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Edinburgh rents finally fall

publication date: May 13, 2009
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StreetRent prices in Edinburgh have recorded their first fall in years as the capital’s rental market suffers from an excess of properties being put up to let. New research by Braemore Property Management has revealed that with an oversupply of stock caused mainly by an increase in the number of properties being put up for rent by ‘reluctant’ landlords, the average rent level in the city has dropped by more than £50 over the past three months.

The data shows that in January, the average rent fall across the city was £19 – based on a total of 33 properties let or re-let during the month. In February, the average rent paid for re-let properties was £670 – a drop of £52. New build and larger homes were the most affected, with the average rent for a three-bed property during the month down by £105. In March, the average rent for properties re-let fell by £58 – from £732 to £673. Once again, larger properties suffered the highest falls, with the average rent for a three-bedroom home down £126 and the average rent for a four-bed property down £50.

Colette Murphy, director at Braemore Property Management, said, “There is still a lot of demand for rented accommodation in Edinburgh. We are carrying out more viewings than we were at the same time last year. Many people are choosing not to buy a home in the current economic climate and, instead, want to rent. However, this has coincided with a rise in the supply of homes being put on the rental market.”