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Scottish rents stay below inflation

Posted by: In: Real Estate 20 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

Edinburgh, Lothian, one of the hotspots where rents have increased above inflation Photo: Stuart Caie

Affordable rental housing is a dream that, for some, has not always been possible in recent years, thanks to poor personal finance conditions and low supply. In Scotland, though, the private rented sector is committed to affordable and accessible accommodation, according to new figures, which reveal that rates have increased, on average, below the rate of inflation in the past four years.

Rental markets have seen mixed growth since 2010, with some areas recording falls. Some areas of the country have seen higher increases over these years, including Aberdeen and Aberdeenshire where average rents for all property sizes have increased well above inflation. In Lothian increases for one, two and three bedroom properties have been above inflation.

Official statistics, though, show that 16 out of the 18 rental market areas across Scotland have seen below-inflation changes in average rents for two-bedroom properties, the most common size of property in the private rented sector.

Commenting on the statistics, Housing Minister Margaret Burgess said: “This Government is committed to making the private rented sector an attractive and affordable housing option for anyone who wishes to live in it.

“These statistics highlight wide variations in the rate of rent increases, with hotspots in the Lothian area and in Aberdeen, but modest rises, or even falls elsewhere.

“This is clearly good news for those tenants whose rents have risen at or below the rate of inflation, but a real problem for those affected by larger increases in the hotspot areas.

“Last month I launched the consultation on a new tenancy for the private rented sector, which recognises that rising rents are a problem in some areas and is inviting views on the issue.

“In addition to this we continue to work with the house building industry to deliver more new homes. Scottish Government funding for the appointment of Gerry More as Homes for Scotland’s Private Rented Sector Champion, will drive forward initiatives to boost the supply of new homes purposely built for private rent and will unlock new sources of housing investment.”

Scotland, House Prices

Source: The Movechannel


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