Anderson Bain News & Updates

Welcome to the Anderson Bain News Section. Here we will post news, updates and commentary on the latest developments in conveyancing & property law.
2 minutes reading time (371 words)

The Scottish Government Rental Reforms Impact the Letting Sector

In the last three months, sales of rental property have been five times that of purchases of property by landlords. Recent findings from the National Landlords Association (NLA) have shown that almost a quarter (24%) of landlords with properties in Scotland have sold between April and June 2018, but only 5% have purchased new properties.



This dramatic difference has become apparent only four months after the Scottish Private Residential Tenancy was introduced in December 2017. The reforms were designed to improve stability, predictability and security for tenants as well as provide appropriate protections for landlords, investors and lenders. However, the NLA has concerns that that up to 45,000 landlords or approximately 67,000 rental properties could be negatively affected by the changes. NLA chief executive officer, Richard Lambert said:

‘The Scottish Private Residential Tenancy system removes the flexibility of the sector to meet the varied needs of an ever changing population of renters, in particular students and those who only seek short term tenancies, such as during the Edinburgh Festival,’

‘Because student landlords now have to provide indefinite tenancies, they won’t be able to advertise their properties for the Festival, as they won’t know for certain if they will be free and available by the end of July. If this sets a trend, and artists struggle to find short term accommodation, the 2018 Edinburgh Festival could be the last to offer such a variety of talent,’

This increased level of divestment in rented property is concerning for the Scottish Government says the NLA. The association has asked that the UK government pay close attention when consulting on similar rental reforms in England and Wales.

‘The last quarter has seen the highest proportion of landlords selling properties in Scotland in any three month period since the Government first announced their tenancy reforms in 2016,’

‘We warned these changes would unnerve investors in private rented homes in Scotland, and it should serve as a clear sign of what to expect if similar reforms are introduced elsewhere in the UK,’ he added.



Contact our Expert Property Lawyers Today


If you need advice or assistance with buying or selling, get in touch with our experts. Contact us today, we look forward to hearing from you. 

 

Number of Rental Properties Available in Scotland ...
Desire for Home Ownership Remains Strong

By accepting you will be accessing a service provided by a third-party external to https://www.andersonbain.co.uk/

Make an enquiry

Complete our contact form and we will get back to you as soon as possible

Your Name* Please let us know your name.
Email Address* Please let us know your email address.
Phone number* Please write a subject for your message.
Which service do you require? Invalid Input
Invalid Input
Message* Please let us know your message.
Please tick to confirm
Invalid Input

Easter Opening Hours

Our office will be closed for the Easter bank holiday on Friday 29th March & Monday April 1st. The office will re-open on Tuesday 2nd April 2024.

 Thank you for your understanding. 

andersonbain LLP