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.
If you live anywhere in Scotland and you are finding it increasingly difficult to cope with your personal debt management problems then Scotland Debt Solutions can help. Contact one of our experts today to arrange a free consultation.
If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]
Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]
If you’re struggling to pay your unsecured debts, a debt payment programme could help you to regain control of the situation, and become financially stable again. Debt payment programmes are a fundamental part of the Debt Arrangement Scheme (DAS) in Scotland, and allow you to repay over a longer period of time. These programmes involve […]