Rent growth does an about-turn in August
- Scotland experiences first month-on-month fall in rents since January, with 0.5% drop in August
- Means average residential rents have fallen back from summer record to stand at £546 per month
- Rents in Glasgow & the Clyde experience biggest monthly drop in August, down 1.3% since July
- Growth also slowing on an annual basis, down from 2.8% in July to 1.7% yearly rent rise in August
- Tenant arrears at record high, with 12.2% of all rent paid late – up from 9.6% the previous month
Scottish rents have fallen month-on-month for the first time since the start of the year, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
Average rents in Scotland dropped 0.5% in the month of August, in the first monthly fall since January 2015. This means the average monthly rent in Scotland has dropped £3 from its summer peak of £549 in July to stand at £546 in August 2015.
Rent growth has also seen an about-turn on an annual basis. After an acceleration of annual rent rises throughout the first half of 2015, Scottish rents are now just 1.7% higher than a year ago, marking a downturn since July, when the annual change stood at 2.8%.
Brian Moran, lettings director at Your Move Scotland, comments: “Scottish rents have retreated back from record levels, after an acceleration of rent rises in 2015.
“This should provide a welcome let-up for tenants, after only last month rents hit a new record level. This adjustment has also broken up the forward march of annual rent growth that’s been gathering speed recently.