Edinburgh overtakes Aberdeen as Scotland’s most expensive rent city

Annual growth has also again slowed from 2.9 per cent as at Q3 2015 to 2 per cent as two powerful and competing forces from the Aberdeen and Edinburgh markets continue to battle it out for primary influencer on the national figures.

Average rents in Aberdeen have fallen a significant 15.9 per cent over the last year. With oil prices around the $30 mark and with yet more supply from Iran now on-stream there is every reason to believe that the North East property market has further to fall and drag the national average down with it.

Commenting on the findings, Citylets founder Thomas Ashdown said: “We generally report on what we have seen but it isn’t hard to foresee annual growth for Scotland tending towards zero later in 2016. Aberdeen has further to fall.

Meanwhile Edinburgh has overtaken Aberdeen as the most expensive city to rent in Scotland with its 11th successive quarterly rise. Whilst annual growth may have cooled slightly to 5.7 per cent the Capital’s market seems set to continue to rise throughout 2016.”

Edinburgh average rents now stand at £951 per month with positive gains recorded for all property types. The Citylets Edinburgh index stands at an all time high.

Glasgow continues to edge up steadily at 4.2 per cent breaking the £700 barrier to average £701 per month. Properties are also moving faster now, typically taking just 21 days to rent.

Aberdeen’s downward curve has steepened and falls are almost certain to continue throughout 2016 and beyond. Average rents are now £934 per month with average time to let lengthening to 46 days.

The Dundee market enjoyed more marked positive annual growth than in recent quarters, up 4.6 per cent to average £570 per month.