Scotland rental market pauses for breath pre-election
- Average Scottish rent dropped back ahead of general election.
- Prices fell 2.3% between April and May but are up versus 2016.
- Typical Scottish rental property let for £561 per month.
- Investors continue to enjoy strong yields.
The average rent in Scotland stood at £561 per month in May – that was 2.3% lower than in April – according to the latest Scottish Buy to Let Index from Your Move.
And, whilst small towns and city suburbs appear to be seeing the slowest growth in rents, the appetite for rental property is leading to four out of the five regions surveyed to record rent increases over the year – led by the South of Scotland where rents have increased by 8.8% in the last 12 months.
Brian Moran, Lettings Director for Your Move in Scotland commented: “Although there was a dip in average rents in May – possibly as a result of the run up to the general election – there were areas which saw prices rise sharply over the year and led to an overall 2.2% increase. In turn investors and landlords continue to see high yields on their properties with, in May, the average being around 4.9%. - exactly the same rate as a year ago but fractionally down on the 5% recorded last month.”
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