citylets q4 2012

West DunbartonshireWest DunbartonshireWest DunbartonshireWest DunbartonshireWest DunbartonshireWest DunbartonshireWest DunbartonshireWest DunbartonshireWest Dunbartonshire

North LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireWest LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest Lothian

Dundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee City

North AyrshireNorth AyrshireNorth AyrshireNorth AyrshireNorth AyrshireNorth AyrshireNorth AyrshireNorth AyrshireNorth Ayrshire

Aberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen City

AberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshire

AngusAngusAngusAngusAngusAngusAngusAngusAngus

ClackmannanshireClackmannanshireClackmannanshireClackmannanshireClackmannanshireClackmannanshireClackmannanshireClackmannanshireClackmannanshire

East AyrshireEast AyrshireEast AyrshireEast AyrshireEast AyrshireEast AyrshireEast AyrshireEast AyrshireEast Ayrshire

East DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast Lothian

East RenfrewshireEast RenfrewshireEast RenfrewshireEast RenfrewshireEast RenfrewshireEast RenfrewshireEast RenfrewshireEast RenfrewshireEast Renfrewshire

Edinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City ofEdinburgh, City of

FalkirkFalkirkFalkirkFalkirkFalkirkFalkirkFalkirkFalkirkFalkirk

FifeFifeFifeFifeFifeFifeFifeFifeFife

Glasgow CityGlasgow CityGlasgow CityGlasgow CityGlasgow CityGlasgow CityGlasgow CityGlasgow CityGlasgow City

HighlandHighlandHighlandHighlandHighlandHighlandHighlandHighlandHighland

MidlothianMidlothianMidlothianMidlothianMidlothianMidlothianMidlothianMidlothianMidlothian

Perth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & Kinross

RenfrewshireRenfrewshireRenfrewshireRenfrewshireRenfrewshireRenfrewshireRenfrewshireRenfrewshireRenfrewshire

South AyrshireSouth AyrshireSouth AyrshireSouth AyrshireSouth AyrshireSouth AyrshireSouth AyrshireSouth AyrshireSouth Ayrshire

South LanarkshireSouth LanarkshireSouth LanarkshireSouth LanarkshireSouth LanarkshireSouth LanarkshireSouth LanarkshireSouth LanarkshireSouth Lanarkshire

StirlingStirlingStirlingStirlingStirlingStirlingStirlingStirlingStirling

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The Citylets Report | Issue 24 | Q4 2012

Features:• ScottishPrivateRentedSector• HousePriceTrends• AverageMonthlyRent&TimetoLetData

• IncludingNewReportingAreasFife,Renfrewshire,SouthLanarkshire,WestLothian

Edinburgh Glasgow Aberdeen

Dundee Fife

Renfrewshire South Lanarkshire West Lothian

Scotland

markg

Cross-Out

TheCityletsScotlandRentalReport|Issue24|Q42012|p2

2008Q4

2009Q2

2009Q3

2009Q4

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

£650

£600

£550

£850

£800

£750

£700

£900

TrendsinScottishRentsQ42008-Q42012

Aberdeen

Edinburgh

2011Q4

2012Q1

2012Q2

2011Q3

AverageAllScotland

Glasgow

£950

ScottishPrivateRentedSectorO ur final q uarterly report for 2 01 2 is an important one in that it is the first to overlap with the ban on letting agents charging fees to tenants. It is estimated that the total amount of these fees across S cotland are of the order of £7.5m per annum, an amount which eq uates to the salaries of 500 office administrators. It was assumed that this loss of fees would have an inflationary impact on rents and while it is too soon to be conclusive on the cause our analysis suggests that rents have risen more q uickly than in the pre ban period, especially in the premium urban markets though it is also true some markets have actually seen declines.

National&UrbanProfileAverage mix adj usted rents for S cotland were £671 in the fourth q uarter of 2 01 2 , compared to £656 in the same period in 2 01 1 which represents an increase of 2 .3%. This rise is below the latest C onsumer P rice Index (C P I) measure of inflation for D ecember of 2 .7%, and shows that rent levels over the year are not keeping pace with inflation.

Aberdeen is still the most ex pensive city to rent in S cotland and also ex perienced the largest increase in average rents of any city, with average mix adj usted rents rising 6.3% year-on- year to £950.

In G lasgow the average rent was up 2 .2 % on the year to £61 2 , while in E dinburgh average rents rose 5.1 %, j ust under double the rate of inflation, and are now £81 9.

VolumeIndexThe C itylets‘volumeindex’reportstheextenttowhichlettingsadvertisedbyCityletshaveincreasedonthesitesince2008.Theindexissetat100inQ12008andnowstandsat152.Itisevidentthatthelettingsactivity wasdownfromthehighrecordedinthethirdquarterbutthisseasonal drop istobeexpectedatthistimeofyear.Withvisitortrafficlevelsup25%inJanuaryfromlastyearweanticipateourfirstquartervolumeindexfigurestopickup.

