Q2 2012 Q2 2012 Q2 2012
Q2 ‘12 a week a month
Beds
£576
3.6%
17
-12
37%
80%
2 bed
£827
3.4%
21
-13
32%
74%
3 bed
£1,225
8.1%
26
-6
30%
66%
1 bed
3 bed
2 bed
1 bed
Average Monthly Rent by Number of Bedrooms
Q2 2009 - Q2 2012
£600
£400
£200
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
Aberdeen Average Monthly Rents Q1 2012
Time to Let in Aberdeen by Property Size (Q2 2009 - Q2 2012)
Days
3 bed
2 bed
1 bed
70
postcode
1 bed
2 bed
3 bed
TTL
4 bed
days
60
AB10
£591
£841
£1,083
22
AB11
£564
£794
£1,240
20
AB15
£685
£1,009
£1,396
AB24
£565
£793
£1,073
22
AB25
£559
£790
£1,148
22
50
40
30
£1,782
39
20
10
0
‘09
Q2
‘09
Q3
‘09
Q4
Dundee
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
Dundee remains the most affordable city in Scotland with rents for 2 bed properties standing at £522, down by 0.8%
on the same quarter in 2011. Smaller 1 bed properties let for an average £374 per month which is 5.6% down on the
figure from last year.
In Q2 2012 Citylets increased the volume of Dundee lets it advertised
by 55% over the year, though there was a slight drop in volumes from
the previous quarter. The annual increase in volumes is the result of the
growing use of Citylets by agents and landlords as well as the expansion
of the PRS as a housing tenure within the city.
£600
2 bed
1 bed
Average Monthly Rent by Number of Bedrooms
Q1 2010 - Q2 2012
£500
£400
£300
Dundee Analysis Q2 2012
£200
Average Growth
Average Change Let
Let
Rent
Q2 2011 TTL (days) Q2 ‘11 - within
within
Q2 ‘12 a week a month
Q2 2012 Q2 2012 Q2 2012
Beds
1 bed
£374
-5.6%
36
-1
10%
52%
2 bed
£522
-0.8%
46
1
6%
36%
£100
£0
‘10
Q1
Time to Let in Dundee by Property Size (Q2 2010 - Q2 2012)
Days
50
2 bed
1 bed
45
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
TTL figures for Q2 2012 have changed very little since last year
and 1 bed flats now have a TTL of 36 days which is a 1 day
improvement from Q2 2011 while 2 bed properties have a more
considerable TTL of 46 days which is 1 day worse than Q2 2011.
2 bed flats in Dundee make up 48% of the rental transactions
analysed in Q2 2012 and 1 bed flats represented 29%. These
proportions are somewhat higher than the equivalent figures for
Scotland which are 41% and 26% respectively. Currently the
proportion of larger houses (3,4 and 5 bed) rented in Dundee (4%)
is lower than for Scotland as a whole (12%).
40
35
30
25
20
15
10
5
0
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
The Citylets Scotland Rental Report | Issue 22| Q2 2012 | p3
In the second quarter of 2012 the average rent for a 2 bed property in Edinburgh was £718 which is 2.9% up on the figure
last year. In the same period 3 bed properties experienced an identical annual increase of 2.9% and average rents now stand
at £1,031. Typical 1 bed properties had an average monthly rental of £538 which equates to an annual growth of just 0.2%.
Edinburgh
It is evident from agent feedback that there is a wave of new landlords in the capital who are recognising that the sales market is still very slow and
are choosing to rent out their property to get some much needed income at the same time as having the property on the market for sale. Keeping both
landlords and tenants happy in this situation requires some experienced management by the sales & letting agent. If all parties are fully aware of their
obligations it can be a mutually beneficial arrangement.
Edinburgh Analysis Q2 2012
Average
Rent
Q2 2012
Beds
Growth
Q2 2011
Q2 2012
Edinburgh Average Monthly Rents Q2 2012
Average
TTL (days)
Q2 2012
Change
Let
Q2 ‘11 - within
Q2 ‘12 a week
Let
within
a month
1 bed
£538
0.2%
35
5
16%
54%
2 bed
£718
2.9%
35
4
14%
53%
3 bed
4 bed
£1,031
£1,436
2.9%
41
3.2%
6
31
12%
-4
44%
20%
57%
Average rents for larger 4 bed properties experienced the most growth over
the last year with an increase of 3.2% to £1,436. These larger 4 and 5 bed
properties account for just 12% of the volume of rentals in Edinburgh while
3 bed properties make up 19% of the total. However, 4 bed properties were
the only type to see an improvement in TTL, down 4 days to 31 days, a total
that unusually is less than the TTL for smaller sized properties. Volumes of
lets for Q2 2012 in Edinburgh were up 6.9% on a year ago which shows that
the PRS is continuing to expand in the capital.
