Property Market in Edinburgh Booming
Despite the current state of uncertainty in the UK and the wider global economy, according to the Your Move Buy to Let Index it appears that Scottish rental properties are consistently exceeding expectations, as prices continue to rise on a monthly basis.
The average price of a property in Scotland at this current moment in time rents at £558 per month, which is a rise of 0.3% from the month before and is up 0.4% on October last year, with Edinburgh and the Lothians region boasting the highest rents and the fastest rising rents in the country.
Over the course of the last year, these prices have shot up by a staggering 6.1% in Edinburgh and risen 0.9% on September’s figures, with an average rent price in Edinburgh currently standing at £645 per month according to this index.
Despite Edinburgh leading the way in terms of house prices in Scotland, it certainly isn’t as great for other areas of the country, as for the Highland and Islands the prices have fell 8.1% over the last year but are still remaining above average regardless of this drop.
Rent prices in Glasgow and Clyde are now averaging at £573 per month, which is also above average but once again is a decrease from last year by 1% and 0.2% lower than Septembers figures, so it really seems to be mixed feedback depending on which area of Scotland it is but overall the Scottish market still seems to be performing adequately.
“Landlords have been thrilled with the performance of Scottish rental properties in recent months, and October again showed how strong this market is” commented Brian Moran, the lettings director at Your Move Scotland. “This month yields may have fallen but they remain much higher than equivalent properties in England and Wales.”
So the market is still positive in Scotland, however the industry needs the falling prices to rise back up again in 2017 to avoid falling above average in the near future.