{"id":757,"date":"2011-05-06T07:36:09","date_gmt":"2011-05-06T07:36:09","guid":{"rendered":"http:\/\/blog.legal4landlords.com\/?p=757"},"modified":"2016-09-20T16:52:34","modified_gmt":"2016-09-20T16:52:34","slug":"scotlands-btl-property-update","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/scotlands-btl-property-update\/","title":{"rendered":"Scotland’s BTL Property Update"},"content":{"rendered":"

\"\"<\/a>Latest Landlord News by: Madalena Penny<\/p>\n

Love it or loathe it, as residential rental property<\/em> increases in value across London and a divide between north and south widens, the same trends appear to befalling Scottish regions.<\/p>\n

Extensive research by \u2018Citylets\u2019 shows like for like tenant-demand and are riding high with property hotspots, mainly in Aberdeen and Edinburgh.\u00a0 The first quarter of 2011 reveals an increase of 5.7% in Aberdeen, bringing average rents up to a record high of \u00a3907 per month.\u00a0 Edinburgh is closely behind the increase with a 3.5% jump in rents, again for the first three months of this year.\u00a0 An average property in Scotland\u2019s capital is now likely to set you back \u00a3766 per month, while 2-bedroom accommodation goes for about \u00a3694 per month, an increase of 4.5% compared to last year.<\/p>\n

Rental voids, or as the Scots would put it TTL (Time to Let) indicated huge variances depending on the properties on offer.\u00a0 1-bedroom apartments were on average the quickest to let, approximately within 37 days and mainly most properties averaging 42 days.\u00a0 It\u2019s a different story in Glasgow however, which has seen a drop of 1.5% on 2-bedroom properties and now stands at \u00a3595 per month.<\/p>\n

As with England & Wales, lending restrictions on first time buyers has been cited as the most probable cause for regional rent increase caused by tenant-demand.\u00a0 Reacting to private rented expansion, the Scottish government introduced proposals for a Bill last month named the \u2018Private Rented Housing Bill\u2019.\u00a0 Proposed reform within the bill is expected to fortify their landlord registration and if proposals are accepted, landlord<\/a>s will be required to provide tenants with tenancy information packs at the onset of a tenancy.<\/p>\n

As a result, rogue landlords will face a \u00a350,000 fine and a five-year ban on letting properties along with an aggressive stance on unethical letting agents taking advantage of the rental market boom and charging tenants extortionate premiums.<\/p>\n

Although Scotland<\/strong> has a number of devolved ministerial departments, welfare and benefit reform is still controlled by Westminster and as such are compelled to the same policies and reform.\u00a0 Rent arrears<\/a> are expected to rise as caps introduced last month on new tenancies and January 2012 for existing tenancies will no doubt affect private landlords.<\/p>\n

43% of Buy-to-Let landlords in Scotland<\/span> have smaller portfolios with an average of 1-3 properties; concerns that arrears<\/a> accrued due to defaulting tenants caused by the housing benefit caps will be detrimental \u00a0to both landlords and could well lead to tenant evictions<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Latest Landlord News by: Madalena Penny Love it or loathe it, as residential rental property increases in value across London and a divide between north and south widens, the same trends appear to befalling Scottish regions. Extensive research by \u2018Citylets\u2019 shows like for like tenant-demand and are riding high with property hotspots, mainly in Aberdeen […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[34,39,16,17,53,20],"yoast_head":"\nScotland's BTL Property Update - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/scotlands-btl-property-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scotland's BTL Property Update - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"Latest Landlord News by: Madalena Penny Love it or loathe it, as residential rental property increases in value across London and a divide between north and south widens, the same trends appear to befalling Scottish regions. 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