Students approaching the end of their holidays should not be dismayed if they haven’t found property yet, because they could well end up paying less in the long run.
(PRWEB UK) 22 September 2012
September is traditionally the time when the frenetic summer of the letting market begins to wind down, as students and other summer-movers settle into their new accommodation.
However, it can also be a stressful period for potential tenants who wanted to move over the summer but couldn’t find the right property, or lost out last minute to someone else. These tenants shouldn’t fear, however, because they actually might be in for a better deal.
According to Lettingweb, Scotland’s leading letting-only property portal, the average rents plummet after August, reaching a low point in December. So if you’ve missed out on summer property, a bit of patience may reap dividends in the long run as landlords and letting agents in Edinburgh, Glasgow and across Scotland lower their prices to match the decreased demand.
Lettingweb’s data shows that average rental prices across Scotland peaked at £724 in June 2011, and stayed above £700 until late August – before dropping throughout September to a lull in the run up to Christmas. Delaying your move by a few months could end up saving you over £50 a month.
- 4 bedroom properties cost on average £1,219 at the beginning of August; by October that had dropped 11% to £1,088.
- That means that a 12-month lease would end up £1,572 cheaper when begun after summer.
- After peaking in July, rents in three bedroom properties dropped over £60 by autumn.
- 2 and 1 bedroom properties show less fluctuation, but still drop in the colder months.
Patrick Foot, Lettingweb’s Product Manager, had this to say about the trend:
“This is really good news for anyone that either can afford to move later in the year, or missed out on a summer property. Students approaching the end of their holidays should not be dismayed if they haven’t found property yet, because they could well end up paying less in the long run.
What really stands out is how significant these drops are. The savings that can be made by timing your move correctly are enormous. There's also geographical differences that can make a huge change, with flats to rent in edinburgh fluctuating differently from elsewhere. This really shows the need for any potential tenant to pay attention to the market, and not jump on the first property that becomes available. Tools like Lettingweb’s property alerts can be a really great way of doing just that.”
The traditional winter lull in property prices shows no sign of abating this year, and can be traced back to 2007 (according to Lettingweb records).