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Scotland Rental Market Update

Who knows what the future will bring as regards Scottish independence. But one thing is certain - Scotland already has a residential property market that very much operates within its own sphere of influence. In this report, therefore, we will look at the current state of the lettings market here.

First some facts and figures: The Citylets Report, Scottish Private Rented Sector, Q4 2011 confirms that as elsewhere the property rental-sales balance has shifted dramatically in recent years. It says Scottish housing sales volume has contracted by 50%, while rentals advertised on Citylets have more than doubled. It attributes this to a rising population, falls in new housing completions and a situation where mortgage deposits can exceed a years mean salary.

On rental trends, the report says that the mix adjusted average for Scotland in Q4 2011 was £656, 1.9% up on the previous year - a relatively modest rise well below the rate of inflation. It adds that one bed flats let through their site saw annual rent increases of 3.6% while two bed flats saw increases of 1.5%. The report adds that time to let figures remained stable in Q4 2011 suggesting the lettings market is performing well - average time to let nationally was 39 days, four days longer than Q4 Q2010.

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