APRIL 27, 2016 | BY A & S Property
Biggest monthly drop in Scottish rents on record
March saw the sharpest month-on-month fall in Scottish rents on record, according to the latest Scotland Buy-to-Let Index from Your Move.
This has also suppressed annual growth to just 1.1% in March – a significant downturn from 2.1% in the year to February 2016. This also takes the annual change to a thirteen-month low, on par with the 1.1% yearly increase recorded in February 2015.
The steepest monthly drop in rents was experienced in Glasgow & Clyde, with the average rent in March 1.5% lower than in February. In cash terms, this represented an £8 drop, taking the average monthly rent to £544.
Reversing the recent trend of improving tenant finances, tenant arrears rose to 11.3% of all rent due in March – up from a seven-month low of 10.9% in February. This also shows a lapse from a year previously, with the proportion of late rent in March 2015 just 8.6%.
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