With Scottish Government proceeding with tenancy reform, including limited rent control, it’s interesting to note we have never seen as many landlords bringing newly bought properties onto the market. The new wave of legislation making multiple mains smoke/heat alarms, EICRs and PATs mandatory has not deterred new landlords investing either. Despite this new investment, we are still seeing unprecedented tenant demand and rent rises in our view of the market. We've highlighted the key points below.
Average rents in Scotland at Q3 2015 have fallen from last quarter’s peak of £762 per month down to £757. Annual growth has again slowed at 2.9%, down from 5.4% last quarter and 7.4% the quarter before.
The average property in Edinburgh now rents for £942 per month and takes just 20 days to let. Popular 1 and 2 bed properties have shown the steepest growth at 7.3% and 8.5% respectively and taking just 16 and 19 days to rent.