Frustrated first-time buyers driving up Dundee rents

Problems facing first time buyers are continuing to push up rents in the private sector in Dundee, according to latest figures.

A survey by the Citylets Network shows that the average monthly rent on a two-bedroom flat in Dundee was £570 in the first three months of this year, up 2% on the same period in 2010.

Increasing demand for rental properties is a feature across the UK, with a recent survey by letting agency network LSL Property Services showing rents paid in England and Wales reached a record high last month.

The pressure on rented accommodation is not expected to let up while first time buyers have to wait to save substantial deposits before being able to move onto the property ladder.

“This accords with the reports I am getting from the Scottish rental market in general and Dundee and surrounding area in particular,” said Lindsay Darroch, head of property at Tayside solicitor Blackadders.

“With first time buyers still not being able to get on the property ladder but still requiring to move or set up on their own there is an increasing tenant demand for properties.”

Image used under Creative Commons licence courtesy of Flickr user woodleywonderworks.