Scotland business

Scottish rents 'back to peak level', Your Move survey says

Terraced housing, Glasgow Image copyright Stephen McKay

Property rents have risen faster in Scotland than in England and Wales over the past year, according to a new report.

Lettings agent network Your Move said average rents north of the border were 2.2% higher last month than a year ago.

Its Buy-to-Let Index found rents in England and Wales rose by just 1.5% over the same period.

The average monthly rent in Scotland now stands at £537, back in line with a survey record set in August this year.

Rents climbed by a moderate 0.3% in the month to October, recovering from a dip during September.

Average rents in Edinburgh and the Lothians set a new peak of £615, following monthly growth of 0.6%.

The only area to experience a price fall on a monthly basis was Glasgow and Clyde, where rent dropped by 0.7%, to £565.

'Peak level'

Christine Campbell, regional managing director of Your Move, said: "Average rents in Scotland have bounced back to peak level in October, and annually the pace of rent growth is exceeding that experienced across England and Wales.

"Snags in supply and concerns over potential rent caps are setting the stride in Scotland, but in the longer term, the march of private sector rents is easing back on an annual basis.

"After years of consistency and incremental adjustments, rent rises quickened rapidly after the changes to lettings legislation made tenancy fees illegal.

"Instead of facing a one-off payment, tenants saw their monthly rents rise at a much accelerated pace.

"This market is only just starting to self-correct and steady."

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