Scottish rental prices outperform expectations
- Scottish rents nudge upwards in October
- Typical property in Scotland lets for £558 per month
- Prices in Edinburgh and Lothians rise 6.1% in past year
- Yields fall but still ahead of England and Wales average
In its latest Scottish Buy to Let Index Your Move reports that rental properties in Scotland continued to outperform expectations in October 2016 with prices rising both month-on-month and compared to the same point last year, despite uncertainty in both the UK and the wider global economy.
The typical Scottish property now rents for £558 per calendar month - 0.3% higher than in September 2016 and 0.4% higher than October 2015. Despite this tenant arrears have improved dramatically this autumn. In October 7.9% of all tenancies had arrears of a day or more which is much lower than the 12.5% figure recorded last month, reflecting the improved state of Scottish tenants’ finances. This month’s figure is also much lower than the same point in 2015, when arrears represented 13.8% of all tenancies.
Brian Moran, Lettings Director for Your Move in Scotland commented:
“Landlords have been thrilled with the performance of Scottish rental properties in recent months, and October again showed how strong this market is. The big news too is the improvement in tenant finances, meaning that fewer landlords are facing problems with late and non payment of rent and, in terms of regional results, there has been excellent performance of the Edinburgh and Lothians region shows that London is not the only UK capital city with a booming property market.”
Source: Your Move Scotland Buy-to-Let index – October data, November report