Scottish rents start 2018 on a high despite December drop

Scotland’s rental market started 2018 on a high, with rents up 1.7% in 2017, despite a monthly decline in December.

Your Move’s latest Scotland Rental Tracker found that rents fell 0.2% between November and December, making the average monthly rent £571 at the end of last year.

The Highlands & Islands saw the best performance during 2017 with rents rising by 7.4% over 12 months to hit an average of £623.

Edinburgh & Lothians remained the most expensive place to rent in Scotland with the average property costing £665 per month.

Meanwhile, only one region saw rents fall in the last year. Prices in the Glasgow & Clyde region dropped by 4.2% annually in December to an average of £548 per month.

Brian Moran, lettings director at Your Move Scotland, said: “2017 demonstrated why the Scottish rental market appears to be a great place to invest.

“With a typical return of 4.8% a year, Scottish property offers more than the average returns of 4.4% in England & Wales.

“While it is currently positive news, landlords need to be aware of changes to legislation which could well affect them in the future.”

It comes as Scotland’s Letting Agent Code of Practice came into force yesterday.

Letting agents will be required to join a Register of Letting Agents.

All letting agencies must have submitted an application to join the code of practice by 30 September 2018 if they wish to continue operating in the sector.

From September it will be a criminal offence to conduct letting agency work if you aren’t on the register. Those breaking the rules could face a fine of up to £50,000 and up to six months imprisonment.

The website link to sign up is now live and below:
https://www.mygov.scot/letting-agent-registration/

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