Pri­vate rents in Scot­land ris­esix per cent in the year

The Oban Times - - Property -

PRI­VATE rent lev­els in Scot­land were up six per cent in the year to May 2017, with the typ­i­cal rental prop­erty let­ting for £ 574 a month, ac­cord­ing to the lat­est buy-to­let in­dex from Your Move Scot­land.

Ed­in­burgh is show­ing a ‘strong’ per­for­mance, ac­cord­ing to the in­dex. Prices in the city and sur­round­ing area in­creased by two per cent in the past 12 months to reach an aver­age of £ 655.

‘ De­mand con­tin­ues to out­strip sup­ply in Ed­in­burgh, with this driv­ing the price in­creases in all ar­eas of the cap­i­tal,’ said Brian Mo­ran, let­tings di­rec­tor at Your Move Scot­land.

Yet Ed­in­burgh wasn’t the area which had the big­gest in­crease in the coun­try as prices in the South of Scot­land have risen 7.1 per cent in the past year, with the aver­age prop­erty now let for £564 a month. Ed­in­burgh and Loth­i­ans con­tin­ued to be the ar­eas with the high­est rents in all of Scot­land, Your Move Scot­land found. Prices in the cap­i­tal city and sur­round­ing ar­eas now aver­age £ 655 per month, fol­low­ing a two per cent rise in the past year. This price is also 0.6 per cent higher than in March 2017.

Your Move Scot­land said the prices in Ed­in­burgh are driven by a lack of suit­able hous­ing stock, as this pushed up prices across the city.

The other re­gion to see large in­creases was the East of Scot­land, where the aver­age rent grew by two per cent to reach £ 655. Families were a key rea­son for this growth, par­tic­u­larly in the Fife area where three and four bed­room prop­er­ties were in es­pe­cially high de­mand.

The only re­gion to see rents fall com­pared to last year was Glas­gow and Clyde. Prices here de­creased by 1.2 per cent in the 12 months to April 2017 and now aver­age £570 per cal­en­dar month.

In­ver­ness was an­other area which saw a rise in de­mand for fam­ily prop­er­ties.

In the High­lands and Is­lands re­gion, prices were fl at com­pared to last year but rose one per cent be­tween March and April, faster than any­where else in the coun­try. The typ­i­cal rent was £596 this month.

On a monthly ba­sis, all ar­eas of Scot­land saw the aver­age rental price in­crease.

Across Scot­land the typ­i­cal rent is now £574 per cal­en­dar month fol­low­ing a 1.7 per cent rise since March. The typ­i­cal rent is now six per cent higher than at the same stage in 2016.

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