Private rents in Scotland risesix per cent in the year
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.