‘Much being made by BBC Scotland of residential landlords’ outrage at the temporary freezing of rents in Scotland until next March. Interesting context on the rental market is available from Rightmove’s Rental Trends Tracker, last updated for April-June 2022.
Headline: ‘Rents grow at fastest annual rate in 16 years’.
– ‘National average asking rents outside London hit another new record of £1,126 per calendar month (pcm), rising 3.5% from last quarter and 11.8% higher than last year
– ‘Average asking rents outside London have now jumped by 19% (+£177) in the two years since the pandemic started, the same growth in rents that took eight years pre-pandemic to reach
– ‘This quarter’s 3.5% jump in asking rents is the second highest in ten years
– ‘Rightmove revises forecast upwards from 5% to 8% growth in asking rents by the end of the year’
– ‘Average monthly rental payments are now 40% higher than they were ten years ago, while average mortgage payments for the same properties are up 13%
– ‘Despite challenges, more landlords are planning to expand their portfolios in the coming 12 months (34%) than reduce them (11%)’.
A relevant context in which to place any outrage, one that viewers and listeners will of course never be helped by BBC Scotland to gain!’