1,2,3 Bed Flat Rent Trends
2 bed
3 bed
4 bed
5 bed
TTL(days)
£588
£808
£1,123
£1,569
£1,892
32
£645
£1,012
£1,279
£1,982
EH3
£603
£872
£1,236
£1,441
EH4
£583
£735
£924
£1,581
EH5
£504
£623
£849
£1,443
EH6
£517
£657
£859
£1,137
£1,295
40
EH7
£516
£681
£946
£1,239
£1,742
38
EH8
£535
£682
£1,005
£1,357
£1,784
31
EH9
£570
£749
£1,097
£1,518
£1,954
26
EH10
£564
£758
£1,036
£1,390
£1,819
39
EH11
£502
£657
£912
£1,259
£1,648
39
EH12
£547
£715
£1,062
£1,439
£2,074
40
postcode
1 bed
EH1
EH2
38
£1,969
33
40
36
2,3,4 Bed House Rent Trends
Average Monthly Rent by Number of Bedrooms
Q2 2009 - Q2 2012
Average Monthly Rent by Number of Bedrooms
Q2 2009 - Q2 2012
£1600
£1400
£1200
£1000
£800
£600
£400
£0
4 bed
3 bed
2 bed
3 bed
2 bed
1 bed
£200
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
Time to Let in Edinburgh by Property Size (Q2 2009 - Q2 2012)
Our detailed TTL chart for Edinburgh highlights
the improvement seen in TTL numbers for 3 and
4 bed properties since the second half of 2011.
However, these improvements contrast with the
somewhat longer average TTL figures for smaller
properties in Q2. Anecdotal evidence from
agents suggests inexperienced new landlords
are trying to achieve unrealistically high rents for
smaller properties which is leading to longer void
periods and hence longer TTL.
Days
It is good to see that the TTL for the larger 4 bed
properties has settled down and is currently well
below the long run average TTL of 40 days.
10
4 bed
3 bed
2 bed
1 bed
60
50
40
30
20
0
The Citylets Scotland Rental Report | Issue 22 | Q2 2012 | p4
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
‘12
Q2
Average Monthly Rents for 2 Bed Flats in Edinburgh (all figures in pounds)
In Q2 2012 the Grange (£973) was the most expensive area to rent a 2 bed flat in Edinburgh, ahead of
West End (£941) and the New Town (£818) though it is worth highlighting that the volume of 2 bed flats
let in the Grange is far smaller than any of the other top 5 areas. This quarter Barnton & Cramond made
it to No4 spot (£817) just ahead of Hillside & Calton at No5 (£795).
Granton
620
620
Leith
668
668
Trinity
641
641
5 Most Expensive Areas in Edinburgh
Neighbourhood
Average Monthly
Rent for 2 bed flat
1
Grange
£973
2
West End
£941
3
New Town
£928
4
Barnton & Cramond
£818
Hillside & Calton
5
Silverknowes & Davidsons MainsDrylaw & Pilton
£795
592
592
Barnton & Cramond
614
614
Fettes & Inverleith
Leith Walk
818
818
670
670
692
692
Broughton & Canonmills
Easter Road Restalrig
738
738
639
639
595
595
Stockbridge
Abbeyhill
and
Meadowbank
782
782 New Town Hillside & Calton
635
635
Blackhall & Craigleith
928
928
795
795
680
680
Portobello & Joppa
615
615
West End
Corstorphine
941
941
665
665
Old Town & Holyrood
Murrayfield
Duddingston & Willowbrae
757
757
766
766
628
628
Tollcross
Dalry
779
779
664
664
Polwarth
Brunstane & Newcraighall
Gorgie
Marchmont and Sciennes
697
697
Bruntsfield
653
581
581
771
771
Balgreen, Carrick Knowe and Stenhouse 653
773
773
Newington
604
604
751
751
South Gyle
Grange
Slateford
609
609
973
973
676
676
Average Monthly Rent (£)
Morningside
Craiglockhart & Merchiston
712
712
753
753
2 Bed Flat Q2 2012
Niddrie
Wester Hailes & Sighthill
603
603
569
569
380 500 580 610 680 710 790 Colinton and Kingsknowe
685
685
Comiston, Fairmilhead & Oxgangs
648
648
Liberton & Mortonhall
620
620
to to to to to to to 500
580
610
680
710
790
1,100
Average Time to Let (days) 2 Bed Flat Q2 2012
The TTL map of Edinburgh highlights the speed with which 2 bed flats are being let across the City.
