The private rental sector’s popularity continues to grow as figures made public today by Lettingweb show that flats to rent in Scotland have become an attractive alternative to buying.
The number of Scottish rental properties that have been let out in 2011 has increased by 27.72% compared to the same period in 2010.
Phil Turnbull, Product Manager at Lettingweb, said: “In this present financial climate, where there is perhaps not the opportunity for strong earning potential like years gone by, more and more people are turning their backs on the housing market and instead looking to the private rental sector. Our figures show that more Scottish properties than ever are being let, as new tenants seek the flexibility that is afforded to them by medium to long-term lets. We expect this trend to increase further over the next 12 months.”
With an increase in demand for Scottish flats to rent, letting agents and landlords can expect to reap the benefits of this change in property seekers’ mindset. Compared to last year, the average time to let out flats to rent in Scotland has decreased by 19.51%, resulting in demand outstripping supply.
These findings compliment the news that emerged from the National Landlords Association’s annual National Conference in Manchester last month. Terrie Alafat, director of housing growth and affordable housing at Communities and Local Government, told the NLA: “There is recognition about the flexibility of the sector. It isn’t a last resort, it is actually a sector which is the choice for people who do want that flexibility, who may want to move to work.”
Lettingweb.com is one of the UK’s most comprehensive residential letting property portals. Based in Edinburgh, Lettingweb.com offers nationwide coverage of the UK rental market, with thousands of properties to rent in Scotland, England, Wales and Northern Ireland. Lettingweb.com provides tenant enquiries, free landlord enquiries and resources to letting agents across the UK.
Tel: 0845 855 8555