Scottish Buy to Let Index - March 2016
- Average Scottish rents fall for the first time in six months, down 0.7% month-on-month in March
- Takes the average rent in Scotland to a ten-month low of £544, £4 lower than in February
- Edinburgh is the only region to experience a rent rise in March, reaching a new peak of £645
- Annual change slows to 1.1% in March – the slowest in over a year, since February 2015
- But dip doesn’t help tenants pay down late rent, with tenant arrears rising to 11.3% of all rent due
March saw the sharpest month-on-month fall in Scottish rents on record, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
Average residential rents in Scotland dropped 0.7% in the month to March, the steepest monthly fall since the index began. This also represents the first monthly drop in rents witnessed since September 2015, when average rents were down 0.3% on August levels.
In absolute terms, this £4 drop between February and March takes the typical rent in Scotland down to £544 per month. Scottish rents have not been this low since May 2015.
This has also suppressed annual growth to just 1.1% in March – a significant downturn from 2.1% in the year to February 2016. This also takes the annual change to a thirteen-month low, on par with the 1.1% yearly increase recorded in February 2015.