Regularly reported across the UK as a whole, the Private Rented Sector (PRS) is now at its largest ever size and it was recently revealed by the Joseph Rowntree Foundation that in Scotland, the PRS has doubled in size in the past two decades.
As the first dedicated letting agency in West Lothian, we feel that for potential landlords, now is an ideal time to let property as demand continues to increase whilst there are no signs of the proliferation of ‘Generation Rent’ abating.
The most interesting aspect of the research by the social policy charity is that the proportion of Scottish households now privately renting has risen from 7 per cent to 14 per cent between 1991 and 2014.
What’s more, new data from property portal Citylets has revealed that the average Scottish rent now stands at an impressive £699 pcm, a 3.6 per cent increase on 2013 figures. Unsurprisingly, Aberdeen posted the best Scottish figures (average monthly rents of £1,066); however it is the buoyant national private rental market as a whole that is highlighting a very successful 2014 so far.
Taking a look at some of our own statistics, on a selection of twelve properties we let between March and May this year – there was an average turn around time of just over six days, from one being let on the same day it was marketed, to the longest being on the market for the relatively short time of two weeks.
An average of six days’ time on the market is particularly favourable compared to national averages published by sources such as home.co.uk – reiterating the strength of the rental market in Lothian, whilst highlighting the facilitating role of letting agents in renting a property promptly for would-be landlords.
If you are interested in rental property management, Letting Solutions would be delighted to help. We can be contacted on: 01506 496006. Additionally, you can find out how much your property could fetch in monthly rents using our online free property valuation tool.