January 2018 - Scottish rental market ended 2017 with higher yields than the UK
Rent growth in four-fifths of regions
There were rent increases in four of the five regions in Scotland in the year to December 2017, Your Move Scotland found.
Average rents in the East, Edinburgh & Lothians, Highlands & Islands and South regions all increased in the past year.
The Highlands & Islands saw the fastest performance with rents rising by 7.4% over 12 months to hit an average of £623.
However, the Edinburgh & Lothians remains the most expensive place to rent with the average property costing £665 per calendar month. This follows price growth of 2.5% in the last 12 months.
Elsewhere, prices in the East rose by 1.5% year-on-year to reach £539 while those in the South nudged up 0.7% to £553 per month.
Only one region of Scotland saw rents fall in the last year. Prices in the Glasgow & Clyde region dropped by 4.2% in the year to December meaning the average property is now let for £548 per calendar month.
Landlords in all areas of Scotland must be aware of new legislation affecting the rental market in the country. The Letting Agent Code of Practice will be introduced on 31 January 2018 and property investors are being urged to check their current agency will be compliant with the new rules.
Letting agents will be required to join a Register of Letting Agents, with applications allowed from 31 January onwards. All letting agencies must have submitted an application to join the code of practice by 30 September 2018 if they wish to continue operating in the sector.
From September 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.