Rent prices in the Scottish rental market continued to edge upwards in Q2, despite the political landscape, which has affected markets in other sectors. The average home to let in Scotland now costs £793 per month, following a 1.7% rise.
One and two-bedroom properties charted a familiar course, both recording positive annual growth in rent prices.
However, mixed signals at the local level were recorded, especially in Scotland’s central belt.
Overall, the market operated at the same speed as in Q2 2018, with the average property taking 37 days to let.
Tenants in Glasgow have also been reportedly shopping around before committing to a rental home. Nonetheless, the figures for Scotland’s largest city remain stable, with rents up by a modest 2.9%, to an average of £771 per month, while the typical time to let was unchanged on last year, at 31 days.
Rents on three-bed properties rose by a significant 8.6% on Q1 2018, whereas four-beds fell, by 7.1%. Volatility in the data for larger properties, however, is not uncommon, given the lower volumes reported each quarter.
Glasgow’s main one and two-bed property markets continued to record strong rent price growth, at 5.3% and 3.0% respectively. 58% of all Glasgow properties are currently let within one month.