Why it’s still a great time to be a landlord in Scotland
Fri 21 May 2021
Although the Covid-19 pandemic has brought unpredictability for a range of sectors, the UK’s property market has continued to persevere. In particular, rental growth in Scotland has remained strong and stable.
According to the newest CityLets report, the average rent in Scotland has remained steady at £826 over the first quarter of 2021. The average rent cost has shot up slightly in comparison to this time period last year when it was £811.
Another interesting trend is that the average time to let across Scotland is now 38 days, which is one day faster than this time period last year.
The positive trends in the Scottish rental market signify that now is a great time to be a landlord north of the border. When looking at the data provided by the report, there are consistent patterns that emerge which can help landlords make an informed choice about the properties they choose to let.
Where are the best properties for landlords to let in Scotland?
Although there has been steady and stable growth overall in Scotland, some areas have experienced higher growth than others. West Lothian, in particular, has experienced a considerable boost. According to the data from CityLets, the average rent in West Lothian has increased 3.5% year on year between January and March to £744.
Glasgow, Scotland’s most populous city, has also experienced an increase in average rents. According to the findings provided by Citylets, the average rent in Glasgow has increased 5.8% and stands at £838 for the first quarter of 2021.
When looking at the data provided by CityLets, there appears to be clear growth in the rental market for West Lothian and Glasgow. As Scotland continues to unlock, the outlook for Scotland’s rental market looks very promising. As more restrictions loosen, student renters are expected to return to Scotland’s university towns which will help to increase demand.
What type of properties do renters want in Scotland?
The data shows that larger properties are the most popular. In West Lothian, where there’s been a big rise in rental prices, larger properties are the most popular. Three-bedroom properties in West Lothian experienced the biggest increase at 4.3%.
Landlords in Scotland who are looking for properties to let would probably gain the most profitable income from larger properties in West Lothian.
How else can the data help landlords?
Although the data from CityLets shows there has been an overall growth in rental prices, it’s also interesting to see where there has been a decrease. One-bedroom apartments appear to be the least popular with renters.
When looking at the data, one-bedroom properties had a 1.3% decrease in average rents in West Lothian.
How fast are properties being let in Scotland?
Apart from there being a strong surge in rental yield for Scottish properties, they’re also letting very fast. Properties in the West Lothian have an average letting time much faster than the national average.
CityLets data shows that in the first quarter of 2021 the average time to let in West Lothian was only 17 days, which is considerably faster than the national average of 38. According to the statistics, two-bedroom properties in West Lothian let the fastest at an average of 15 days and 44% of them were let within a week.
Here at Letting Solutions, West Lothian’s first dedicated lettings agency, we are continuing to operate throughout the pandemic.
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