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Rental Values on the increase across Scotland

Wednesday, 26th October, 2016


Average residential rents in Scotland increased by 2.4% in the year to September led by strong growth in the country’s central belt, the latest index figures show.

Rents in the private rented sector reached an average of £755 per month but there is considerable variations. In Edinburgh, for example, the average rent surpassed £1,000 a month, up 7.56% year on year, the CityLets report shows.

Rental growth was also strong on Glasgow, up 7.2% year on year and in West Lothian with an annual rise of 5%.

The index report says that it is notable that 41% of 16 to 34 year olds now rent privately and is the dominant tenure for that age group, overtaking owner occupation in 2012 and, on current evidence, on course to reach 50% by 2020.

In Aberdeen, where the market has been hit by the fall in oil prices, the sector has seen the decline of rental prices slow to 16.7% below September 2015, less than the 20% recorded in the first two quarters of the year.

The report also shows how the rental sector is increasing in Scotland and now makes up 14% of all households at 350,000, up threefold since the CityLets index began in 1999. Some 61% of all properties let within a month and with an average time to let of 30 days. The average rent in Aberdeen is now £829 per month, down 25% from a peak of £1,110 recorded less in the fourth quarter of 2014.

The report warns that tenants in Edinburgh may find it increasingly hard to secure a rental in the capital due to the speed of letting for popular one and two bedroom properties, at 14 and 20 days respectively. These average time to let usually cover the period for viewings, deposit collation and the obtaining of references.

And it explains that the Glasgow rental market is now on a similar trajectory to Edinburgh with the third quarter of 2016 recording the city’s steepest annual rise in 10 years of Citylets reporting. Dundee saw rents rise by 2.8% with averages now at £590 per month and with strong growth recorded for one bedroom properties at 7.2%.

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