Rents in Scotland fell by 2.3% in May

svAverage rents in Scotland fell by 2.3% in May 2017 compared to the previous month but still 2.2% higher than a year ago. Rental prices in major city centers continued to perform strongly, as have rural areas such as the Highlands and South of Scotland which are proving to be highly attractive to people relocating. According to the survey by the Your Move Scotland buy to let index, saw rents increase in the last year, led by the South of Scotland where rents increased by 8.8% in the last 12 months. The high yields offered by properties in Scotland compare strongly to property investment in other parts of the UK. Landlords in Scotland saw much better returns than the typical investor in England and Wales, where the average yield in May was 4.4%. Indeed, only landlords with properties in the North East and North West regions of England enjoyed higher or equal returns at 5.2% and 5% respectively in May.

Brian Moran, lettings director of Your Move Scotland: “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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