Residential rents up 5.4% a year in Scotland, yields at 5.9%
Residential rates are the highest in Edinburgh and Lothians in Scotland, with overall values up 5.4% in the last 12 months, as per the latest index figures.
This means the average property in Scotland lets for £576 per month and, according to the Your Move buy to let index, rental yields continue to rise and are now at 5.9%, higher than in England and Wales.
The index report states that there was no sign of a summer lull in Scotland and rental prices held firm between July and August and recent economic turbulence has had little short term effect on the Scottish rental market.
Moreover, demand and prices have remained strong since the UK’s decision to leave the European Union, even though Scottish voters preferred to remain.
The top performance came in the South of Scotland where average rents have grown from £511 to £590 since August 2015. Elsewhere the East of Scotland, Edinburgh and the Lothians and Highlands and Islands regions all posted rent increases of above 4% over the past year.
Glasgow and Clyde was the only area of the country to post a fall in rents in the last year. Properties in this region now attract a typical rent of £536, some 3.2% lower than a year ago.
However, on a monthly basis, Highlands and Islands saw the biggest leap in prices. Rental properties in this area grew by 4.6% between July and August to reach an average of £598.
Properties in the capital city and adjacent towns are now typically let for £643 per calendar month, some 0.6% higher than the previous month. It is the only region of Scotland with rents exceeding £600 a month.