Treating Symptoms Damaging Cures?

Citylets Report Q3 2015
West Lothian
Market Overview - Q3 15
Beds
Average
Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £454 0.7% 4.1% 2.3% 30 -9 27% 57%
2 bed £565 3.7% 5.2% 7.2% 43 -6 12% 44%
3 bed £685 7.2% 8.6% 10.5% 37 -8 16% 50%
4 bed £893 3.7% -2.0% 2.6% 40 11 12% 41%
Total £626 2.6% 4.5% 7.7% 40 -5 15% 47%
Average Rent (pcm) by Number of Bedrooms
Rent (£pcm)
800
700
600
500
400
300
200
100
0
Q3
09
Q1
10
Q3
10
Q1
11
Q3
11
Q1
12
Q3
12
Q1
13
Q3
13
Q1
14
Q3
14
Q1
15
1 bed 2 bed 3 bed All
Q3
15
C I T Y I N F O
Market Composition
17%
2 bed flats
1 bed flats 43%
12%
3 bed houses
2 bed houses
Other
14%
14%
Rental Index (base: Q1 08)
Average Time To Let (TTL) by Number of Bedrooms
Year Q1 Q2 Q3 Q4
Time To Let
70
60
50
40
30
20
10
0
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
2008 100.0 101.4 104.8 101.2
2009 101.9 98.4 100.5 99.7
2010 100.9 100.2 100.2 100.3
2011 100.7 104.8 100.5 100.9
2012 98.1 102.8 103.3 103.4
2013 104.1 103.8 108.8 104.3
2014 103.3 103.6 105.2 104.1
2015 105.9 105.7 107.9
Households: Rented
12,845
1 bed 2 bed 3 bed All
Brian Callaghan - Letting Solutions
“Rental demand in West Lothian is at an all-time high, with multiple applicants for
every property. As a result, it is noticeable that prospective tenants are increasingly
anxious about missing out in the face of such high demand. To illustrate, of the
numerous properties we have rented out over the past week, six were let in less
than one day. Although two bed flats continue to be in greatest demand, three beds
follow on closely”
Rented from
Council
6,386
Other social
rented
7,120
Private rented
Source: Census 2011, West Lothian
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