The Spring Lettingstats Report (covering the periods March, April, May) was recently published.
in this bumper 8th Lettingstats Report is now available we cover a whole range of issues from the 2nd stage consultation on tenancy reform, to the ever louder debate on rent controls, to the worrying implications for the student and festivals markets which will come about if tenancies can no longer be concluded on a certain date.
We saw rents for new tenancies increase quite significantly in many urban locations and see this as a reflection of fierce demand meeting a limited new supply of stock. It is worth highlighting that the recent Office of National Statistics figures for July tell us that private rents in Scotland rose by just 2.1% over the year. This emphasises the need to have further dialogue with Government to agree how best to monitor rent statistics across the entire market (ie not just new leases).
The recent budget announcement on the loss of relief on mortgage interest payments for the higher taxed came as a shock and the Bank of England’s focus on B2L and financial stability highlights their concerns. It is clear the sector is bracing itself for more change, but to date Scotland has coped admirably and in many respects is far ahead of the rest of the UK with respect to embracing regulation.