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The Glasgow and Clyde region of Scotland led rent rises north of the border as four out the five Scottish regions saw rent increases.
Landlords in Scotland’s biggest city saw rents rise faster than anywhere else between April and May, according to the latest rental tracker from Your Move Scotland.
Prices in Glasgow and the Clyde increased by 1.9 per cent month-on-month, well ahead of the 0.2 per cent average across Scotland.
On a yearly basis, prices in Scotland grew by 1.7 per cent, buoyed by strong price growth in the Highlands and Islands. The average rent in the nation now stands at £582 (seasonally adjusted). On a non-seasonally adjusted basis the average rent was £589 in May.
The average rental growth of 1.9 per cent in the Glasgow and Clyde region between April and May reversed a recent trend of falling rents in the city, leaving the average monthly rent standing at £597.
This put it ahead of the Highlands and Islands, where prices grew by 0.6 per cent month-on-month to hit £692. The region has regained its title of most expensive place to rent in Scotland. This follows an average price rise of 3.8% in the last year, faster than anywhere else.
On an annual basis, four of the five regions surveyed saw prices rise. In the East of Scotland prices grew by 2.7 per cent to reach £544 while in Edinburgh and Lothians annual growth of 1.9 per cent left prices standing at £689.
The South Scotland was the only region to see prices fall, with the typical rental property now let for £542, 0.9 per cent lower than a year ago. It remains the cheapest place to rent a property in the country.
On a national basis, the average Scottish rental price increased by 1.7 per cent in the year to May and now stands at £582 per calendar month (seasonally adjusted). This figure is 0.2 per cent higher than a month ago. On a non-seasonally adjusted basis the average rent was £589.
Lettings Director for Your Move Scotland, Brian Moran, commented: ‘Although the property purchase market may have slowed in some areas, demand for rented homes continues to outstrip supply. This was seen most strongly in the Highlands and Islands region, where prices have leapt in the past year.’
He continued: ‘Scotland’s major cities of Edinburgh and Glasgow and Clyde showed impressive monthly figures, demonstrating the enduring popularity of these areas. And with landlord returns remaining strong once again, May was a positive month for the Scottish rental market.’