LETTINGSnews


MARKETS Strong growth for Scottish rentals


Scotland’s rental market continues to experience strong growth with a steady


increase in rents across most of the country’s key cities. The latest data report from


property lettings portal Citylets has shown that the average rent in Scotland stands at £664, a 2.6 per cent rise on quarter one of 2011. With Scotland’s housing


market still flat, the results come as good news for the rental sector, showing that while renting is increasing in popularity rents are not becoming unaffordable. Dan Cookson, Senior Analyst at Citylets said, “It is welcome news that while the rental market is continuing to expand rapidly in Scotland that on the whole the market appears to be meeting demand which is why increases in rents at the national level tend to be relatively modest.” “This quarter’s figures are


reassuringly steady which has continued to cement the confidence in the rental market. The key thing is that the market is steadily expanding at a time when the housing sales market is still in recovery mode.


“The issue of finding deposits for buying a property is continuing to come under the spotlight and it’s a limitation which can’t be


INNOVATION New initiative to drive up property standards


A new letting service which is aimed at improving property standards within the rental market


has launched in South East England. Landlords will receive a free cash


value incentive of £2,000 to carry out necessary repairs to their property in line with property standards set out by the Government’s decent homes standards.


The initiative is being launched 52 JULY 2012 PROPERTYdrum


by Orchard & Shipman, in partnership with Bromley Council. Landlords taking up this new


initiative will also be able to lease their properties to Orchard & Shipman on their ‘private sector leasing’ (PSL) scheme which is also being run in partnership with Bromley Council and aims to increase the number of houses available for private renting by those on the housing register. Orchard & Shipman MD, John


Taylor said; “PSL schemes have become increasingly popular with landlords as they provide the security of a regular monthly income from guaranteed rent,


avoiding expensive costs from typical void periods that occur in between tenancies.” The Executive Councillor for


Care Services at Bromley Council said; “This is about harnessing the potential of the private sector to increase the number of properties available to rent in Bromley. We are seeing a marked decrease in the supply of housing with fewer new builds, people able to buy and people freeing up housing association properties. Working with Orchard & Shipman is one of the forward looking initiatives to help address this issue.”


Average rents in Scotland now up to £664 pcm.


avoided if individuals are looking to buy. It’s clear that many people setting up home for the first time are choosing to rent with the expectation that this will be for several years,” said Dan Cookson.


“The recently announced


consultation by the Scottish Government into the private rented sector as well as research commissioned by Glasgow city council have both drawn on statistics produced by Citylets.” The report and associated


rental maps are available for download here:


www.citylets.co.uk/reports


SURVEYS Rents still


rising says RICS Lettings Survey


Rents across the UK rose further in the three months to April, as fresh tenant demand


continued to exceed new instructions, says the latest RICS Residential Lettings Survey (Period: February - April 2012). 13 per cent more chartered


surveyors reported that rents rose rather than fell in the three months to April. This growth was largely


driven by increasing demand as a net balance of 15 per cent more respondents reported rises in prospective tenants, with houses in greater demand than flats. Rental values in the UK have


now grown consistently since 2009 as the problem of unaffordable mortgage finance and large deposits required by lenders remain a barrier to home ownership, with many potential buyers forced to turn to the rental market.


Significantly, supply of


property to the market continues to grow, albeit at a slower pace, with seven per cent more surveyors reporting increases rather than decreases in landlords looking to let their properties. Peter Bolton King, RICS


Global Residential Director, said, “The rental market is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market.


“Indeed, mortgage finance


may become even harder to access particularly for first- time buyers if the euro crisis continues to deepen. “This points to tenant demand continuing to outpace supply. As a result, rents will remain on an upward trajectory, adding to the pressure on many households whose incomes are already being squeezed.”


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68