- Typical Scottish rental property lets for £574 a month.
- Average Scottish rental price increased by 6% in last year.
- Unlike London, prices in Edinburgh are performing strongly.
- Yield levels higher than same point in 2016.
In its latest Scottish Buy to Let Index Your Move has reported that Edinburgh and the Lothians are continuing to record the highest rents in Scotland with rents in April standing at £655 – 0.6% higher than in March and 2% higher than the same time last year.
The rise is considered to be as a result of a lack of suitable housing stock with demand for rental property particularly strong in the city centre. Elsewhere there has also been strong growth in rents in the South of Scotland – up by 7.1% over the year to reach £564 per month – and in the East of Scotland where the average rent grew by 2% to reach £655. Families are considered to be the main reason for this growth, particularly in Fife, where three and four bedroom properties are high in demand.
The only region to see rents fall compared to last year was Glasgow and Clyde. Prices here decreased by 1.2% in the 12 months to April 2017 and now average £570 per calendar month. Across Scotland as a whole the typical rent is now £574 per calendar month.
Brian Moran, Lettings Director for Your Move in Scotland commented:
Demand continues to outstrip supply in Edinburgh, with this driving the price increases in all areas of the capital. The wider Lothians area also remains popular and any property with an EH postcode is in very high demand. Prices here continue to outstrip the rest of Scotland by some margin. Landlords across Scotland also continue to enjoy higher returns on their investment than their counterparts in England and Wales, with the typical property offering a 5% yield.
To see the full report, please access: https://www.your-move.co.uk/buy-to-let-index/may-2017-scotland/overview