Rent in Scotland Rises To Record High
Tuesday, November 6th, 2012
on behalf of Citylets
National Press for CityLets
The cost of renting has risen to its highest yet, with average rental prices around £672 per month.
Alongside the rising demand for properties landlords in Aberdeen have also increased prices with monthly rent costing £899 on average.
The rise is expected to continue due to legislation put into effect by the Scottish Government which bans letting agents from charging anything more than rent and refundable deposits.
John Blackwood, Director of the Scottish Association of Landlords, said “Demand for private rented accomodation is on the increase, but expect rents to rise even further in 2013 as we see the full effect of greater legislative pressure put on the sector.”
“This combined with benefit cuts, will undoubtedly affect families on low incomes as they struggle to get accomodation.”
According to CityLets rental prices in the third quarter of 2012 rose to an all time high. The report by CityLets has shown that Aberdeen is the most expensive city to rent in for the fith year in a row and the cost of a two bedroom property has risen by 2.4% since 2011.
A rise in demand has also seen properties on the market being rented out within twenty days which is five days quicker than 2011.
In Edinburgh two bedroom properties cost £729, where as in Glasgow the same size of property would cost £622. Dundee is more affordable with two bedroom properties on the market for around £531. However, Renfrewshire is the most affordable rental area in Scotland with two bedrooms costing £470.
Rent in Scotland overall has risen by 1%, while the cost of renting in Edinburgh has increased by 1.3%.
Commuters from West Lothian to Edinburgh could save £139 a month on a two bedroom properties which market for £536.
Dan Cookson of CityLets said: “Aberdeen and Edinburgh continue to be the most expensive places to rent, as well as both having the lowest time to rent figures in the country.”
“This quarters figures have revealed Dundee as the most affordable city to rent”
The latest figures are bad news for the number of scots that are unable to afford the average 25% deposits required to buy a property which can be as much as £40,000. Property sales plummeted below 20,000 in the last quarter for the first time since records began according to the Registers of Scotland.
Almost twice as many people are renting now than there were in 2008 according to Citylets.
Those that are renting are facing record rents as landlords increase prices due to legislation
from the Scottish Government which prevents letting agents charging any fees other that rent and refundable deposits.