SEPTEMBER 01, 2017 | BY A & S Property
Scottish rental market ‘continues to improve’ as rents rise further
Buy-to-let landlords in Scotland continue to achieve higher returns on their property investments than their counterparts south of the border, according to the latest Scotland Buy to Let Index from Your Move.
The average Scottish rental price hit £575 a month in July, which is 1% higher than the £569 recorded a month earlier and the highest total recorded since February.
According to Your Move, landlords in Scotland continue to achieve a 4.9% yield on average on their properties – a much higher return than the majority of rental properties in England and Wales, where the average yield is 4.4%.
Only landlords with properties located in the North East and North West regions of England enjoyed higher or equal returns than those in Scotland.
The most expensive rents in Scotland are in Edinburgh and the Lothians, where the average was £662 per month in July.
The Highlands and Islands was the only other area north of the border to record rents above the £600 per month mark, with the average price now stood at £604 a month.
At the other end of the scale, the East of Scotland continues to be the cheapest place to rent in the country. Despite containing a wide range of property types and housing the UK’s oil capital Aberdeen, the typical rent here is £541 per month.
Brian Moran, letting director at Your Move Scotland, said: “The rental market in Scotland continues to improve with rents in July performing as well as they have all year.
“The next year will be an interesting time for the rental market due to the launch of a new style of tenancy agreement in December, while additional rules governing Scottish letting agents come into force in 2018.
“Whether you’re a landlord, tenant or letting agent now is the time to take stock and make sure the rental market is working for you and that you’re prepared for these changes.
“Looking ahead, we can expect the end of the summer to see a rise in letting activity as students move into new properties ahead of the academic year.”
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!