In most of the neighbourhoods TTL figures are in the 35 to 42 days range. The Grange achieved
a TTL of 20 days in Q2 2012 while 2 bed flats in South Gyle took 21 days to let on average. Other
locations with short TTL figures in the quarter include Granton (30 days), and Marchmont & Sciennes
(30 days).
Granton
30
30
5 Shortest Time to Let in Edinburgh
Neighbourhood
Leith
40
40
Trinity
38
38
Silverknowes & Davidsons Mains Drylaw & Pilton
46
46
Barnton & Cramond
42
42
Fettes & Inverleith
Leith Walk
73
73
38
38
36
36
Broughton & Canonmills
Easter Road Restalrig
40
40
34
34
42
42
Blackhall & Craigleith
38
38
Stockbridge
New Town
32
32
36
36
1
Grange
20
2
South Gyle
21
3
Granton
30
4
Marchmont & Sciennes
30
5
Wester Hailes & Sighthill
31
Abbeyhill and Meadowbank
Hillside & Calton
39
39
50
50
Portobello & Joppa
49
49
West End
40
40
Corstorphine
38
38
Old Town & Holyrood
37
37
Murrayfield
37
37
Balgreen, Carrick Knowe and Stenhouse
38
38
South Gyle
21
21
Gorgie
37
37
Slateford
32
32
Tollcross
Dalry
33
33
34
34
Polwarth
39
39
Marchmont and Sciennes
Bruntsfield
30
30
37
37
Newington
34
34
Grange
20
20
Morningside
42
Craiglockhart & Merchiston42
44
44
Wester Hailes & Sighthill
31
31
Duddingston & Willowbrae
48
48
Brunstane & Newcraighall
56
56
Average Time to Let (days)
2 Bed Flat Q2 2012
Niddrie
37
37
Colinton and Kingsknowe
45
45
Comiston, Fairmilhead & Oxgangs
42
42
TTL (days)
2 Bed Flats
Liberton & Mortonhall
45
45
Under 21
21 to 28
28 to 35
35 to 42
42 to 49
49 to 56
56 and over
The Citylets Scotland Rental Report | Issue 22| Q2 2012 | p5
Glasgow
Glasgow’s mix adjusted average rent in Q2 2012 was £609, while this figure is up just 1.3% from Q2 2011, it is still the
highest figure we have recorded. In direct contrast to Edinburgh it isthe smaller properties (1 beds) that had the largest
annual rise of 2.4% to £468, while 2 bed properties were up 2.0% on the year to £614. The average monthly rent for 3 bed properties was up by just
0.4% to £847.
Glasgow Analysis Q2 2012
Glasgow Average Monthly Rents Q2 2012
Average
Rent
Q2 2012
Growth
Q2 2011
Q2 2012
1 bed
£468
2.4%
41
5
13%
44%
2 bed
£614
2.0%
40
1
15%
47%
3 bed
£847
0.4%
40
6
16
49%
Beds
Average
Change
Let
TTL (days) Q2 2011 - within
Q2 2012
Q2 2012 a week
Let
within
a month
Our analysis of the type of properties privately rented in Glasgow during Q2
2012 shows the very high proportion of property which is 1 or 2 bed flats
(83%) while houses make up just 2% of lets. This predominance of smaller
flatted property in the city suggests there might be an under supply of larger
family sized dwellings in the PRS within Glasgow.
