Rental prices in Scotland continue upwards trend: Your Move

The rental price in Scotland grew 1.7 per cent in the year to February, according to data from Your Move, building on the momentum seen at the end of last year.

The average rent as of last month was £576, a 0.2 per cent rise month-on-month.

Four out of five Scottish regions saw a rise in the cost to rent in the year to February, with the Highlands and Islands recording the largest increase at 7.3 per cent, extending the average monthly rent in the region to £691.

This was followed by Glasgow and Clyde where rents rose by 5.6 per cent in the same time frame, increasing the monthly average to £604.

In contrast, the South of Scotland saw the average rental price drop in the year to February by 2.4 per cent, making the region the cheapest to rent in, with the average monthly rent priced at £534.

On a monthly basis, the East of Scotland saw the largest rise at 0.7 per cent, followed by Edinburgh and Lothians at 0.3 per cent.

Meanwhile, Glasgow and Clyde experienced the strongest decline month-on-month, falling 2.2 per cent, which was followed by the Highlands and Islands, which dropped 0.8 per cent.

Your Move reports that the average property investor saw a yield of 4.6 per cent in February, which is the same as the month before.

Comparing the average returns across England and Wales, only the North East at 5 per cent and the North West at 4.8 per cent posted higher returns.

Furthermore, tenant arrears rose in February, from 9.6 per cent in January, to 10.5 per cent last month.

The number of tenants in serious arrears in February was 9,210.

Your Move lettings director Brian Moran comments: “Our figures demonstrate that for those owning rental property returns can be good.

“With more families appearing to be looking to rent, larger family homes represent an increasingly stable option for landlords.

“It is little wonder that existing or prospective landlords from other parts of the UK are choosing to enter the strong Scottish rental market.”

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