Rentals Almost Double In Five Years
Monday, July 23rd, 2012
on behalf of Citylets
LETTINGS website Citylets has revealed that the number of people renting private properties in Scotland has almost doubled in the past five years, with a “generation rent” emerging from a moribund housing market – PR in Scotland
Scots are increasingly turning to the rental market because they are unable to buy or sell a home, and opting to rent for longer, according to Citylets.
However, the latest report from the lettings website also revealed that the average rent across Scotland reached £672 in the three months to the end of June, 1.4 per cent higher than the same period a year earlier.
The greatest demand continues to be from younger age groups unable to afford a deposit or mortgage and becoming resigned to renting for the long-term, said Dan Cookson, senior analyst at Citylets.
Dan commented: “Increasingly, agents are telling us that larger numbers of people are choosing to rent a home for the foreseeable future, and that this is not a short-term commitment”
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The coverage comes in light of it being revealed that the number of Scots renting their homes has doubled in four years as the recession prices a generation out of the housing market.
Vast numbers of potential first time buyers are forced to instead become first-time tenants due to soaring deposits with banks unwilling to lend.
Citylets revealed that it has seen a surge of tenants on its books with 7,170 moving into rented accomodation in the first quarter of 2008 compared with 14,170 moving in during the second quarter of this year.
Dan Cookson of Citylets said: “Increasingly agents are telling us that larger numbers of people are choosing to rent a home for the foreseeable future, and that this is not a short-term commitment.”
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