According to the latest data from the Landbay rental index, Scotland recorded the highest annual rental growth across the UK at 1.78 per cent of the yer to end April 2019, and the best monthly increase of 0.15 per cent to £750. This compares with the national average, which grew just 0.96 per cent in the year, and 0.07 per cent month on month to £1,218.
The UK's moderate increase has been affected by London’s slow rental growth of 0.66 per cent which continues to weigh down the rest of the country (where the national average is 1.11 per cent without London). Average rent in the capital stands at £1,906, with the average national rent coming in at £1,218. However, if London were to be excluded from the data, the UK’s average rent would drop to £773.
Overall, Edinburgh recorded the highest rental growth of all regions in Britain, up 5.4 per cent year-on-year to £1,107. Glasgow also placed in the top 10 UK regions with an annual rent increase of 2.59 per cent to £711.
In terms of countries, Wales had the second highest growth after Scotland at 1.26 per cent. Despite this, Wales had a lower rent average of £658. Merthyr Tydfil in Wales came second to Edinburgh with an annual rental growth of 4.65 per cent (£524), and Blaenau Gwent placed third with a 3.92 per cent increase (£402) for the year to end April 2019.
In England, Nottingham recorded the highest rate of rental growth at 3.84 per cent to £693. This was closely followed by Rutland, York and North Somerset (2.56 per cent, 2.48 per cent and 2.39 per cent respectively).
At Dallas McMillan, our specialist residential conveyancing lawyers can provide you with helpful and practical legal advice surrounding property law in Scotland. To speak with a member of our professional team, complete the online enquiry form today.
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