Now is a good time to be a Scottish landlord - here's why
Mon 13 Jun 2022
When letting a property in Scotland, landlords who know the best time to let are far more likely to reap the most benefits.
With summer around the corner and the market currently thriving, thanks to a variety of factors, the number of prospective tenants currently hoping to find the property for them continues to rise.
With this in mind, as West Lothian’s first dedicated lettings agency, we outline why now is a good time to be a Scottish landlord.
Rental price hike across Scotland
As a landlord, the aim is to charge a reasonable rent that gives you a good return while also allowing you to attract the right tenants.
A new study found that prices increased to an average of £896 per month while the average monthly rental price in Scotland has increased by 8.5% year-on-year.
In Edinburgh, average property rents rose more than 14% year-on-year, reaching a noteworthy £1,214 per month, while Glasgow recorded a 16% annual increase in average monthly rents, to £972. Both these major cities are close by to the towns and village of West Lothian.
Property to rent in Dundee also continued its strong growth, up 12.5% year-on-year to average £722 per month, which is the highest figure to date.
These figures are exciting for landlords because they indicate that Scottish landlords who take advantage of the current market will receive a good return on their investment.
Prices, of course, vary depending on what the home has to offer such as nearby transport links as well as the size of the home. Yet Scottish landlords who promote their homes effectively with the help of a letting agent are guaranteed to get the best value.
Properties are getting secured fast
Throughout the past few years uncertainty has had an impact on the rented sector across the globe.
The cost-of-living crisis has resulted in people trying to lower their costs as food, energy, and fuel prices continue to rise.
The good news is that the rental market has held up well despite these circumstances and is expected to perform well throughout the summer, making now a good time to be a landlord in West Lothian.
Despite these obstacles, the property market in Scotland continues to triumph. The research also shows that more than a third of all properties (35%) are being let within a week and 77% are let within a month.
With Covid-19 now seemingly under control, many are back in the office working in major cities, and businesses along local high streets are open as normal. This means the high levels of activity in the rental market are expected to continue.
For landlords hoping to secure a quick let, now presents the perfect time for to improve your homes and put them on the market.
During the summer month, there is traditionally an upsurge in activity each year as people start to view more properties in better weather and movers look to secure a home before the colder months.
Changes to people's lives often happen during these months, too, such as graduates seeking accommodation near new jobs or families moving to catchment areas ahead of the new school year.
Last but not least, moving in the sunshine appeals to many prospective tenants as it seems less tiresome than during colder months.
The summer months are already highly competitive for tenants, while the supply and demand discrepancy heightens the competition among budding occupants.
Here at Letting Solutions, West Lothian’s first dedicated lettings agency, we can guide you through all aspects of the lettings journey and can help you to get the most from your rental properties as a result.
You can find out more about our current hours of service and our current ways of working here.
Please don’t hesitate to contact us, even if you are not a current client. You can ring us on 01506 496006 where our team are waiting to help. Or you can email us at: email@example.com.