December 2017 - Scottish rental market continues to perform
Edinburgh continues to top rental charts
The Edinburgh & Lothians region continues to have the highest rents in Scotland, with the average property in the capital city and surrounding area now standing at £667 per calendar month.
While this figure is 3.3% higher than a year ago, rents have ticked down 0.4% between October and November, Your Move Scotland found.
Only one region grew faster than Edinburgh & Lothians in the last 12 months, and that was the Highlands & Islands. Prices in this area have increased by 7.3% since November 2016, with the average property now let for £618 per month.
This was also the best performing region compared to the previous month, with prices growing by 0.9% between October and November.
Only one region posted a year-on-year price fall - Glasgow & Clyde, where prices have dropped 6.5% and now stand at £540.
The East of Scotland remains the cheapest place to rent a property. This survey recorded an average rent of £539 this month, less than any other region.
The Private Residential Tenancy agreement commenced on December 1st so landlords will need to ensure they are using the new lease agreement and are not starting tenancies under the old short assured tenancy (SAT) leases.
Further change is also on the way. No matter which part of Scotland a property is located, landlords must be prepared for the introduction of the Letting Agent Code of Practice from 31 January 2018.
Letting agents will be required to join a Register of Letting Agents and, with this date fast approaching, Your Move Scotland is urging all property investors check their letting agent will be compliant with the new rules.
Letting agencies must have applied to join the code of practice by 30 September 2018. From that point it will be a criminal offence to conduct letting agency work if you aren’t on the register. Those breaking the rules could face a fine of up to £50,000 and up to 6 months imprisonment.
These rules are intended to increase professionalism in the sector and make sure that agents are properly able to handle money received from both tenants and landlords.