The Press and Journal (Inverness, Highlands, and Islands)

Prop­erty rent prices ris­ing high

High­lands and is­lands costs jump

- BY SCOTT MACLEN­NAN Business · Real Estate · Edinburgh · Aberdeenshire · Angus · Dundee · Fife · Scottish Borders · Glasgow · Airbnb · England and Wales · England · Scotland · Lothian

The High­lands and Is­lands is the sec­ond most ex­pen­sive re­gion in Scot­land to rent prop­erty af­ter a ma­jor jump in prices, new fig­ures have re­vealed.

Ac­cord­ing to the Your Move Rental Tracker the av­er­age rental in the High­lands is £656 per month – only Ed­in­burgh and Loth­ian is pricier at £668.

That is an 11.1% in­crease com­pared to last year. The av­er­age na­tional rent rise was just 0.6%.

That makes it more than £100 a month more ex­pen­sive than rent­ing in Aberdeen­shire, Perthshire, An­gus, Dundee and Fife and the Bor­ders, in Glas­gow and Clyde it cost £584.

Brian Mo­ran, Na­tional Let­tings Di­rec­tor of Your Move Scot­land, said the lo­cal econ­omy and longer term rent­ing have been the main drivers of the rise in prices. He said: “I would

“The re­turns de­liv­ered to land­lords re­main very com­pet­i­tive”

prob­a­bly say here that it is cov­ered by the econ­omy – it even drives it. No­body wants rents to be driven high cre­at­ing rent pres­sure zones.

“It is very much down to sup­ply and de­mand, there are also fac­tors like the de­sir­abil­ity of the prop­erty.”

He added: “What we are find­ing is driv­ing the mar­ket isw for houses, with de­mand for longer term three and four bed­room prop­erty – more fam­i­lies are choos­ing to set up home for longer.”

In con­trast, the most ex­pen­sive re­gion Ed­in­burgh and Loth­ian the op­po­site is true with Airbnb short­term rentals af­fect­ing the mar­ket there.

Mr Mo­ran said: “They have big­ger con­cerns about what Airbnb is do­ing to the mar­ket with those rentals ar­ti­fi­cially in­flat­ing costs.”

Over­all the prog­no­sis for the Scot­tish rental mar­ket was pos­i­tive with Your Move say­ing the mar­ket per­formed “solidly” for the year.

That is de­spite the dis­par­ity in prices across the dif­fer­ent re­gions with the East of Scot­land show­ing the cheap­est rents at £533 per month.

Mr Mo­ran hail­ing said: “It has been solid and re­li­able for the Scot­tish rental mar­ket in the last 12 months, but this will ap­peal to in­vestors in a world where so many other as­set classes are proving volatile.

“The re­turns de­liv­ered to land­lords re­main very com­pet­i­tive, es­pe­cially when com­pared to those in Eng­land and Wales.”

Newspapers in English

Newspapers from UK