Scottish rental sector enjoying surge in demand
Published: 24-Jul-2008
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The Scottish rental sector is enjoying a boom, with property being let to tenants at the fastest rate for years, new figures have shown.
Data from the online letting portal Citylets shows that number of properties during the second quarter of the year rose by 21 per cent compared with the same period last year.
Two bed flats to rent in Glasgow saw the most significant change with the average time-to-let (TTL) falling to 31 days - six days lower than last year.
Meanwhile, rents have risen by 4.5 per cent on average over the same time.
Thomas Ashdown, managing director of Citylets, said: "While other sectors of the economy may be facing challenging conditions, the residential lettings market is going strong.
"The surge in demand for rented accommodation first seen in November of last year has been maintained. The ongoing credit crunch and difficult housing marketsuggests that there will be no let up in people looking to rent in the short to medium term."
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