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WHEN YOU THINK ABOUT ABERDEEN

WHEN YOU THINK ABOUT ABERDEEN. Do you think about?. FOOTBALL EXCELLENCE?. IT’S THE ECONOMY! STUPID? (Apologies to) Bill Clinton 1992. ENERGY CAPITAL OF EUROPE. Aberdeen City some facts

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WHEN YOU THINK ABOUT ABERDEEN

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  1. WHEN YOU THINK ABOUT ABERDEEN Do you think about?..........

  2. FOOTBALL EXCELLENCE?

  3. IT’S THE ECONOMY! STUPID? (Apologies to) Bill Clinton 1992

  4. ENERGY CAPITAL OF EUROPE

  5. Aberdeen City some facts • Total number of properties – 112073 • Total number of Council Houses – c 22100 • Private rented properties – 18392 • Private rented % 16.4% v 11% nationally • NE share of Scottish GDP 13.8% (+ offshore) • Gross value added 50% higher than Scottish Figure • North East share of population 9% • We punch above our weight!!

  6. City Lets national analysis • Aberdeen City rents 42% higher than Scottish average Rental Benchmarks Commercial Rents by Size & Type • Two internet snapshots: June 2013; July 2013 • Sample size: 246 properties • Compares well to City Lets Housing Market Profile (Spring 2013)

  7. Rental Benchmarks Commercial Rents by Size & Type • Two internet snapshots: June 2013; July 2013 • Sample size: 246 properties • Average monthly rental value for City: £1,122 • Average monthly rental for flats (£907) 58% lower than detached houses (£2,163)

  8. Rental Benchmarks Rental Benchmarks All mainstream RSLs operating in ACC (Castlehill, Grampian, Langstane, Next Step, Tenants First) • Similarity in average monthly rents • Similar structure 1 – 3-bedroom properties • 15% differential for 4-bedroom properties

  9. Rental Benchmarks • RSL rents up to 75% below commercial values • LHA rates up to 60% below commercial values • RSL rents up to 55% below LHA rates

  10. Income Profile CACI 2012 Paycheck by Ward Average Aberdeen City income = 43% of households earn less than <£25k per annum

  11. Income Profile CACI 2012 Paycheck by Ward Average Aberdeen City income = 26% of households earn more than <£50k per annum

  12. Income Profile ASHE Median Salaries (2012) Only Teaching salaries higher than CACI median income levels in City Average City income more than double Admin & Secretarial; Care & Leisure & Elementary trades

  13. Income Profile ASHE Salaries 2012: Monthly Rent Affordability

  14. MMR Affordability Test At 25% income to rent ratio Need to earn £46k to afford 2 bed PRS rent in ACC Need to earn £24k to afford 2 bed MMR rent in ACC

  15. Income Profile ASHE Salaries 2012: Monthly Rent Affordability

  16. Income to Rent Ratios

  17. MMR Model Outcomes Affordability: CACI Income Profile • Commercial rents At 25% of income 77% cannot afford PRS rents At 30% of income 69% cannot afford PRS rents

  18. MMR Model Outcomes Affordability: CACI Income Profile • Mid Market Rent based on 80% LHA At 25% of income 46% cannot afford MMR rents At 30% of income 39% cannot afford MMR rents

  19. MMR Model Outcomes Affordability: CACI Income Profile Summary Based on 30% affordability, 39% can’t afford MMR compared to 77% who can’t afford commercial rents

  20. MMR Model Outcomes Affordability: MMR relative to other tenures (CACI)

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