TTL(days)
4 bed
postcode
1 bed
2 bed
3 bed
G1
G2
G3
G4
G5
G11
G12
G20
G31
G32
G40
G41
G42
G44
G51
£547
£532
£509
£492
£507
£504
£566
£463
£399
£378
£401
£446
£392
£392
£382
£715
£707
£713
£644
£577
£685
£763
£575
£512
£482
£494
£552
£502
£543
£484
£946
£1,192
£1,000
£914
£761
£991
£1,086
£756
£630
36
28
36
39
48
40
36
46
41
44
49
47
46
46
51
£1,308
£1,379
£1,310
£937
£700
£672
£613
£574
Average Monthly Rent by Number of Bedrooms Q2 2009 - Q2 2012
1,2,3 Bed Flat Rent Trends
£900
£800
£700
£600
£500
£400
£300
£200
3 bed
2 bed
1 bed
£100
£0
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
Time to Let in Glasgow by Property Size (Q2 2009 - Q2 2012)
Days
For Q2 2012 the TTL increased year on year
across all sizes of properties. TTL for larger 3
bed properties increased by 6 days over the year
and now stands at 4 days while TTL for 2 bed
properties edged up by 1 day and now stand at 40
days. Smaller 1 bed properties have a similar TTL
of 41 days which is 5 days up on the equivalent
figure of a year ago.
While Glasgow TTL figures have increased over
the year the overall city TTL now stand at 39 days
which is identical to the current national average. It
is worth emphasising that the core city centre and
West End rental markets achieve TTL figures that
are well below this national average.
3 bed
2 bed
1 bed
60
50
40
30
20
10
0
The Citylets Scotland Rental Report | Issue 22 | Q2 2012 | p6
‘09
Q2
‘09
Q3
‘09
Q4
‘10
Q1
‘10
Q2
‘10
Q3
‘10
Q4
‘11
Q1
‘11
Q2
‘11
Q3
‘11
Q4
‘12
Q1
‘12
Q2
Average Monthly Rents for 2 Bed Flats in Glasgow (all figures in pounds)
Park & Woodlands again tops the list of most expensive neighbourhoods in Glasgow with an average rent
for a 2 bed flat of £798, a drop of £34 on the figure reported last year. City Centre (£718) was pipped by
Kelvinside & Dowanhill (£746) for second place while Charing Cross & Lancefield Quay (£715) and West
End were 4th and 5th respectively. The map highlights the fact that the premium rental areas for 2 bed flats
in Glasgow are still very much restricted to the centre and west end of the city.
Knightswood
516
516
5 Most Expensive Areas in Glasgow
Neighbourhood
Average Monthly
Rent for 2 bed flat
1
Park & Woodlands
£798
2
Kelvinside & Dowanhill
£746
3
City Centre
£718
4
Charing Cross & Lancefield Quay
£715
5
West End
£704
Anniesland & Knightswood
569
569
Kelvindale & Maryhill
515
515
Yoker & Scotstoun & Whiteinch
Jordanhill & Broomhill
493
493
616
616
Kelvinside & Dowanhill
746
746
Broomhill & Thornwood
681
681
Renfrew
499
499
Gartham
Royston & Springburn
478
478
West End
704
704 St Georges Cross & Port Dundas
560
560
Partick & Glasgow Harbour
678
678
Park & Woodlands
798
798
City Centre
Yorkhill & Finnieston
Dennistoun
521
521
642
642
Charing Cross & Lancefield Quay
Govan & Ibrox
444
444
718
718
715
715
Merchant City
688
688
Shettleston & Carntyne
457
457
Average Monthly Rent (£)
Tradeston & Kinning park
560
560
2 Bed Flat Q2 2012
Glasgow Green & Bridgeton
499
499
New Gorbals
575
575
380 to to 580 to 610 to 680 to 710 to 790 to Parkhead & Tollcross
459
459
Mount Vernon & U
523
523 500
Pollokshields & Mosspark
562
562
Queens Park & Govanhill
502
502
Shawlands
Barrhead & Cardonald
486
486
Battlefield & Cathcart & Mount Florida
533
533
548
548
Rutherglen & Cambuslang
483
483
500
580
610
680
710
790
1,100
Average Time to Let (days) 2 Bed Flat Q2 2012
Jordanhill & Broomhill (27 days) topped the TTL ranking of Glasgow neighbourhoods and was still the only
area to have a TTL of 4 weeks or less. City Centre achieved a TTL of 29 days putting it in 2nd place ahead
of the prime area of Park & Woodlands (33 days). An area south of the river (New Gorbals) made a rare
appearance in the top 5 with a TTL of 36 days, which places it in 4th spot just ahead of West End with a
TTL of 37 days.
