Scotland’s Average Rents Reach Record High
June 24, 2015
The typical amount of money paid as rent to landlords across Scotland reached an unprecedented high during May of this year, according to a new set of figures.
An average Scottish renter paid out £544 to their landlord during May, with that nationwide figure having jumped more sharply than ever before in the month.
The figures come from the latest Buy-to-Let Index put together by the lettings agents network Your Move, which shows that rents in the south of Scotland rose by as much as 1.9 per cent during May.
Overall, Scottish rents rose by 1 per cent during the month, with typical residential rents having increased by 2.7 per cent over the course of the prior 12-month period. The annual increase was strongest in Glasgow and the Clyde, where typical rents reportedly went up by 5.7 per cent.
“The Scottish rental market has finally shed its winter coat and is starting to emerge brighter-eyed and bushy-tailed for the summer months,” said Brian Moran from Your Move Scotland.
“After a down-trend in rent growth over the winter months, we’re now back on par with the rate of rises a year ago.”
For buy-to-let landlords the upward trends for rents across Scotland are seen as positive indicators, while for renters themselves the latest findings would appear to offer little worth celebrating.
However, Your Move’s experts have suggested that the rise in rents has only been made possible by the relative improvements to the financial positions of households around the country.
“Affordability is one of the main handicaps reining back private sector rents from rising even faster, but with recent boosts to wage growth most household incomes are weighing in higher and tenants can finally afford to pay more,” said Moran from Your Move Scotland.
According to the letting agents, the proportion of rent being paid in arrears around Scotland fell during May from 9.2 per cent to 8.8 per cent in an apparently positive indicator of personal finance trends around the country.
Although, Your Move’s data also shows that the proportion of rent being paid in arrears was considerable higher in May 2015 as compared with a year earlier when the percentage figure stood at 6.4 per cent.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]