Scottish Rents Fall Behind Following General Election

The average Scottish rent fell behind ahead of the general election, with prices down 2.3 per cent between April and May.

Despite this dip, Scottish rents were still up in comparison to 2016, at 2.2 per cent higher than May 2016 The typical Scottish rental property was let for £561 per month.

Rents in major cities performed well, as have rural areas such as the Highlands and the South of Scotland, often considered prime areas for relocation. In comparison, small towns and city suburbs experienced a slowing in price growth.

The South of Scotland led the way, with rents increasing by 8.8 per cent in the last year. The East of Scotland, and Highlands and Islands also performed well, up 3.3 per cent and 3.2 per cent respectively. Edinburgh and the Lothians saw growth of 2.6 per cent. The only region to post a decline was Glasgow and Clyde, dropping by 0.3 per cent on an annual basis. This trend was mirrored on a monthly note, with just Glasgow and Clyde seeing decline.

The Highlands and Islands saw the biggest monthly increase with prices rising1.2 per cent to reach an average of £603.

Despite the overall fall in rents, landlords and property investors have seen high yields on returns on their properties, with the average yield this month at 4.9 per cent.

Lettings Director at Your Move Scotland, Brian Moran, commented: ‘With the general election taking centre stage throughout May, it should come as no surprise that rents ticked down from their previous level. Prices in most areas remain above where they were a year ago, with growth coming across a number of areas. Tenants are drifting towards city centre living or completely rural life as it was these areas which saw the most interest during May. The Highlands and Islands saw prices rise sharply compared to last month while in the South rents are 8.8% more than a year ago.’

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