Knightswood
51
51
5 Shortest Time to Let in Glasgow
Neighbourhood
TTL (days)
2 Bed Flats
1
Jordanhill & Broomhill
27
2
City Centre
29
3
Park & Woodlands
33
4
New Gorbals
36
5
West End
37
Anniesland & Knightswood
41
41
Kelvindale & Maryhill
55
55
Yoker & Scotstoun & Whiteinch
Jordanhill & Broomhill
51
51
27
27
Kelvinside & Dowanhill
47
47
Broomhill & Thornwood
41
41
Renfrew
51
51
Gartham
Royston & Springburn
41
41
West End
37
37 St Georges Cross & Port Dundas
Partick & Glasgow Harbour
41
41
43
43
Park & Woodlands
33
33
Yorkhill & Finnieston
Govan & Ibrox
49
49
City Centre
39
39
Charing Cross & Lancefield Quay
29
29
42
42
Dennistoun
42
42
Merchant City
40
40
Shettleston & Carntyne
38
38
Tradeston & Kinning park
52
52
2 Bed Flat Q2 2012
Glasgow Green & Bridgeton
52
52
New Gorbals
36
36
Parkhead & Tollcross
47
47
Pollokshields & Mosspark
41
41
Queens Park & Govanhill
56
56
Barrhead & Cardonald
57
57
Shawlands
47
47
Average Time to Let (days)
Battlefield & Cathcart & Mount Florida
45
45
Rutherglen & Cambuslang
47
47
Mount Vernon & U
38
38
Under 21
21 to 28
28 to 35
35 to 42
42 to 49
49 to 56
56 and over
The Citylets Scotland Rental Report | Issue 22 | Q2 2012 | p7
Citylets Rent Map
Aberdeenshire
Aberdeenshire
Aberdeenshire
Average Monthly Rent
2 Bed Flats Q2 2012
698
698
698
Aberdeen
Aberdeen
City
City
Aberdeen
Aberdeen City
City
Aberdeen
Aberdeen
City
City
811
811
811
811
811
811
Highland
Highland
Highland
Highland
Highland
Highland
420 to 470
470 to 520
520 to 560
560 to 600
600 to 710
710 to 850
598
598
598
Average Monthly Rents Q2 2012
2 Bed Flats
Local Authority Region Q2-12 Q2-11
“The picture on the ground is
mixed, Edinburgh is the most
buoyant and certain parts of the
Scottish Borders (eg Hawick),
the least buoyant. Demand, and
therefore rents, in Edinburgh are
increasing whereas rents in the
other areas are stable. Certain
areas are being impacted by local
circumstances - for example rents
in Midlothian are being skewed
by LHA as the LHA level for 2 or
more bed properties are higher
than market levels.”
Angus
Angus
Angus
447
447
447
Glasgow City
Highland
East Dunbartonshire
Midlothian
Stirling
Perth
Perth &
& Kinross
Kinross
Perth
&
Kinross
&
Kinross
Perth
&
Kinross
Perth
Perth
505
505
505
Dundee
Dundee City
City
Dundee
City
City
Dundee
City
Dundee
Dundee
521
521
521
Fife
Renfrewshire
North Lanarkshire
North Ayrshire
Stirling
Stirling
Stirling
Robert Young
Fife
Fife
Fife
466
466
466
Chief Executive
Angus
Clackmannanshire
Clackmannanshire
Clackmannanshire
The Key Place Group,
Falkirk
Inverclyde
East Ayrshire
Clackmannanshire
433
433
433
Edinburgh, Penicuik, Bo’ness and Kelso
Falkirk
Falkirk
Falkirk
East
East Dunbartonshire
Dunbartonshire
East
Dunbartonshire
Dunbartonshire
East
Dunbartonshire
East
East
Scotland
West
Lothian
West
Lothian
West
West Lothian
Lothian
Glasgow
Glasgow City
City
Glasgow
City
City
Glasgow
City
Glasgow
Glasgow
599
599
599
466
466
466
£811
£711
£698
£599
£599
£598
£591
£566
£547
£530
£529
£521
£505
£488
£476
£466
£466
£459
£450
£447
£447
££793
£691
£686
£594
£591
£588
£575
£578
£541
£561
£522
£523
£534
£503
£478
£467
£467
£444
£464
£493
£462
£441
£433
£452
£440
£468
£630
£626
£445
Change
(actual)
Change
(%)
£18
£12
-£46
2.3%
2.9%
1.7%
-£35
-£2
£1
£16
£5
0.8%
1.4%
1.7%
2.8%
-2.1%
-£31
£20
-£15
-£1
£8
1.1%
-5.5%
1.3%
-0.4%
-5.4%
£10
-£7
-£12
-£14
£15
-3.0%
-0.4%
-0.2%
-0.2%
3.4%
-£29
-3.0%
-£1
-£2
-£15
£6
-9.3%
-3.2%
-1.5%
0.2%
£7
-7.5%
£4
0.6%
447
447
447
447
447
447
591
591
591
529
529
529
459
459
459
Edinburgh,
Edinburgh, City
City
City of
of
of
Edinburgh,
East
East
Lothian
Lothian
East