TimeToLetAveragetimetolet(TTL)forallpropertiesacrossScotlandinQ42012improvedto36dayswhichisthreedayslessthanthefigurerecordedbothayearagoandinthepreviousquarter.ItisencouragingforlandlordsandagentsthatourdetailedchartofTTLacrossScotlandbypropertysizeshowsasteadyimprovementintheTTLnumbersovertheyearforpropertiesofallsizes.

Twobedpropertiestook35daystoletinQ4whileonebedpropertieswereonthemarketforanaverageofjust30dayswhichistheshortestTTLfiguresinceQ42010.InQ42012theaverageTTLforthreebedpropertieswas43dayswhichisanimprovementofthreedaysontheTTLofQ42011.

ThepiechartbelowshowstheproportionoflettingsfallingintoeachTTLperiodandindicatesthatmorethanhalf(53%)oflettingstooklessthan4weeksduringQ42012.

CityletsScottishRentalVolumeIndex(Q12008-Q42012)

TimetoLetinScotlandbyPropertySize(Q42009-Q42012)

60

40

50

30

20

10

3bed2bed1bed

4bed

02011Q4

2012Q1

2012Q2

2009Q4

2010Q1

2010Q2

2010Q3

2011Q1

2011Q2

2011Q3

2010Q4

200

250

150

100

50

02010Q3

2010Q4

2011Q1

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q4

2010Q1

2010Q2

2009Q3

Indexlevel(Q12008=100)

1week2weeks3weeks4weeks>4weeks

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

ProportionofallScottishpropertiesletbyTTLperiodQ42012

2012Q4

2012Q3

2012Q4

2009Q1

2010Q1

2012Q4

9%

47%17%

15%

12%

2012Q3

Estimatedstockofdwellingbytenure(Scotland)1984-2011

HousePriceTrends

Jan-06Mar-06May-06Jul-06Sep-06Nov-06jan-07Mar-07May-07Jul-07Sep-07Nov-07Jan-08Mar-08May-08Jul-08Sep-08Nov-08jan-09Mar-09May-09Jul-09Sep-09Nov-09Jan-10Mar-10May-10Jul-10Sep-10Nov-10Jan-11

May-11

Sep-11

In D ecember 2 01 2 the C itylets Index stood at 1 1 2 .1 which is down on the all time high of 1 1 4.8 recorded in O ctober.

This chart highlights the relative growth of house prices, rents and inflation since J anuary 2 006 andmakes clear that general inflation as measured by the C onsumer P rice Index is up 2 5% in that time.

Nov-11

Mar-11

Jul-11

CityletsRentalIndexvONS&ROSHousePriceIndexvConsumerPriceIndexIndex Indexlevel(Jan2006=100)

Jan-12Mar-12May-12Jun-12Sep-12

CityletsIndex

ONSIndexROSIndex

H ouse prices have generally been flat over the last three years while rents have been gradually rising which broadly speaking means residential yields have been improving though this general observation is not applicable to all markets. O ur charts show the comparative trends over the last three years and seven years respectively. W e have also plotted the C onsumer P rice Index (C P I) inflation level for the first time.

Nov-12

95.0

100.0

105.0

110.0

115.0

120.0

125.0

130.0

135.0

Jan-10

Feb-10

Mar-10

Aprl-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

This chart focuses on the changes in house prices, rent, and inflation since the beginning of 2 01 0. It shows that rental growth ex ceeded house price growth as measured by the Registers of S cotland (RO S ) and the O ffice for N ational S tatistics (O N S ) but was below the C onsumer P rice Index (C P I) inflation level.

CityletsRentalIndexvONS&ROSHousePriceIndexvConsumerPriceIndexIndex Indexlevel(Jan2010=100)

90.0

95.0

100.0

105.0

110.0

115.0

Jan-11

Feb-11

Mar-11

Aprl-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Aprl-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

ConsumerPriceIndex

CityletsIndex

ONSIndexROSIndex

ConsumerPriceIndex

The Citylets Scotland Rental Report | Issue 24 | Q4 2012 | p2

Time to Let in Scotland by Property Size (Q4 2009 - Q4 2012)

Economic&SocialTrendsThe chart below is reproduced from the S cottish G overnment' s ' H ousing S tatistics for S cotland' web site and shows the transformation of tenure in S cotland from 1 984 to 2 01 1 . Tenure information is derived from the S cottish H ousehold S urvey as well as C ensus data from 1 991 , 2 001 though not yet from the 2 01 1 C ensus. It is striking to see the decline of council housing as well as the rise in owner occupation and H ousing Association stock over that 2 7 year period. The P RS has certainly exp anded over the last doze n years but we await the C ensus 2 01 1 results to see the full ext ent of the P RS growth in S cotland.

