Lettings in Aberdeen continue to rise, according to Lettingweb

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Usual autumn lull still failing to materialise.

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Like the rest of Scotland, 2012 has been a boom year for lettings in Aberdeen.

Aberdeen has always been one step away from the rest of Scotland when it comes to finance and property, with the oil industry providing a buffer against the economic climate elsewhere.

However, the increase in letting and move away from home-ownership that have previously been reported by Lettingweb are just as strong in the Granite City as they are in other major Scottish locations.

In fact according to Lettingweb data, rent prices and demand have both risen this Autumn, a dangerous combination for tenants who are looking for flats to rent in Aberdeen. By taking average rents and the time properties spend before being let, a picture of the letting climate in Aberdeen becomes clear:

  •     1 bedroom properties saw an increase in rent of £15 from September to October, with rents staying at the £590 average that they had been all summer. Time on Lettingweb tumbled almost 70% from August to October.
  •     Rents saw an overall increase of £25pcm from August to September and time on Lettingweb fall to a quarter of what it was in August.
  •     3 bed flat prices have steadily fallen, but demand has gone the other way. Time on Lettingweb is half what it was in July.
  •     Prices for 4 bed flats in Aberdeen rose £13 in the last month.

The increased demand for rental properties across the board is good news for agents and landlords, but could be a worry for prospective tenants. Lettingweb recommend getting technical with property hunting, utilizing alerts and extra features wherever possible.

With no signs of any slowdown whatsoever, the winter looks like an interesting time for letting agents in Aberdeen. Patrick Foot, Lettingweb’s Product Manager, had this to say about the results:

‘Like the rest of Scotland, 2012 has been a boom year for lettings in Aberdeen. This really shows how much of the slack from the housing crisis is still being picked up by the private rental industry.

What this highlights for tenants is the need to stay on top of any property search, as fewer properties will be available over Christmas but demand still appears high. Autumn can be an easier time to look for accommodation, but this year that appears not to have happened.’

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Patrick Foot

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