East Lothian
Lothian
East
East
Lothian
Lothian
711
711
711
599
599
599
Midlothian
Midlothian
Midlothian
566
566
566
East
East Renfrewshire
Renfrewshire
East
Renfrewshire
Renfrewshire
East
Renfrewshire
East
East
North
North Ayrshire
Ayrshire
North
Ayrshire
Ayrshire
North
Ayrshire
North
North
East Renfrewshire
West Lothian
Dundee City
Perth & Kinross
South Lanarkshire
South Ayrshire
547
547
547
Renfrewshire
Renfrewshire
Renfrewshire
Aberdeen City
Edinburgh, City of
Aberdeenshire
East Lothian
530
530
530
450
450
450
South
South
Lanarkshire
Lanarkshire
South
South Lanarkshire
Lanarkshire
South
South
Lanarkshire
Lanarkshire
488
488
488
“We have bolstered our volume of properties from a second wave of new
landlords who simply can’t sell or who are not even bothering to attempt to
sell. Some are put off by the upfront costs of getting a property to market and
view ‘home reports’ as a total waste of money and prefer the option to rent
out and actually get an income. There remains a healthy demand for quality
rental properties in the capital”
Steven A Currie
Director: Murray & Currie Property Sales & Lettings, Edinburgh
East
East Ayrshire
Ayrshire
Ayrshire
East
“Whilst many clients previously aimed to buy their own homes, many
consider renting as a long term option, given the current financial climate.
Despite being previously reluctant to rent, many tenants now see this as a
preferred option for their long term future plans, giving them flexibility, less
need to commit and being more affordable with no need to save for a very
large deposit”
Alistair J McMurdo
441
441
441
441
441
441
South
South Ayrshire
Ayrshire
Ayrshire
South
476
476
476
Director:Castlebrae Sales and Letting Ltd; West Lothian
Methodology
About Citylets
Enquiries
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discuss any aspect of this report or would like to consider
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The data is cleansed to remove multiple entries and other anomalies. Our
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Market Analysis
group of sites for property to rent including s1homes,
Dan Cookson
FindaProperty, Primelocation and Globrix. Privately owned,
[email protected]
Citylets is fully independent of any estate / letting agent
group, media or financial organisation and is managed by
its founding team in the West End of Edinburgh.
www.citylets.co.uk
The statistics are based on rental properties advertised on Citylets. Rather than
employ snapshot sampling our observations are recorded when a property is
removed from the site as let. We believe such transaction-based observations
provide a better reflection of the market.
Edinburgh
Averages are calculated on a monthly or quarterly basis as weighted (mixadjusted) means. Indices are constructed holding composition (property type and
number of bedrooms) fixed at the average of the last three years. This ensures
that changes in the index reflect rent changes and not changes in composition,
which are likely to occur seasonally.
Managing Director
EH12 5EH
Disclaimer
Thomas Ashdown
Tel: 0131 467 4864
[email protected]
Fax: 0844 507 0400
Regional Sales Manager
Whilst we have made every effort to ensure information published in this report
is correct Citylets gives no warranty or representation as to the accuracy or
completeness of the information. The report does not constitute legal or other
professional advice. We reserve the right to change methodology, discontinue or
revise indices or other analysis at any time.
Jon Clay
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