Braemore rents first-ever £600 p/m one bed flat

by Scott Douglas

Tuesday, October 14th, 2008

Evening News: http://edinburghnews.scotsman.com/edinburgh/Financial-crisis-City-giant-Standard.4579580.jp

Rental prices have risen in Edinburgh to the point where the city’s leading letting agent has achieved a landmark lease – their first-ever one-bed flat in Gorgie to fetch £600 per month.

Braemore Property Management

Braemore Property Management has announced the historic rent, which was achieved for a first-floor, one-bed apartment facing onto the busy Gorgie Road area.

The flat was let out after just two viewings to a professional couple who agreed to pay the landmark £600 per month price tag, which is among a series of rising rent levels being witnessed across the city.

And the record figure has been highlighted as the result of a recent increase in demand for rented property across the city, which has seen many would-be homebuyers decide to lease homes rather than purchase their own properties.

Braemore, which is based in Dundas Street and has a portfolio of around 850 properties worth more than £250 million, says that the demand for rented accommodation means that some landlords in the Capital are now achieving higher rents than ever before for their properties.

Colette Murphy, director at Braemore Property Management, said: “In recent months, the rental sector has been performing very well and there has been an increase in the number of people looking to rent a property rather than buy one.

“It has meant that the marketplace has become highly competitive, with rental levels rising in many areas of the city. And although many of these rent increases have been fairly moderate, in some cases, we have seen properties being let for more than they ever have done in the past – particularly one-bedroom properties.

“This flat in Gorgie is a good example of how much tenants are willing to pay to secure a good rental property. In the past, the most we would have expected a one-bed apartment in that area to be rented for would have been around £550, but this is our first-ever £600 per month one-bed flat there.

“The more important fact is that it was let after just two viewings, which shows that current market conditions are leading tenants to pay high rents for a good flat across all areas of Edinburgh.”

Colette says that the firm has also seen rents rise in the New Town, with one-bed properties particularly in demand among new tenants. The rise in demand for flats has also affected traditionally competitive areas such as The Shore in Leith, where the firm recently let out a two-bed flat for £750 – which was previously let for £650.

She added: “Properties are being let out quickly and tenants are willing to pay good levels of rent for flats in desirable locations, so this is great news for the rental sector.

“One bedroom properties in particular are continuing to prove very popular, as a lot of potential first-time homebuyers are still unwilling to purchase their own flats. It’s good news for landlords and, although we’re approaching a traditionally quieter time of the year for lettings, it’s possible that the rental market won’t slow down greatly

“When the property market picks up again, we may see demand starting to cool for rented properties as tenants begin looking for their own flats to buy. At the moment, however, letting agents are enjoying one of the best periods for the rental market in recent years.”

ENDS

Issued on behalf of Braemore Property Management by the Holyrood Partnership. For more information, contact Adrian Mather on 0131 561 2244 or [email protected]

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