Dec-84

Dec-85

Dec-86

Dec-87

Dec-88

Dec-89

Dec-90

Dec-91

Dec-92

Dec-93

Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Mar-01

Mar-02

Mar-03

Mar-04

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

100%

80%

60%

40%40%

20%

0%

OwnerOccupied RentedPrivately VacantPrivate/SecondHomes HousingAssociation LocalAuthoritiesAssociation


AberdeenAnalysisQ42012

Beds1bed2bed3bed

GrowthQ42011Q420123.1%5.0%8.8%

AverageTTL(days)Q42012

91531

Letwithinaweek61%43%23%

Letwithinamonth95%89%66%

ChangeQ4‘11-Q4‘12--9-6-7

AverageRent

Q42012£596£884£1,305

AberdeenretainsitspositionasthemostexpensivecityforprivatetenantsinScotlandwithamixedadjustedaveragerentof£950permonthinQ42012,whichisup6.3%onthefigureofayearago.Rentlevelsinthecityarenowthehighestwehave

everreportedandexceedtheprevioushighrecordedinQ12012(£913).ItisworthmentioningthathousepricesinAberdeenwerealsoattheirhighestonrecordinQ42012andthatAberdeenistheonlycityinScotlandtoexperiencehousepricegrowthsince2007,up6.3%fromQ22007.

60

40

50

30

20

10

0

TimetoLetinAberdeenbyPropertySize(Q42009-Q42012)

3bed2bed1bed

70

£1400

£1200

£1000

£800

£600

£200

£400

‘11Q1

‘11Q2

‘11Q4

‘12Q1

‘12Q2

‘12Q4

‘09Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

AverageMonthlyRentbyNumberofBedroomsQ42009-Q42012

AberdeenAverageMonthlyRentsQ42012

2bed

£843

£838

£1,011

£795

£805

3bed

£1,281

£1,285

£1,385

£1,059

£1,281

4bed

£1,550

£2,086

£1,515

£1,500

postcode

AB10

AB11

AB15

AB24

AB25

1bed

£591

£565

£714

£576

£579

TTL

18

15

28

18

16‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q3

‘12Q4

‘12Q2

‘09Q4

‘10Q2

‘10Q3

‘10Q1

‘10Q4

3bed2bed1bed

days

Dundee

O ne bed flats are now averaging £370 per month which is 2 .9% down on the year. It is interesting to note that average flat purchase prices in D undee rose slightly (1 .7%) over the course of Q4 2 01 1 to Q4 2 01 2 which suggests yields are deteriorating somewhat which maybe because of the large volume of new purpose built student accommodation.

D undee has the cheapest rents of any city in S cotland with two bed properties in Q4 2 01 2 averaging £52 8 per month, down by 2 .6% on the same q uarter in 2 01 1 . Three bed properties now have an average rent of £691 per month which is j ust 0.4% down on the figure from last year.

TimetoLetinDundeebyPropertySize(Q12010-Q42012)

Days

TheTTLfiguresforQ42012havedeterioratedsincelastyearforonebedflatswhich nowhaveaTTLof40dayswhichis8daysmorethanQ42011.Twobedpropertiestook39daysonaveragetoletinQ42012whichis1 daylessthanQ42011.In the meantime three bed properties took 49 days to let on average.

ThesehighTTLfiguresforonebedpropertiessuggestthatthereiscurrently anoversupply and weakening demand.It appears thehighvolumeofpurposebuiltstudentaccommodationisattractingstudentsawayfromthemoretraditionalpropertiesthattendtobeadvertisedonCitylets.

O nebedflatsinDundeeaccountedfor36%oftherentaltransactionsanalysedinQ42012whiletwobedflatsrepresented44%.

‘11Q3

‘12Q3

60

40

50

30

20

10

0

3bed2bed1bed

70

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘10Q1

‘10Q2

‘10Q4

‘11Q1

‘10Q3

‘11Q2

Days

£700

£600

‘11Q1

‘11Q2

‘11Q4

‘12Q1

‘12Q2

‘10Q1

‘10Q2

‘10Q3

‘10Q4


3bed2bed1bed

‘11Q3

‘12Q3

DundeeAnalysisQ42012

Beds1bed2bed3bed

GrowthQ42011Q42012-2.9%-2.6%-0.4%


403949



ChangeQ4‘11-Q4‘12

8-12

AverageRent

Q42012£370£528£691

£500

£400

£300

Averagerentsforonebedflatsarenow£596whichisup3.1%onayearago.WeanticipatedinourpreviousreportthatpricesmightincreasebecauseoftheshorteningTTLfigures.Thishasbeenthecaseandnowonebedpropertiesarebeingletevenmorequickly,withanaverageTTLofjust9days,and61%ofthesesmallerpropertiesarebeingletwithinaweekofbeingadvertised.Twobedpropertiescontinuetobethemostpopularbysizeandsawannualrentincreasesof5.0%overtheyearto£884.TTLfortwobedpropertieshasimprovedby6daystojust15days.InQ4201289%oftwobedpropertieswereletwithinamonth.RentsforthreebedpropertiesinQ3were£1,305,upby8.8%ontheyearandTTLimprovedby7daysovertheyear.

