Strong demand for city properties in the private rented sector (PRS) throughout Scotland underpinned a 5 per cent year-on-year increase in the average rent during the last quarter of 2018, making the average rent in Scotland now £771, according to the latest report by letting portal Citylets. Interestingly, the report reveals larger three and four bedroomed properties recorded the largest annual rises (7 and 10.9 per cent respectively), which reinforces the view that an increasing number of families are calling the PRS home. Citylets now estimates around 90,000 families in Scotland are living in the PRS – representing approximately a quarter of the rented sector.
Edinburgh leads the way with a substantial 7.8 per cent annual rent rise to £1,095 per month, with the steepest rise recorded for four bedroomed properties, which have risen 10.3 per cent year-on-year and a whopping 48.6 per cent over the last 10 years. Glasgow also witnessed strong demand for larger properties – overall rents in the city rose 3.9 per cent during the fourth quarter to stand at an average £771 per month. Dundee and West Lothian also ended 2018 on a high note – Dundee with an annual increase of 4.7 per cent (average rent £578 per month) and West Lothian up 5.1 per cent year-on-year to average £699.
HISTORY SET IN STONE
A LANDMARK B-listed building at Cathcart on the south side of Glasgow is in the process of being transformed into luxury apartments and penthouses by the FM Group. Formerly the headquarters of Scottish Power, Cathcart House was designed by Scottish architect Sir John James Burnet and built in 1913 for the Wallace Scott Tailoring Institute. Located in the centre of a popular residential suburb close to a wide range of amenities including nearby parks, schools and transport links, the redevelopment of this well-known landmark will add 79, one, two and three bedroomed apartments and two bedroomed penthouses to the local property market.
Key features include the original entrance hallway, which boasts a magnificent white marble staircase with ornate balustrades; an internal landscaped courtyard; lifts to all floors and allocated car parking space – some ground floor apartments and penthouses will also have a private terrace and penthouses also offer solar roof panels. Now well underway with expected first completions this summer, to date 20 of the first phase of 38 two and three bedroomed apartments and penthouses have been reserved through Corum’s Shawlands office. Prices currently start from £225,000 for a 893 sq ft two bed apartment; £313,500 for a 1,711 sq ft three bedroomed apartment – and from £341,000 for a 990 sq ft penthouse excluding terrace. Contact Corum for full details – the final phase one release will include some one bedroomed apartments.
PROPOSALS for new legislation to improve tenement maintenance have been put forward by a Scottish Parliamentary Working Group of MSPs and property professionals. The main points in the report are for: compulsory five-yearly property inspections, compulsory owners associations, and compulsory sinking funds.
Consultation on the proposals remains open until February 27, 2019 and Under One Roof (www.underoneroof.scot) has set up an online survey to help tenement owners put forward their views. The Working Party is also keen to gather examples of where these proposals would have been of help to flat owners – information can also be relayed via the online survey.