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TODAY'S OTHER NEWS

Revealed - where rents are almost 11% up year-on-year despite lockdown

We’re familiar with the rental market being strong across England - now there’s news of it doing well north of the border too.

Average rents have risen by almost 11 per cent year on year, notwithstanding the lockdown according to property consultancy Galbraith.

The number of property lettings increased by 31.8 per cent for the first quarter of this year compared with the same period in 2019.

Since the restrictions were imposed on March 23 there has been continued activity from both tenants and landlords in several parts of the country, with new rental properties being brought to the market in Moray, Ayrshire and the Scottish Borders.

Susan Guthrie, head of lettings for Galbraith in the Scottish Borders says: “Perhaps surprisingly there is strong and continuing demand from tenants and sustained landlord activity - this has not diminished since the advent of Covid-19. Landlords are still feeling confident to offer their properties for let.

“We continue to offer a full service for landlords during this period, from rent collection to vetting of tenants, all of which we can do via video calls or digital platforms, and some properties have 360-degree video tours online so tenants can make a decision and be ready to proceed as soon as the restrictions are eased.

“There has been a 30 per cent increase in the number of people viewing Galbraith rental properties online since the UK went into lockdown and we have telephone enquiries every day. Since the lockdown, there has been an increasing interest in rural properties - a sign perhaps that people have been thinking about their lifestyle during this time and how to achieve a good work-life balance.”

Landlords have been concerned by additional legislation in recent years in Scotland but strong demand from tenants continues. 

The relatively limited supply of property coupled with the buoyant interest has underpinned price growth. The average rental price charged for properties let by Galbraith has increased by 10.8 per cent year-on-year.

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