£800

‘12Q4

‘12Q4

Aberdeen


TimetoLetinEdinburghbyPropertySize(Q42009-Q42012)

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘09Q4

‘10Q1

‘10Q2

‘10Q3

60

40

50

30

20

10

3bed2bed1bed

4bed

Edinburgh Inthefourthquarterof2012theaveragerentforatwobedpropertyinEdinburghwas£729whichis4.6%uponthe

figureof lastyear.Threebedpropertiesexperiencedasimilarannualincreaseof4.6%andaveragerentsnowstandat£1,072 Typicalonebedpropertieshadanaveragemonthlyrentalof£565andexperiencedannualgrowthofjust1 .8%.

The TTL figures continue for E dinburgh to fall which suggests alackofsupplyandthis is likley to be a key component of the marked rent inflation ex perienced in E dinburgh at the end of 2 01 2 . There is also anecdotal feeback from some agents that the ban on fees has resulted in some rents for new tenancies being eased up. In the same period average flat prices have fallen by 7.5% which indicates improving yields for those investing now.

£1200

£1000

£800

£600

£200

£0

£400


3bed2bed1bed

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q3

‘12Q4

‘09Q4

‘10Q1

‘10Q2

‘10Q3

AverageMonthlyRentbyNumberofBedrooms

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘09Q4

‘10Q1

‘10Q2

£1400

£1600

3bed2bed

4bed

EdinburghAverageMonthlyRentsQ42012

Beds

1bed

2bed

3bed

4bed

GrowthQ42011Q42012

1.8%

4.6%

4.6%

4.9%


21

26

36

45

Letwithinaweek

29%

29%

12%

10%

Letwithinamonth

74%

74%

54%

38%


-4

-3

-3

-13

AverageRent

Q42012

£565

£744

£1,072

£1,496

ThedetailedTTLchartforEdinburghshowstheimprovementfor allpropertiessinceQ4 2 01 1 .Two bed properties took j ust 2 6 days to let in Q4 2 01 2 which is one of the shortest TTL figures we have recorded for this size of property.

AnalysisofthetypeandsizeofpropertiesbeingrentedinEdinburghshowsthat1and2bedflatsmadeupmorethanfour fifths(82 %)ofallletsduringQ42012inthecapital.

1,2,3BedFlatRentTrends 2,3,4BedHouseRentTrends

EdinburghAnalysisQ42012

postcode

EH1

EH2

EH3

EH4

EH5

EH6

EH7

EH8

EH9

EH10

EH11

EH12

2bed

£824

£960

£908

£746

£641

£665

£697

£696

£761

£783

£667

£740

3bed

£1,287

£1,515

£1,267

£937

£814

£874

£930

£949

£1,100

£1,077

£907

£1,089

TTL(days)

27

31

30

33

35

31

30

28

30

31

30

34

1bed

£600

£690

£630

£620

£513

£521

£535

£563

£570

£559

£511

£554

4bed

£1,709

£1,622

£1,557

£932

£1,250

£1,279

£1,365

£1,434

£1,548

£1,256

£1,394

‘10Q3

‘10Q4

‘10Q4

5bed

£1,706

£1,931

£1,969

£1,390

£1,689

£1,883

£1,863

£1,670

£1,943

0

TTLfiguresforall siz es ofpropertyimprovedfromlastyear. O ne bed flats are now taking j ust three weeks to let on average and j ust under three q uarters of all these smaller properties are let within a month.

