Rents increasing in Scotland every year

homeRents in Scotland increased by almost 5% year on year. Overall rents were up by 4.9%. According to the index from Your Move, demand is falling and this has resulted in rents falling in some locations such as Glasgow and Clyde and Highlands and Islands. The overall rent rate was also down by 0.1% month on month. While in Highlands and Island rents are down 3.3% year on year and the report also suggests that demand in this area has also been affected by the Scottish Government’s Low Cost Initiative for First Time buyers which promotes 0% deposit mortgages and has helped more people move from being renters to home owners.

Brian Moran, lettings director of Your Move Scotland: “The Scottish rental market continues to grow as a whole, despite variations on a regional basis. We have continued to see demand reduce in several areas, particularly those with high numbers of migrants from European Union countries, Government schemes have also had an impact on the rental market with more people being able to purchase their first home and leave the rental arena. For landlords and investors yields have remained strong, particularly when compared to the returns on property in England and Wales”.

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