November 2017 - Positive performance continues in Scottish rental market
Average rent increases 2.5% in the past year.
Key legislation changes on the horizon next month.
Yield levels remain at impressive 4.8%.
Highlands and Islands enjoys fastest rent rises.
Brian Moran, Lettings Director, Your Move Scotland comments:
“As we approach the end of the year, the Scottish rental market continues to perform strongly when compared with other parts of the UK. With an average return of 4.8%, landlords have been rewarded with good returns throughout 2017.”
“Yet landlords need to be aware that some key legislation changes are on the horizon and they should be making sure that their letting agency will be compliant with the new rules.”
“Changes to legislation means landlords will be required to register new leases in line with the Private Residential Tenancy by the 1st of December. This will not affect landlords with live Short Assured Tenancy Agreements as these leases will remain the same until either party gives notices or it runs to its natural end date. The Letting Agent Code of Practice also launches in the new year, which means landlords should start preparing for these changes in good time.”
The Scottish rental market continued to perform strongly in the year to October 2017, with the average property let for £572 on a seasonally adjusted basis. This is 2.5% higher than the same point in 2016 and in line with last month, Your Move Scotland found.
The average Scottish rent - not seasonally adjusted - was £575 this month. This is marginally higher than September, when an average of £574 was recorded.