Days

‘12Q2


696696696696696696696696696

800800800800800800800800800

601601601601601601601601601 603603603603603603603603603

657657657657657657657657657

715715715715715715715715715

947947947947947947947947947

663663663663663663663663663

761761761761761761761761761

812812812812812812812812812

1,0261,0261,0261,0261,0261,0261,0261,0261,026

681681681681681681681681681

657657657657657657657657657

601601601601601601601601601

627627627627627627627627627

652652652652652652652652652

684684684684684684684684684

727727727727727727727727727692692692692692692692692692

666666666666666666666666666

643643643643643643643643643

773773773773773773773773773

599599599599599599599599599

794794794794794794794794794

732732732732732732732732732

818818818818818818818818818

717717717717717717717717717

801801801801801801801801801

789789789789789789789789789

671671671671671671671671671

783783783783783783783783783

555555555555555555555555555

631631631631631631631631631

807807807807807807807807807

739739739739739739739739739

638638638638638638638638638

602602602602602602602602602

618618618618618618618618618

603603603603603603603603603

587587587587587587587587587

571571571571571571571571571

Barnton & Cramond

Stockbridge

Silverknowes & Davidsons MainsDrylaw & Pilton

Granton

Fettes & Inverleith

New Town

Corstorphine

Blackhall & Craigleith

Murrayfield

West End

Dalry

Gorgie

Balgreen, Carrick Knowe and Stenhouse

South Gyle

Trinity

Leith

Broughton & CanonmillsLeith Walk

Abbeyhill and Meadowbank

Easter Road

Hillside & Calton

Restalrig

Marchmont and Sciennes

Morningside

Bruntsfield

Polwarth

Grange

Tollcross

Slateford

Craiglockhart & Merchiston

Wester Hailes & Sighthill

Colinton and Kingsknowe

Old Town & Holyrood

Newington

Portobello & Joppa

Comiston, Fairmilhead & Oxgangs

Liberton & Mortonhall

Duddingston & Willowbrae

Niddrie

Brunstane & Newcraighall

373737373737373737

222222222222222222

484848484848484848 383838383838383838

333333333333333333

353535353535353535

333333333333333333

353535353535353535

323232323232323232

222222222222222222

333333333333333333

282828282828282828

292929292929292929

363636363636363636

454545454545454545

282828282828282828

323232323232323232

262626262626262626282828282828282828

313131313131313131

262626262626262626

212121212121212121

333333333333333333

181818181818181818

303030303030303030

202020202020202020

313131313131313131

545454545454545454

242424242424242424

282828282828282828

212121212121212121

383838383838383838

414141414141414141

232323232323232323

282828282828282828

424242424242424242

505050505050505050

383838383838383838

424242424242424242

343434343434343434

282828282828282828

Barnton & Cramond

Stockbridge

Silverknowes & Davidsons MainsDrylaw & Pilton

Granton

Fettes & Inverleith

New Town

Corstorphine

Blackhall & Craigleith

Murrayfield

West End

Dalry

Gorgie

Balgreen, Carrick Knowe and Stenhouse

South Gyle

Trinity

Leith

Broughton & CanonmillsLeith Walk

Abbeyhill and Meadowbank

Easter Road

Hillside & Calton

Restalrig

Marchmont and Sciennes

Morningside

Bruntsfield

Polwarth

Grange

Tollcross

Slateford

Craiglockhart & Merchiston

Wester Hailes & Sighthill

Colinton and Kingsknowe

Old Town & Holyrood

Newington

Portobello & Joppa

Comiston, Fairmilhead & Oxgangs

Liberton & Mortonhall

Duddingston & Willowbrae

Niddrie

Brunstane & Newcraighall

Neighbourhood

5ShortestTimetoLetinEdinburgh

1820212122

MarchmontandSciennes

Bruntsfield

Graiglockhart&Merchiston

Hillside&Calton

Stockbridge

1

2

3

4

5

TTL(days)2BedFlats

AverageTimetoLet(days)2BedFlatQ42012

AverageMonthlyRentsfor2BedFlatsinEdinburgh(allfiguresinpounds)Q42012

TheTTLmapofEdinburghshowsthat2bedflatsinoraroundthecentretendtoletthequickestMostoftheneighbourhoodsinthisareaachievedTTLfiguresofunder2 8days.Marchmont&Scienneshad aTTLofj ust 1 8daysinQ42012while2bedflatsinStockbridgetook22 daystoletonaverage.

Niddrie

AverageMonthlyRent(£)2BedFlatQ42012

380 to 500500 to 580580 to 610610 to 680680 to 710710 to 790790 to 1,100

Neighbourhood

5MostExpensiveAreasinEdinburgh

£1, 025£947£818£812£807

WestEnd

NewTown

Bruntsfield

Murrayfield

OldTownandHolyrood

AverageMonthlyRentfor2bedflat

1

2

3

4

5

Ouruniquelydetailedmapsprovideaninstantviewoftherentalmarketfor2bedflatsinthecity.InQ42012theWestEnd(£1 , 02 5)toppedourtop5listasmostexpensiveareatorenta2bedflatinEdinburgh,aheadofNewTown(£947)andB runtsfield(£81 8).ThisquarterO ld Town&H olyroodmadeittotheNo.5spot(£807)justbehindMurrayfieldatNo.4(£81 2 ).


Under2121 to 2828 to 3535 to 4242 to 4949 to 5656andover

The Citylets Scotland Rental Report | Issue 24 | Q4 2012 | p5 TheCityletsScotlandRentalReport|Issue24|Q42012|p6

0

TimetoLetinGlasgowbyPropertySize(Q42009-Q42012)

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘09Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

60

40

50

30

20

10

3bed2bed1bed

Glasgow

£600

£500

£400

£300

£100

£0

£2003bed2bed1bed

‘11Q1

£700

£800

GlasgowAverageMonthlyRentsQ42012

Beds

1bed

2bed

3bed

GrowthQ42011Q42012

0.6%

3.1%

0.2%


35

37

47

Letwithinaweek

16%

14%

14%

Letwithinamonth

53%

52%

40%

ChangeQ42011-Q42012

-1

-2

3

AverageRent

Q42012

£468

£630

£810

1,2,3BedFlatRentTrends

GlasgowAnalysisQ42012

£900


TTLforlargerthreebedpropertiesincreasedbythreedaysandnowstandsat47days though 40% of properties of this siz e are let within a month of being advertised.

