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“Healthy” annual growth in Scottish rental market: Your Move

Your Move’s latest Scotland report shows that the rental market grew 0.4 per cent on an annual basis in November 2018.

The average monthly rent across the country as recorded in November was £574, with Glasgow and Clyde having increased by the most.

Rents in this region increased by 14.1 per cent in the year to November 2018, with rents now an average of £616 per month.

The Highlands and Islands region grew at the second largest rate, increasing 13.1 per cent, with rents now at £699, remaining the most expensive place to rent in Scotland.

Edinburgh and Lothians was the final region to experience a rise, increasing 3.7 per cent with rents now standing at £687.

The South of Scotland and the East of Scotland both saw prices fall, with the former declining by 4 per cent and the later by 1.7 per cent.

The average property in the South of Scotland now lets for £535, and the East of Scotland £530.

Your Move reports that the typical property investor saw a yield of 4.6 per cent on their investment in the last year, lower than the 4.7 per cent recorded in September.

Comparing the average returns between England and Scotland, only two regions in the former posted stronger returns than the Scottish average – the North East of England at 5 per cent and the North West at 4.8 per cent.

Tenant arrears improved in November according to Your Move. The survey recorded 9.9 per cent of all tenancies being in arrears.

This figure follows the same trend as tenants facing financial issues – 10.4 per cent, having fallen from 11 per cent as of September 2018.

Your Move reports that the number of households in serious arrears numbered 9,386 in November.

Your Move lettings director Brian Moran says: “Despite stellar growth in the Highlands and Islands, the Glasgow and Clyde region was able to post stronger rent increases in the last year.

“Sadly, for landlords, average returns have declined slightly, but the Scottish rental market continues to offer favourable returns compared to those in England.

“Tenant arrears have fallen once again, suggesting that renters are in a much better financial position than in recent months.”

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