October News Bulletin

October News Bulletin

Private Residential Tenancy

Cullen Property reports; Did you know that, in less than two months, tenancies in the Scotland’s private rental sector will be changing? The Scottish Government will be bringing the new Private Residential Tenancy (PRT) into effect from 1st December 2017. READ MORE.

Cullen Property opinion:

In four weeks’ time tenancies in Scotland’s private residential sector will be changing as the new Private Residential Tenancy comes into effect from 1st December 2017. This is a major change for the industry. However, we believe it is manageable in this short time span and will work well not only for tenants, but landlords too. The model tenancy has now been released meaning we are now drafting our new tenancy which will include all the mandatory conditions and will be adapted to create our own unique bespoke agreements. If you have any queries regarding how the new PRT will affect you as a landlord, please email us at investment@cullenproperty.com.

Edinburgh rents rise 40 per cent in seven years

The Scotsman reports; Private-sector rents in the Capital have soared by up to 40 per cent in the past seven years, new figures show. READ MORE.

Cullen Property opinion:
It has been a bonanza time for landlords with property in Edinburgh over the past seven years. It has been projected that if rents continue to rise at the same rate, by 2020 one-bedroom properties would cost 56.2% more to rent than in 2010. With Scotland’s steady private residential property performance there has been talk of rent pressure zones becoming introduced into Edinburgh and Glasgow’s private rented sector. However, this is still very much in discussion with no immediate action.

(Image courtesy of ddpavumba at FreeDigitalPhotos.net)

Majority of Scots happy to rent

Property Reporter reports; almost three quarters of Scots are happy to rent a property and that being a tenant suits many people’s lifestyles. READ MORE.

Cullen Property opinion:
It has become financially more difficult for first-time buyers to get onto the property ladder. This, coupled with the amount of demand for properties vs. the supply, has led to many more 16 to 34 year-old's renting rather than buying. The changing lifestyles of young people in Scotland is another factor contributing to the sharp increase in private renters. Buy-to-let properties will always be in demand in Edinburgh - on average this year, our properties let within nine days.

Hot property as Edinburgh flats sell in two weeks

Edinburgh Evening News reports; One and two bedroom flats in the city’s first time buyer hot spots are now being snapped up for far more than their home report value. READ MORE.

Cullen Property opinion:
If you are looking to invest in Edinburgh property – you better be quick. Property across the city is being snapped up and selling in a record time of two weeks for over their home report valuations. The lack of new property on the market with the demand for property in central Edinburgh from both first-time buyers and investors has led to an increase in the average selling prices and how quickly the properties are taken off the market. If you are thinking of investing in Edinburgh property our expert investment team will be able to guide you from investing to refurbishing and letting and managing your property on your behalf.

Edinburgh still leads the way as average capital home costs £246,000

The Herald reports; Average house prices have risen 10.4 per cent between August 2016 and August 2017 to £246,611. READ MORE.

Cullen Property opinion:

The latest data from the UK’s house price index has found that the average price for property in Scotland has risen by 3.9% since this time last year. However, the largest property price increase in Scotland has been in Edinburgh, where the average cost has risen 10.4% from August 2016 – August 2017 to £246,611. This is great news for our current landlords as Edinburgh’s property performance is growing stronger and stronger each month, meaning the capital growth of their property investments are excelling.

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