November 2017 - Positive performance continues in Scottish rental market
Highlands & Islands leads market once again
The Highlands & Islands region continues to grow faster than any other in this survey, Your Move Scotland found.
Prices here have increased by 6.4% in the last year, with the average property now being let for £613 per calendar month. In total, four of the five Scottish regions saw rents increase in the last year.
Only the Glasgow & Clyde region saw prices drop back - falling 5.3% year-on-year. However, growth of 0.3% between September and October suggests this recent spell of price falls may be coming to an end.
The Edinburgh & Lothians regions remain the most expensive in Scotland, with the average price standing at £669 per month.
Landlords across Scotland 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 Your Move Scotland is urging all landlords and property investors to enquire with their current agent to ensure they will be compliant with the new rules.
Letting agencies must have submitted an application to join the code of practice by 30 September 2018. From that point on, 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.
Ahead of the code of practice being introduced there will also be changes to new tenancies beginning from December 2017. All tenancies which commence from that point will be open-ended, meaning landlords will not be able to ask a tenant to leave after a fixed period.
This is intended to provide a more stable environment for tenants, but also sets out specific circumstances in which landlords can remove problem tenants from their properties.