With new legislation passing through the Scottish parliament that will impose rent caps, a portal today reveals that rents have gone down – mainly due to the falling price of oil.

Citylets says that average rents in Scotland are now £747 per month, down from £757 a year ago.

Part of this is due to a 16% fall in rents in the hitherto oil-rich city of Aberdeen.

The drop in rents is being hailed as an example of market forces acting as the natural moderator of prices, whether upwards or downwards.

Citylets founder Thomas Ashdown said: “Aberdeen has further to fall.”

Edinburgh has now overtaken Aberdeen as the most expensive place to rent in Scotland.

Rents in Aberdeen are now £934 per month, compared with £951 in Edinburgh.