TheoverallaverageGlasgowTTLfigurestandsat37dayswhichisjustabovethecurrentnationalaverageof36days.OneaspectoftheseGlasgowTTLfigureswhichwillbeanencouragementtolandlordsistheirconsistencyovertime,whichindicatesamarketwheretherearefewdramaticshiftsindemand.However,itisonlywhenyoulookatthelocalmarketlevelthatfullpictureisrevealed.

TTL(days)

333935394133344146474844464948

4bed

£1,474

£1,391

£966

£876

2bed

£724£726£739£627£572£698£791£599£524£501£515£565£507£513£493

3bed

£1,270£1,107£1,010£828£746£925£1,058£745£610£569£669£716£627£588£517

1bed

£535£516£509£486£469£509£557£476£404£381£391£452£402£412£387

postcode

G1G2G3G4G5G11G12G20G31G32G40G41G42G44G51

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘09Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

Days

InQ42012Glasgow’smixadjustedaveragerentwas£61 2 ,whichisup2 .2 %fromQ42011.WhiletheincreaseisbelowtheC PIinflationrateitisstillthehighestfigurewehaverecordedforthecity.Smallertwo beds propertiesexperiencedthelargestannualriseof3.1 %to£630,whileonebedpropertieswereup0.6%ontheyearto£468.Theaveragemonthlyrentfor3bedpropertieswasupbyjust0.2 %to£81 0.

The average sale price for flats in G lasgow has fallen from £1 1 9k in Q4 2 01 1 to £1 07k in Q4 2 01 2 which eq uates to a 9.8% drop and indicates improving yields for those currently investing.

DuringQ42 01 2 the time to let for smaller one and two bed properties improved slightly to 35 and 37 days respectively. M ore than half of properties of this size are let within a month of being advertise on C itylets.

