News
So Much For Rent Controls - figures show increases, not falls
Thursday 27th April 2023
Property portal Citylets says average rents in Scotland rose 12.4 per cent in the past year to £1,007 per month - and that's despite months of rent caps introduced by the Scottish Government.
On average properties taking just 21 days to let.
Citylets says legitimate questions should now be asked about the apparent cap and eviction ban introduced by the Scottish National Party and Greens, in the Cost of Living (Tenant Protection) (Scotland) Act.
Whilst matters for tenants within existing tenancies have improved with assured price stability, Citylets says this is arguably at the expense of those seeking new properties who continue to experience considerable price appreciation and availability challenges.
Citylets says many agents report a very frenetic and difficult experience for would-be tenants at the coalface.
Fears of a vicious circle of low supply and rising open market rents persist with a rent cap for existing tenancies de-incentivising moves within the private rental sector and constraining available supply further at a time when many plans for homeownership have also been postponed in the hope mortgage interest rates will slowly return to longer term norms of recent decades.
Citylets managing director Thomas Ashdown expresses concern as to the direction of travel: "It is imperative that the root cause of recent price appreciation in the open market is properly understood.
"Until such time as there are clear viable alternatives, the PRS continues to play a key role in Scotland's housing mix and should be supported as such ensuring the right balance between tenants and landlords both in terms of policy and in terms of available properties to rent.