SCOTLAND’S VOICE OF PROPERTY ROUNDS UP THE WEEK’S

STRONG demand for city properties in the private rented sector (PRS) throughout Scotland underpinned a five per cent year-on-year increase in the average rent during the last quarter of 2018, making the average rent in Scotland now £771, according to the latest report by Citylets. Interestingly, the report reveals larger three and four bedroomed properties recorded the largest annual rises (seven and 10.9 per cent respectively). Citylets now estimates around 90,000 families in Scotland are living in the PRS – representing approximately a quarter of the rented sector.

Edinburgh leads the way with a substantial 7.8 per cent annual rent rise to £1,095 per month, with the steepest rise recorded for four bedroomed properties, which have risen 10.3 per cent year-on-year and a whopping 48.6 per cent over the last 10 years. Glasgow also witnessed strong demand for larger properties – overall rents in the city rose 3.9 per cent during the fourth quarter to stand at an average £771 per month.

HISTORY SET IN STONE

A LANDMARK B-listed building at Cathcart on the south side of Glasgow is in the process of being transformed into luxury apartments and penthouses by the FM Group. Formerly the headquarters of Scottish Power, Cathcart House was designed by Scottish architect Sir John James Burnet and built in 1913 for the Wallace Scott Tailoring Institute. Located in the centre of a popular residential suburb, the redevelopment will add 79, one, two and three bedroomed apartments and two bedroomed penthouses to the local market.

SAVING TENEMENTS

PROPOSALS for new legislation to improve tenement maintenance have been put forward by a Scottish Parliamentary Working Group. The main points in the report are for: compulsory five-yearly property inspections, compulsory owners associations, and compulsory sinking funds. Consultation on the proposals are open until February 27, 2019 and Under One Roof (underoneroof. scot) has set up an online survey to help tenement owners put forward their views.

LANDMARK LIVING: Buyers of the new apartments will be gaining a slice of history.