Scottish rents 1.6% higher than a year ago
- Residential rents have climbed 1.6% year-on-year – the fastest rate of increase since November 2014
- Glasgow & Clyde see fastest rent rises in Scotland, with monthly rental prices up 5.0% year-on-year
- Average rents across Scotland match record high set at peak of 2014 market, now £539
- Level of late rent in Scotland increases to 9.2% in April, while severe arrears of more than two months’ rent up 4% year-on-year across the UK as a whole
- Landlords’ total annual returns double in past year, rising to 15.2% in April 2015 from 7.2% a year ago
Rent rises in Scotland have started to pick up pace, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
Rents have increased 1.6% (£9) on last April, marking a step up in annual rent growth after a period of cooler price rises. This is the fastest year-on-year increase in rents for five months, when the annual change stood at 2.2% in November 2014. Coming back from a winter dip, the pace of rent growth has increased solidly from a 1.3% annual rise in March 2015, and 1.1% in February.
As of April 2015, the average residential rent across Scotland stands at a record £539 per month, matching the peak set in November 2014.
While rent growth is quickening on an annual basis, in the month to April, average Scottish rents rose just 0.1%.