Scottish rental market heats up
Rented accommodation in Scotland has increased from one in seven to one in six in just five years.
The Scottish lettings market has seen demand from renters rocket 77.5 per cent this year meaning 14 tenants are now chasing each new rental property.
New findings show that the highest growth was in northern Scotland where prices rose by 12.7 per cent this year.
The highest-ranked seaside location in the UK was Ayr, with average yields for two- bedroom flats of 7.6 per cent and Edinburgh came fourth out of tech growth locations, with average yields of 5.8 per cent for a two-bedroom flat in Leith.
The figures show rented accommodation in Scotland has increased from one in seven to one in six in just five years.
In 2010/ 11, 14 per cent of people in the country were living in private rented accommodation, by 2014/15 this had risen to 17 per cent.
Over the same period, the region has seen an increase in the proportion of people who own their home outright, from 31 per cent to 32 per cent and a fall in the proportion of people who are buying with a mortgage, down from 33 per cent to 29 per cent.
Across the UK, the proportion of 16 to 24s in private rented accommodation has grown from 48 per cent in 2004/05 to 69 per cent in 2014/15.
For 25 to 34- year- olds, the increase in private renting, which has seen the proportion rise from 24 per cent to 44 per cent has mostly been at the expense of buying, with the proportion buying with a mortgage dropping from 56 per cent in 2004/05 to 37 per cent in 2014/15.
All age groups apart from senior citizens are more likely to be in private rented accommodation than 10 years ago.
For those aged 35 to 44, the rate has jumped from 11 per cent in 2004/05 to nearly a quarter (24 per cent) in 2014/15, while it has doubled from seven pr cent to 15 per cent for 45 to 54-year-olds and is up from six per cent to eight per cent for 55 to 64 year olds.
For both 35 to 44s and those aged 45 to 54, there have been corresponding drops in the proportions buying with a mortgage. For those aged 35 to 44, the proportion buying with a mortgage has dropped from nearly two-thirds (64 per cent) to just over half (51 per cent), while it has fallen from 56 per cent to 48 per cent for those aged 45 to 54.
The increase in private renters may be a combination of younger people struggling to get out of rented accommodation and older people being more likely to have moved into the sector.
Over the 10 year period from 2004/05 the change in tenure composition across the UK was significant.
The percentage of households buying with a mortgage declined from 39 per cent to 30per cent, while the percentage privately renting increased from 12 per cent to 19 per cent.
The trend of declining ownership with a mortgage and increased private renting moderated in recent years, although the percentage of households owning with a mortgage continued to decline slightly in 2014/15.
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