Scottish rents drop after pressure on the central belt

Rents in Scotland dipped in the final three months of 2016, new data has revealed

Figures from lettings agent portal CityLets shows average rents in Scotland fell 0.9% on the year to stand at £739 per month.

Thomas Ashdown, managing director of Citylets, said downward pressure from Aberdeen over the past two years is usually countered by around 6% growth in Edinburgh and, more recently, the central belt including West Lothian and Glasgow resulting in overall positive growth.

However a slight cooling in the rate of growth in some markets of the central belt pushed annual national growth into the red, according to CityLets.

The pace of the Scottish market remained virtually unchanged in 2016, with 61% of all properties let within a month and an average time to let of 31 days.

Ashdown said: “In 2017, the private rented sector is now of unprecedented importance in Scotland’s housing mix and, overall, we see continued positive growth in major urban areas with the exception of Aberdeen.

“However, the figures suggest that the rate of decline for Aberdeen has stabilised at the reduced level of around -15% and indeed the time to lets have also levelled out. This all indicates that rents in the city could start to level off and the worst of the boom/bust cycle is coming to an end.”

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Written by: Houseladder