Scots’ rents peak after record monthly jump
- Scottish rents rise by record 1.0% in May – pushing average prices to all-time high of £544 per month
- Powered by 1.9% monthly increase in the South of Scotland during the month, biggest regional change
- Annual growth accelerates to 2.7% – the fastest year-on-year rent rise since height of summer 2014
- Levels of late rent improve in May, with only 8.8% of all rent in arrears, down from 9.2% in April
Average rents in Scotland reached a new peak in May after a record monthly increase, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
The average Scottish rent has reached an all-time high of £544, following a 1.0% boost in May 2015. In contrast, over the past six months, rents have risen by an average of just 0.1% per month. May’s rise represents the strongest monthly uplift on record, as rent growth begins to pick up.
Following this May jump, typical residential rents in Scotland have now risen 2.7% (equivalent to £14) in the past year – the fastest annual increase in rental prices for nine months, since the height of lettings market activity in August 2014.
This also represents a significant increase from 1.6% annual growth in April 2015 and 1.3% in March, after a recent lull in annual rent rises.