The lettings market for residential property in Scotland, including Ayrshire is thriving according to Scotland’s leading independent property consultancy CKD Galbraith, as many would-be property owners are continuing to rent during uncertain economic times.

The firm, with six regional lettings divisions throughout Scotland, has reported a higher than average rental value than the Scottish national average, with demand remaining strong in the lettings sector where lending is still somewhat stringent in some segments of the market.

CKD Galbraith’s latest lettings report for Quarter3 (July-Sep) highlighted average rental values of £701 per calendar month (pcm) with it taking on average 36 days to let out properties. During the same period, Citylets reported that the Scottish national average rental price was £670pcm with the average property being let out within 38 days of coming to market.

2011’s Scottish national average is an all time high and is up 3.2% on Quarter3 2010, research by Citylets shows.

CKD Galbraith’s regional offices reported the following average rental values for Quarter3, which takes into account the full range of properties let out by the firm in the area:

-- Advertisement --

* Ayr – average rent of £636pcm

Average time to let out a property – 35 days

* Galashiels (covering the Scottish Borders) – average rent of £558pcm

Average time to let out a property – 49 days

* Inverness (covering Inverness-shire and the Highlands)– average rent of £572pcm

Average time to let out a property – 28 days

* Cupar (covering Kingdom of Fife) – average rent of £903pcm

Average time to let out a property - 49 days

* Perth – average rent of £715pcm

Average time to let out a property – 42 days

* Stirling (covering Glasgow and Stirling areas) – average rent of £823pcm

Average time to let out a property – 15 days

Shirley Kenyon, head of CKD Galbraith’s lettings department, said: "Demand for private rental properties is showing no sign of decline and the choice of accommodation for tenants is increasing as more rental properties come on to the market. These rental levels are area specific due to regional market conditions but demonstrate an excellent return on capital investment for landlords.

"There is no doubt that the swell in popularity of rented accommodation is caused by the continuing difficulties that would be homeowners are facing in financing their first purchase. However, more recently there has been an emergence of a new sector in the lettings market - an increasing number of middle aged owners taking the decision to sell their family home and rent, particularly in the middle to top end of the property market, whilst they monitor market conditions or alternatively decide to have less responsibilities, more disposable income, and take the positive decision to rent for the remainder of their life."

As we enter the New Year, CKD Galbraith envisages the lettings market to remain robust and already have a number of properties covering all categories across the country lined up to come onto the market for 2012.

(GK)