Demand for rental properties in Scotland continues to grow, according to the latest Your Move Scotland Buy-to-Let Index, which shows prices marginally increasing at the end of the summer due to restricted supply in popular areas.
The average Scottish rent (not seasonally adjusted) was £579 in August 2017 – more than the £575 recorded the previous month and 0.5 per cent higher than the same month in 2016.
Other key findings reveal Edinburgh and Lothians remain the area with the highest rents (the average in the city and surrounding area was £666 in August, 4.1 per cent higher than August 2016. At the opposite end of the scale was the East of Scotland had the lowest average rent.
The introduction of the Letting Agent Code of Practice from January 31, 2018 will require landlords and letting agents to declare themselves compliant with this new legislation and join a Register of Letting Agents.
As these changes are expected to cause significant disturbance for smaller agencies, with many expected to close or leave the market, Your Move Scotland is urging all landlords and property investors to check with their current agent to ensure they will be compliant with the new rules.
Source: s1homes Ayrshire