(PRWEB UK) 27 February 2013
The Scottish letting industry typically has the same ebbs and flows each year, peaking in the summer and at the beginning of the year whilst slowing down in the winter and spring.
Stirling, however, saw it’s rentals underachieve this January, with an average rent of £688, down 16% on the previous year. On top of that, demand also dropped - with flats on average taking two extra days to get let on the leading Scottish property portal.
The slowdown was most keenly felt by those trying to let 3-bedroom properties, which saw a drop in rent coupled with an uplift of 11 days in time to let. 1-bedroom flats didn’t perform much better, taking 10 extra days to find a suitable tenant.
Those still looking for a tenant shouldn’t be dismayed, however, as the blip looks temporary and both rents and demand have risen dramatically this month. Average rents on 3-bed properties rose a, impressive 13% in February to the highest amount since September. 1-bedroom properties saw a similar rise of 18%, and took on average 10 days less to get leased on Lettingweb.
The fluctuations in the Scottish market may well have taken place as a result of the increasing amounts of legislation that is being introduced each month, causing uncertainty amongst both buyers and agents.
Lettingweb’s Product Manager, Patrick Foot, saw the rise as a warning for landlords:
‘At Lettingweb we see spikes and drops in both rent and demand on a month to month basis, and this is a key example of that. Landlords entering the buy-to-let market should be aware that the month in which a property is let will have a massive impact on yield.’
‘Going through a registered letting agent is a great way to avoid this, and the only way onto our site. A recognized agent will know the best times and ways to get your property out there and ensure that it isn’t sat gathering dust.’
View Lettingweb’s Stirling based agents here: http://www.lettingweb.com/letting-agents-stirling.html
1. For further information, or to speak to Steve Tigar please contact Lettingweb’s Press Office:
2. For more information of Lettingweb, please visit their website:
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