88% of Scottish landlords hope to stay in PRS

by Property 118

10:24 AM, 20th November 2019
About 3 weeks ago

88% of Scottish landlords hope to stay in PRS

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88% of Scottish landlords hope to stay in PRS

Landlords in Scotland are committing to continuing to rent private properties signalling confidence in the sector, according to the latest survey results from SafeDeposits Scotland.

The not-for-profit tenancy deposit protection scheme surveyed its landlord members last month and found that 88.57% could see themselves continuing as a landlord ‘for the foreseeable future’.

The majority (69.81%) of respondents to the online survey said they have not considered and have no intentions of selling their rental property within the next 12 months.

Of the 108 private sector landlords surveyed, 90% had rented their properties for three or more years.

More than two thirds (70%) of respondents don’t consider themselves to be full-time landlords, using the income from their private tenancies to supplement wages or using rent money to cover mortgage costs.

The results follow findings from SafeDeposits Scotland’s tenant survey earlier this year, which revealed that 30% of tenants in Scotland are not aiming to buy a home, and 71% can see themselves renting for the foreseeable future.

Ian Potter, Chairman at SafeDeposits Scotland, said: “Despite uncertainty in the economy, Scottish landlords remain committed to providing much-needed accommodation in the private rented sector.

“Landlords’ confidence in the Scottish private rented sector is well-placed as it continues to grow. There’s a balance to be struck between supply and demand and currently the Scottish market seems to be in relative equilibrium.

“Organisations like SafeDeposits Scotland help make the private rented sector a more attractive prospect for tenants and landlords alike, by providing an impartial, government-backed protection service.”

Under The Tenancy Deposit Schemes (Scotland) Regulations 2011, landlords who take a deposit from tenants must register it with a government-approved scheme such as SafeDeposits Scotland within 30 working days of the tenancy starting. At the end of the tenancy, the landlord can request deductions, which the tenant can challenge through an impartial alternative dispute resolution process. Tenants must contact the scheme their deposit is protected with to ensure the return of their money.

Set up with backing from RICS, Scottish Association of Landlords (SAL), Association or Residential Letting Agents (ARLA) and The Dispute Service, SafeDeposits Scotland is the only deposit protection scheme that operates on a not-for-profit basis.

For more information and advice on reclaiming your deposit, please visit: www.safedepositscotland.com



Comments

Paul Essex

12:53 PM, 20th November 2019
About 3 weeks ago

Or phrased differently One in Eight ll have had enough and are exiting the market!

Janet Carnochan

8:20 AM, 21st November 2019
About 3 weeks ago

TBH I think we are all sitting on the fence and because property prices are lower then we can afford to do so. I have not signalled to anyone that I am looking to leave the industry as that is my only form of income and is my pension, However if tax changes and licencing were to make me worse off then I would exit the industry. Just the other day I looked at purchase price of all my properties and added rate of inflation, just incase Labour get their way, and taking that figure then all my properties are actually worth less than the figures they came out at. So I believe others are like me, they want to stay in the industry but are waiting to see what happens. That is very different to being happy and committed.


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