Page 29 - ESPC_Oct24

EXPERT ADVICE

Edinburgh’s rental market now

Six months on from the launch of new lettings legislation, Nicky Lloyd, Head “The ban on evictions was also lifted in April. achieved for those who want to take the
of ESPC Lettings, shares her insights on how the sector has been affected. The eviction moratorium was brought in plunge.
during the pandemic, and so for landlords
struggling with tenants for several years “On the whole, I would say the legislation has
by that point, the lifting of the ban was a worked well for both landlords and tenants.
welcome relief. We currently have several It’s slightly reinvigorated the market, but
cases going through the First Tier Tribunal; there wasn’t as much movement as we had
there must be a massive backlog, as we’re yet initially thought it might generate; tenants
to see any verdict on the next steps, over five are still choosing to stay in their current
months later. rental properties, where the rent increases
are still better than the market rental rate of
“Over the last few years, we have seen newly advertised properties.”
many landlords choosing to exit the rental
market and selling their
properties. This has largely
been due to their own
financial situations, with
many landlords looking
to release capital. With
the recent declaration of
the housing emergency
across Scotland, there
is a desperate need for
more rental properties
to become available,
especially in cities like
Edinburgh where demand
is exceptionally high. The
n 31 March 2024, The Cost of Living experience of the rental sector throughout rental market might not
(Tenant Protection) Scotland Act 2022 this time, Head of ESPC Lettings, Nicky Lloyd, appear to be too appealing
Ocame to an end, ceasing the controversial shares her thoughts on how the new laws have a prospect to many new
3% rent cap and eviction moratorium that had affected Edinburgh’s private rental market. landlords, but the reality
been in place since late 2022. is far from it – with high
tenant demand continuing
“The biggest real change we’ve seen was
As of 1 April, new legislation came into force, the lifting of the rent cap, which meant that to exist, and property
which allowed landlords to resume evictions landlords could increase rents without the purchase prices remaining
(following correct procedure), and enabled restrictions they had previously. Thankfully, fairly consistent, some
landlords to propose rent increases of up to most landlords were considerate of tenants’ excellent yields can be
12%, with rights for tenants to appeal. financial situations, and we saw increases
averaging around 5% - this is a step in the
Six months have now passed since the launch right direction for landlords, while still being
of this new legislation. With direct daily an affordable increase for tenants. ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants.
Contact the team on 0131 253 2847 or landlord@espc.com.

28 | espc.com espc.com | 29