Rents soaring for Scottish landlords

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Scottish landlords and letting agents are benefiting from a rise in demand for accommodation that has sent city rents soaring.

According to Craig Scott, a financial adviser and Financial Services Authority lecturer, over the last 18 months rents in urban areas have risen by between ten per cent and 15 per cent.

The rise has been fuelled by a spike in demand for rental homes as conditions in the homebuying sector continue to worsen.

However, Mr Scott claims that the steep climb in what landlords can expect to receive in rent could soon reverse due to the sheer volume of property stock coming onto the rental market and the increased competition among agents.

He told the Times: "There is an industry perception that there is an increased demand for rental property and the number of specialist rental companies in Scotland has doubled in the past 12 months.

"We are seeing agents such as Your Move developing a rental arm to protect their market share in a climate where sales are down by as much as 50 per cent in some markets. These new entrants into the market will be looking to be as competitive as they can and that will be reflected in the deals that they offer to renters."

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