‘12Q4

‘12Q4


333333333333333333

272727272727272727

373737373737373737

343434343434343434

424242424242424242

343434343434343434

484848484848484848

666666666666666666

Charing Cross & Lancefield Quay

Park & Woodlands

New Gorbals

City Centre

Anniesland & Knightswood

Yoker & Scotstoun & Whiteinch

St Georges Cross & Port Dundas

Royston & Springburn

Shawlands

292929292929292929

484848484848484848

383838383838383838

494949494949494949

343434343434343434

464646464646464646

454545454545454545

484848484848484848

505050505050505050

474747474747474747

424242424242424242323232323232323232

343434343434343434

535353535353535353

484848484848484848

535353535353535353

545454545454545454

474747474747474747

404040404040404040

525252525252525252

444444444444444444484848484848484848

363636363636363636

434343434343434343

454545454545454545

525252525252525252

Yorkhill & Finnieston

Govan & Ibrox

Merchant City

Glasgow Green & Bridgeton

Partick & Glasgow Harbour

Broomhill & Thornwood

Jordanhill & Broomhill

Dennistoun

Parkhead & Tollcross

Shettleston & Carntyne

West End

Kelvinside & Dowanhill

Battlefield & Cathcart & Mount Florida

Newlands & Giffnock

Queens Park & Govanhill

Kelvindale & Maryhill

Renfrew

Tradeston & Kinning park

Pollokshields & Mosspark

Rutherglen & CambuslangBarrhead & Cardonald

Knightswood

Bishopbriggs

DrumchapelSummerston

Gartha

Mount Vernon &

736736736736736736736736736

848848848848848848848848848

572572572572572572572572572

716716716716716716716716716

579579579579579579579579579

476476476476476476476476476

561561561561561561561561561

531531531531531531531531531

Charing Cross & Lancefield Quay

Park & Woodlands

New Gorbals

City Centre

Anniesland & Knightswood

Yoker & Scotstoun & Whiteinch

St Georges Cross & Port Dundas

Royston & Springburn

Shawlands

663663663663663663663663663

451451451451451451451451451

690690690690690690690690690

526526526526526526526526526

689689689689689689689689689

657657657657657657657657657

607607607607607607607607607

525525525525525525525525525

481481481481481481481481481

493493493493493493493493493

558558558558558558558558558702702702702702702702702702

776776776776776776776776776

486486486486486486486486486

526526526526526526526526526

498498498498498498498498498

528528528528528528528528528

501501501501501501501501501

557557557557557557557557557

567567567567567567567567567

483483483483483483483483483499499499499499499499499499

512512512512512512512512512

564564564564564564564564564

549549549549549549549549549

508508508508508508508508508

Yorkhill & Finnieston

Govan & Ibrox

Merchant City

Glasgow Green & Bridgeton

Partick & Glasgow Harbour

Broomhill & Thornwood

Jordanhill & Broomhill

Dennistoun

Parkhead & Tollcross

Shettleston & Carntyne

West End

Kelvinside & Dowanhill

Battlefield & Cathcart & Mount Florida

Newlands & Giffnock

Queens Park & Govanhill

Kelvindale & Maryhill

Renfrew

Tradeston & Kinning park

Pollokshields & Mosspark

Rutherglen & CambuslangBarrhead & Cardonald

Knightswood

Bishopbriggs

DrumchapelSummerston

Gartha

Mount Vernon &


Under2121 to 2828 to 3535 to 4242 to 4949 to 5656andover

Park&Woodlands(2 7days)alsotoppedtheTTLrankingofGlasgowneighbourhoods.WestEndachievedaTTLof32 daysputtingitin3rdspotbehindYorkhill&Finnieston(2 9days).CityCentrewasinthetop5withaTTLof34days,whichplacesitin5thpositionbehindCharingCross&LancefieldQuaywithaTTLof33days.

Neighbourhood

5ShortestTimetoLetinGlasgow

2729323334

Park&Woodlands

Yorkhill&Finnieston

WestEnd

CharingCross&LancefieldQuay

CityCentre

1

2

3

4

5

TTL(days)2BedFlats


AverageMonthlyRentsfor2BedFlatsinGlasgow(allfiguresinpounds)Q42012

Neighbourhood

5MostExpensiveAreasinGlasgow

£848£775£736£716£702

Park&Woodlands

Kelvinside&Dowanhill

CharingCross&LancefieldQuay

CityCentre

WestEnd

AverageMonthlyRentfor2bedflat

1

2

3

4

5

AverageMonthlyRent(£)2BedFlatQ42012

380 to 500500 to 580580 to 610610 to 680680 to 710710 to 790790 to 1,100

OurrentalmapofGlasgowemphasisesthefactthatthemostexpensiveflatsareverymuchconcentratedinthemiddleofthecity.TheeverpopularPark&WoodlandsagaintopsthelistofmostexpensiveneighbourhoodsinGlasgowwithanaveragerentfora2bedflatof£848.Kelvinside&Dowanhill(£775)isinsecondplace.C haring C ross & Lancefield Quay(£736)isinthirdplacewhileCityCentre(£716)beat W est E nd(£702 )tofourthspot.


Fife

FifeAnalysisQ42012

Beds1bed2bed3bed

GrowthQ42011Q420120.3%-0.2%0.5%


424341




53-4

AverageRent

Q42012£384£486£596

60

40

50

30

20

10

0

TimetoLetinFifebyPropertySize(Q12010-Q42012)

70

£800

£700

£600

£500

£400

£200

£300

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2


3bed2bed1bed

Renfrewshire

Days

£800

£700

£600

£500

£400

£200

£300


3bed2bed1bed

3bed2bed1bed

60

40

50

30

20

10

0

TimetoLetinRenfrewshirebyPropertySize(Q12010-Q42012)

70

Days

3bed2bed1bed

RenfrewshireAnalysisQ42012

Beds1bed2bed3bed

GrowthQ42011Q42012-4.6%0.4%-3.3%


535443




38-9

AverageRent

Q42012£349£474£608

AveragerentsforonebedflatsinFifeare£381whichisup0.3%onayearagowhiletwobedpropertieswere slightly down 0.2 % over the year to £486. Rents for three bed properties in Q4 were £596 up by 0.5% on the year and TTL improved by 4 days over the coarse of the year and now stand at 41 days which is better than the national average of 43 days.


North LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth LanarkshireNorth Lanarkshire

West LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest LothianWest Lothian




East DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast DunbartonshireEast Dunbartonshire

East LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast LothianEast Lothian











AveragerentsforonebedflatsinRenfrewshireare£349whichis4.6%downonayearagowhilerentsfortwobedproperties have barely changed over the year at £474. Rents for three bed properties in Q4 were £608 down by 3.3% on the year. Average TTL for one and two bed properties lengthened over the coarse of the year and now stand at 53 and 54 days respectively.It is unusual to see larger property take less time (43 days) to let than smaller property.



















‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3


SouthLanarkshire

WestLothian

£800

£700

£600

£500

£400

£200

£300


3bed2bed1bed

£800

£700

£600

£500

£400

£200

£300


3bed2bed1bed

Average rents in South Lanarkshire are similar to bothFifeandRenfrewshirewithonebed flatsaveraging£387which is 1 .0%upona year agowhile rents for two bedpropertiesare 2 .9% down over the year at £475. Rents for three bed properties in Q4 were £590 down by 5.8% on the year though the TTL improved by 1 4 days over the coarse of the year and now stand at 42 days.

