Positive Future for Scotlandís Rental Market Predicted
Scotlandís letting sector is shaping up for a solid recovery in 2010 as demand increases for rental properties.
According to research conducted by Citylets, Scotlandís leading letting portal, landlords have seen the time to let (TTL) - a key market indicator - reduce significantly during 2009.
The latest Citylets quarterly report, October to December 2009, shows that the average TTL was 37 days.
This is an encouraging improvement compared to the TTL figures of 48 days in the first quarter of 2009, 45 days in the second and 42 days in the third.
Citylets found the average monthly rental in Scotland to be £630 - a small year-on-year decrease of 2.5 per cent.
However, this decline is less than the figure reported in the previous quarterly analysis (-3.5 per cent) and in line with Citylets prediction that the market slide had bottomed out.
The Citylets quarterly report is the countryís only detailed and independent barometer of the rental market. Based on over 50,000 annual lettings from more than 300 agents, the report is a respected tool among investors, landlords and letting agencies.
Dan Cookson, Citylets Market Analyst, said: ďThis shortening of average TTLs in recent months is indicative of a better balance between supply and demand in the rental market which, if maintained, is likely to lead to upward pressure on rental values in subsequent quarters in 2010.
ďThat is a boost to landlords and property investors. Indeed, linked to the cheaper cost of mortgages and property, it could act as a trigger to spark life back into Scotlandís buy to let market.Ē Dan Cookson added.
Thomas Ashdown, the entrepreneur behind Citylets Network - which includes major partner brands such as s1homes and Primelocation - said ďthe trend will be good news for landlords and letting agents who have been dealing with an unpredictable market for the past two years.Ē
A full copy of the report is available at www.citylets.co.uk/reports/
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