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TODAY'S OTHER NEWS

End of year surge in rents north of the border, says letting agency

There has been an end of year surge in Scottish rents according to a buy to let index run by Your Move.

Average rents in Scotland jumped 0.4% in December – the highest monthly rise since June. This brings the average monthly rent in Scotland to £548, just £1 below the summer peak reached in July.

On an annual basis, rent growth is also starting to accelerate. Year-on-year rises had been slowing since June – when they stood at 3.1 per cent - but December marks an upswing in annual growth. Scottish rents are now on average 2.2 per cent higher than a year ago, up from 1.4 per cent in the year to November.

Your Move says the three per cent duty on the purchase of second homes - being introduced by the Scottish Government from April 1, in line with George Osborne’s stamp duty rise across the rest of the UK - is “likely to distort the natural flow of the market.”

The agency warns that after April, and if investment into buy to let units falls, “rents may become much more exposed to the problem of supply.”

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