Rent Levels Reach Record High Across Scotland
June 22, 2016
The average amount of money being paid as rent to landlords across Scotland reached an unprecedented high during May of this year.
According to figures from the estate agents Your Move, the average rent level in Scotland increased by 1.3 per cent from £542 to £549 between April and May.
Glasgow & Clyde apparently saw the sharpest monthly rise in rents, with the average amount being paid to landlords by residents in the region jumping from £538 in April to £549 in May.
However, residents of Edinburgh & the Lothians have seen the largest rent increases over the past year, with average monthly rent payments in the area having risen by 12 per cent and by £69 between May 2015 and the same month this year.
According to Your Move, increases in the costs associated with buying a second home in Scotland are to blame for recent rent rises.
“Rents are rising rapidly as a result of the new Land and Building Transaction Tax surcharge for buy-to-let properties,” said Brian Moran, Your Move Scotland’s lettings director.
“This tax hike has dissuaded landlords from investing in the sector leading to a shortage of homes to rent, compared to the demand for housing.
“With the limited supply of rental properties, potential tenants have been forced to compete to secure homes, pushing up rents.”
Moran went on to urge the Scottish government to find ways of incentivising the creation of rental properties in Scotland in order to help ease the upward pressures on rents.
He also suggested that falling employment levels around the country may add to the difficulties that many Scots are currently facing from a personal finance perspective.
For its part, the Scottish government has said that it is committed to supporting tenants and helping Scots find affordable places to live, pointing out that rents have increased considerably more sharply in England than in Scotland over the past 12 months.
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