60

40

50

30

20

10

0

TimetoLetinSouthLanarkshirebyPropertySize(Q12010-Q42012)

70

Days

3bed2bed1bed

60

40

50

30

20

10

0

TimetoLetinWestLothianbyPropertySize(Q12010-Q42012)

70

Days

3bed2bed1bed

SouthLanarkshireAnalysisQ42012

Beds1bed2bed3bed

GrowthQ42011Q420121.0%-2.9%-5.8%


444542



ChangeQ4‘11-Q4‘12-8-5-14

AverageRent

Q42012£387£475£590

WestLothianQ42012

Beds1bed2bed3bed

GrowthQ42011Q42012-9.0%4.4%3.8%


475049




20-5

AverageRent

Q42012£426£547£648



















InQ42012onebedflatsin W est Lothian averaged£4 2 6permonthwhich is a drop of 9.0% on a year ago. Twobedpropertiesaveraged£547 up 4.4% whilethreebedpropertiesaveraged £648 up 3.8%.



















‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘10Q1

‘10Q2

‘10Q3

‘10Q4

‘11Q1

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3





Dundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee CityDundee City


Aberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen CityAberdeen City

AberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshireAberdeenshire

AngusAngusAngusAngusAngusAngusAngusAngusAngus










HighlandHighlandHighlandHighlandHighlandHighlandHighlandHighlandHighland


Perth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & KinrossPerth & Kinross





Methodology

The statistics are based on rental properties advertised on Citylets. Rather than employ snapshot sampling our observations are recorded when a property is removed from the site as let. We believe such transaction-based observations provide a better reflection of the market.

The data is cleansed to remove multiple entries and other anomalies. Our cleansing process continues to guide refinements to data recording.

Averages are calculated on a monthly or quarterly basis as weighted (mix-adjusted) means. Indices are constructed holding composition (property type and number of bedrooms) fixed at the average of the last three years. This ensures that changes in the index reflect rent changes and not changes in composition, which are likely to occur seasonally.

Disclaimer

Whilst we have made every effort to ensure information published in this report is correct Citylets gives no warranty or representation as to the accuracy or completeness of the information. The report does not constitute legal or other professional advice. We reserve the right to change methodology, discontinue or revise indices or other analysis at any time.

Copyright

This report and all data contained within is copyright Citylets. The information contained within this report may be reproduced if the source is clearly identified.

AboutCityletsFoundedin1999,CityletsisScotlandandNorthernIreland’spremierresidentiallettingssitewithanaudienceofmorethan3millionvisitorsperyear&advertisingover80,000propertiesfromover500lettingagents.

Cityletsisfullyindependentofanyestate/lettingagentgroup,mediaorfinancialorganisationandismanagedbyitsfoundingteamintheWestEndofEdinburgh.

EnquiriesPleasefeelfreetogetintouchwithusifyouwouldliketodiscussanyaspectofthisreportorwouldliketoconsideradvertisingpropertyontheCityletsWebsite.

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Citylets21LansdowneCrescentEdinburghEH125EHTel:01314674864

Fax:08445070400

www.citylets.co.uk

Change(%)LocalAuthorityRegion Q4-12

AberdeenCityEdinburgh,CityofAberdeenshireEastRenfrewshireStirlingGlasgowCityEastLothianMidlothianHighlandEastDunbartonshireWestLothianPerth&KinrossDundeeCitySouthAyrshireFifeSouthLanarkshireRenfrewshireNorthLanarkshireClackmannanshireAngusFalkirkEastAyrshireNorthAyrshire

Scotland

£830£702£640£632£547£596£579£580£545£653£517£520£536£457£480£483£458£456£436£474£445£464£468

£626

Q4-11£858£732£657£641£612£611£587£585£569£559£543£523£521£473£468£466£463£457£454£446£446£442£431

£641

Change(actual)

"...given the recent change in legislation relating to the charging of tenant fee's, many landlords are trying not to increase rents. However, we are finding that due to the increased costs being passed to landlords, rent rises are inevitable."

Alistair J McMurdoCastlebrae Sales and Letting

CityletsRentMap

"... a flying start to the year with lets up on last year and February looking great too. Investors are starting to come back to the market again and sales seem to be steaming along. Rents are going up steadily around 2.5 % on new lets which is pushed by the recent government decision to abolish tenant fees" Let It, Renfrewshire

AverageMonthlyRent2BedFlatsQ42012

820to860640to820570to640530to570460to530440to460

3.37%4.27%2.66%1.42%11.88%2.52%1.38%0.86%4.40%-14.40%5.03%0.58%-2.80%3.50%-2.50%-3.52%1.09%0.22%4.13%-5.91%0.22%-4.74%-7.91%

2.4%

£28£30£17£9£65£15£8£5£24-£94£26£3-£15£16-£12-£17£5£1£18-£28£1-£22-£37

£15 2.4%£15

AverageMonthlyRentsQ420122BedFlats

citylets q4 2012

Documents

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