Rents on Rise in Scotland
New data from Your Move has indicated rent in Scotland is on the rise with May 2016 reaching a record high, up 1.3%. This is the fastest month on month growth on record. Average rent across Scotland now stands at £549 per month. Increased growth in Edinburgh and Lothians has led this increase, where an increase of 12% has occurred from the same time last year.
Another contributing factor is thought to be caused by the increase in Land and Building Transaction Tax (LBTT), where a surcharge of 3% is now in place for additional homes. It is thought that Landlords are not investing at the rate they used to, meaning there is now less new rental property coming onto the market. This has increased competition for rental properties, which is pushing up rental prices.
April 2016 – May 2016 increase:
- Glasgow & Clyde: £538, up 1.9%
- Edinburgh & Lothians: £662, up 1.7%
- East Scotland: £552, up 1.7%
- South Scotland: £514, up 0.2%
- Highlands & Islands: up £1