Welcome to the Rettie Blog, your go-to destination for all things property-related. Whether you're a seasoned investor, a first-time homebuyer, or simply a property enthusiast, our blog is here to provide you with insightful tips, market trends, and expert advice to help you navigate this exciting world. Join us as we explore the latest property hotspots, share DIY home improvement ideas, and offer valuable insights to make informed decisions in the ever-evolving property market.
Rettie’s Director of Research, Dr John Boyle, has featured in a set of podcasts in recent weeks in which he gives his latest take on market changes as well as the impact of new legislation and how to address Scotland’s housing problems. Each is summarised here with a link to the podcast itself.
Existing owners, who through a change in personal circumstances are renting their properties in today’s market, seem very comfortable with the new rent controls. For these circumstantial landlords, the prospect of 6% annual rent increases has been widely accepted as very reasonable and agreeable.
Are you a first time buyer who's been struggling to save up for a deposit on your dream home? Skipton Building Society may have the solution for you. They've launched a new mortgage product designed specifically for first time buyers who are currently renting. With this product, eligible applicants can borrow up to 100% LTV without needing a deposit, as long as they can demonstrate a track record of paying rent and household bills consistently for at least 12 months within the last 18 months.
The Scottish Government has confirmed the rent increase procedure which will apply when the rent cap legislation ends on 31st March 2024. It will allow for Landlords to increase rents and for Tenants to dispute increases. The idea is simple enough, but the process isn't.
From Spring 2023 through to Autumn, demand for rental properties across Edinburgh and Glasgow far exceeded supply, leading to steep competition between tenants and double digit rent inflation. With the 3% rent cap remaining, combined with the rise in interest rates, landlords with vacant properties increased their rents more than in previous years.