Rental Demand Up By a Third

Latest News/25.05.2020

According to recent reports from Rightmove, demand for rental property is up by a third on this time last year. The property market has reopened for business whilst here in Scotland estate agents remain closed until at least June 18th when the current situation will be reviewed by the Scottish Government.

The return of the housing market has seen demand for rental property boom – with data from Rightmove showing activity in the first week since the lockdown in England eased, with rental demand on the portal registering at its highest ever in its 20 year history. There is a strong possibility that this will happen in Scotland.

According to Rightmove, almost 23,000 new rental listings appeared on the portal since the first day of reopening, down 10% on the same week last year. However, the total available rental stock is now up 13% since before the lockdown in March.Asking rents have risen 2.1% compared to last year, down from an annual rate of 3% before lockdown. On average they are £1,089 per calendar month across all Great Britain.

This new activity on Rightmove shows that home-movers have determination to continue with their plans in the coming months.

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