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TODAY'S OTHER NEWS

Rental yields remain higher in Scotland than in England and Wales

The average buy-to-let investor in Scotland enjoyed an annual yield of 4.7% in August, which compares favourably to returns found in England and Wales, where the average yield was 4.4% last month, according to the latest Scotland Buy to Let Index from Your Move.

Only landlords with properties located in the North East and North West regions of England enjoyed higher returns than those in Scotland, at 5% and 4.8% respectively.

“Property investors continue to see yields which are better than the majority of regions in England and Wales,” said Brian Moran, lettings director at Your Move Scotland.

But the average rent across Scotland actually dipped by 0.1% in August compared with the same month last year, hitting an average of £572 per calendar month (pcm) in August, the figures show.

However, there was some disparity between regions, with some posting strong growth while others showed a modest decline in rents.

Highlands and Islands was the biggest gainer, with average rents growing by 13.3% in the year to August. This left the average rent in the region at £684pcm. This now makes it the most expensive place to rent in all of Scotland, overtaking the Edinburgh and Lothians region, where rents are up 2.4% year-on-year.

The average rent in the Scottish capital and surrounding area now stands at £682pcm.

Moran commented: “Following increased demand and strong price growth, the Highlands and Islands became the most expensive place to rent a property in Scotland this month.

“It displaced Edinburgh and Lothians as the highest priced region, although this area also experienced solid growth.”

Overall, three of the five Scottish regions have posted rent rises in the last 12 months.

The third region to post a rise was the Glasgow and Clyde area, where tenants saw their rents rise by 9.5% in the last 12 months to reach £602pcm.

Rents in the South of Scotland fell by 4.1% in the last year, dropping to £542pcm, while in the East property prices declined by 2.4% to hit £527pcm.

The East was once again the cheapest region to rent a property in Scotland.

“Overall the Scottish rental market is flat compared to last year, but improving tenant finances will be music to the ears of landlords,” Moran added.

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    My Glasgow properties have seen rents rise by around 30% since early 2016, mainly due to SNP jealousy on top of Tory madness driving cautious landlords out of the market. My sincere thanks to both parties!

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