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Scotland Achieves Greatest Monthly Rental Growth in April

Average rental values in Scotland grew monthly by 3.6% in April, the quickest increase seen across the UK.

Homelet’s latest rental index revealed the average UK rent stood at £904 pcm in April – marking an annual uptick of 0.4% and a monthly decline of 0.1%.

April’s figures indicate a reduction in the pace of increase, with year-on-year rental growth recorded at a higher rate of 4.5% in April 2016.

The fall witnessed over the month was largely lead by Greater London, where rents declined by 1.2% annually and 1.7% month-on-month to an average of £1,519.

Similarly, the South East recorded negative annual growth for the fourth consecutive month, with the average rental value in the region declining by 0.4% in April, said Homelet.

Achieving the quickest rate of monthly growth were rents in Scotland, which stood 3.6% higher than March 2017 at £632.

The region came second only to Wales in terms of annual growth, with Scotland’s tenants paying rents 2.2% higher than a year earlier.

Wales saw rental values increase 2.3% from April 2016 to an average of £610 – the fastest annual increase seen across the country.

Other top performing regions were the North East, where the average rent rose 2.2% from a year earlier to £525, and Northern Ireland with rents on average 2.0% higher than April 2016.

Earlier this week, a separate report from Your Move showed that Scotland’s buy-to-let yields also outperformed the majority of UK regions in March.

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