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Private rental costs soar in Scotland

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Private rental costs soar in Scotland

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

Key players move to position private rented sector as tenure of choice to solve housing crisis Key players move to position private rented sector as tenure of choice to solve housing crisis

Private sector rents (PRS) in Scotland soared by 10% last month, bringing the average monthly cost to £636.

The steep rise in the country compared sharply with a 4.4% rise across the UK as a whole. In a month that saw all of the UK's regions experience a rise in prices, the average monthly rent cost in the UK is now £900.

East Anglia and the South West of England also suffered sharp rises last month, according to the latest data from Homelet's rental index.

Between the start of the year and July, the average UK monthly PRS rent rose by 8.3%.

The sharp rise will come as unwelcome news to tenants in the PRS, and comes on top of the recent revelation that average wages across the UK fell by 0.2% in the three months to June.

Year on year, East Anglia and the South West have consistently shown the great prices rent price rises in the UK, at 9.4% and 8.1% respectively, alongside Greater London at 9.4%.

Region

July 2014

June 2014

Monthly variation

July 2013

Annual variation

Scotland

£636

£578

10%

£627

1.4%

Wales

£623

£584

6.7%

£603

3.2%

East Anglia

£830

£781

6.3%

£752

9.4%

South West

£859

£813

5.7%

£789

8.1%

North West

£692

£665

4.1%

£659

4.8%

Northern Ireland

£586

£567

3.4%

£583

0.5%

South East

£890

£863

3.1%

£850

4.5%

Yorkshire & Humberside

£617

£600

2.8%

£612

0.8%

North East

£520

£507

2.6%

£526

-1.2%

West Midlands

£636

£625

1.8%

£609

4.2%

East Midlands

£586

£579

1.2%

£580

1.0%

Greater London

£1,429

£1,412

1.2%

£1,295

9.4%

 

 

 

 

 

 

Overall UK average

£900

£862

4.4%

£825

8.3%

UK excluding Greater London

£723

£694

4.2%

£699

3.3%

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