“Activity in the Scottish PRS remained brisk throughout the final quarter of 2023, however with agents reporting recognisable seasonality for the first time in many quarters with demand softening towards year end. Whilst rents continued to rise substantively by historic standards, the rate of growth eased considerably in major conurbations which will be welcome news to tenants. Of note perhaps to would-be-legislators, associated Time To Lets (TTLs), often a precursor to further changes in rental values, also lengthened across the board.
Shifts in Scottish PRS Dynamics – Q4 2023 Insights and Market Trends
Indeed, Aberdeen appeared to have completed its market cycle in Q4 2023 posting the strongest annual growth of all major cities at almost 10% which will be welcome news to landlords where rental values only now return towards the 2008 base for Citylets indices. The Aberdeen market has been a textbook case of
self-regulation over any appropriate long term view.”
Scott Morrison, Aberdeen Branch Manager is featured (page 13) commenting:
“Q4 is traditionally a quieter time and this year is no different. There is an increased amount of demand than previous years though, with stock levels still on the low side. Larger family homes are still hard to come by. We have, however, seen a number of landlords return to the rental market, concerned with their properties not selling, but buoyed by increased rental values and reduced TTLs than we have seen over recent months. Aberdeen recently securing around 200 civil servant positions has been a welcome investment and we’ll likely see increased activity into the New Year.”
