Slight increase in arrears as PRS rents rise 4.6 per cent
Average private rents in Scotland rose 4.6 per cent in the last year, according to new figures.
The July 2016 buy-to-let index from Your Move found that a “typical” property in Scotland is now let for £574 a month.
When it comes to tenants finance, the July index said that across all of Scotland, 12.5 per cent of tenancies had arrears of a day or more, which was slightly higher than the 11.1 per cent recorded in June. It is also higher than the level in England for the same period, 9 per cent.
The number of Scottish households deemed to serious arrears – that’s two months or more – was 13,642 in July 2016.
Hailing the rent increase as good news for investors, Brian Moran, lettings director at Your Move in Scotland, said the country’s rental market remains strong despite uncertainty following June’s vote to leave the EU.
He said: “Despite murmurings of uncertainty since the EU referendum, rents have remained strong in the period since the vote.
“Demand for rental properties in all areas of Scotland has shown no sign of slowing down with rents rising by 4.6 per cent in the past year.
“Relatively low house purchase prices and higher rents in many areas make Scotland a popular place for property investment.
“Gross rental yields of 5.8 per cent in Scotland compare favourably with all areas of England and Wales.”