Boom time for local rental market

The lettings market for residential property in Scotland’s south-west continues to thrive, according to Scotland’s leading independent property consultancy, CKD Galbraith.

The lettings department in the firm’s Castle Douglas office has noticed a significant increase in inquiries for let residential properties over the past month, up 20 per cent compared to the same period last year, as the busy summer period takes hold.

There continues to be a high demand for rental property from potential first-time buyers who are still struggling to get onto the property ladder due to an insufficient deposit.

CKD Galbraith is also experiencing a growing number of people in the retirement bracket who are deciding to release capital from their property and rent, thus allows them greater freedom to move. Students as well as young professionals are also boosting the lettings sector in the area.

The increase in demand has led to a rise in rents previously expected by landlords with the average rentals in the south-west being £650 per calendar month. However, rents can range from £450pcm for an average two-bedroom cottage to £825pcm for a five-bedroom family house. In addition it’s only taking the firm one month on average to rent out the properties on their portfolio with some only taking one week.