May 2017 - Lack of supply drives price rises in Edinburgh
Capital continues to perform
The Edinburgh and Lothians area continued to boast the highest rents in all of Scotland, Your Move Scotland found. Prices in the capital city and surrounding areas now average £655 per month, following a 2% rise in the last year. This price is also 0.6% higher than in March 2017.
The market in Edinburgh is driven by a lack of suitable housing stock, as this pushed up prices across the city. Demand was particularly strong in the city centre, but all areas of the capital are experiencing interest from buyers.
However, there was faster growth in the South of Scotland as prices grew by 7.1% in this region in the year to April. The average property is now let for £564 a month.
The other region to see strong growth was the East of Scotland, where the average rent grew by 2% to reach £655. Families were a key reason for this growth, particularly in the Fife area where three and four bedroom properties were in especially high demand.
The only region to see rents fall compared to last year was Glasgow and Clyde. Prices here decreased by 1.2% in the 12 months to April 2017 and now average £570 per calendar month.
Inverness was another area which saw a rise in demand for family properties. In the Highlands and Islands region, prices were flat compared to last year but rose 1% between March and April, faster than anywhere else in the country. The typical rent was £596 this month.
On a monthly basis, all areas of Scotland saw the average rental price increase.
Across Scotland the typical rent is now £574 per calendar month following a 1.7% rise since March. The typical rent is now 6% higher than at the same stage in 2016.