In recent years, the private rented sector (PRS) in Scotland has undergone significant transformation, both in terms of its role within the housing market but also the increasing legislative attention it has garnered. This shift is largely down to the sector’s huge expansion but also a growing recognition of the need to balance fair treatment and living conditions for tenants against the needs of landlords. This wave of regulation brings with it new challenges and responsibilities for all landlords but especially those ‘do it yourself’ (DIY) landlords, who manage their properties independently without the assistance of property management companies.
This article delves into the key legislative shifts and their implications for landlords navigating this evolving terrain.
A New Deal for Tenants and Housing 2040
Central to the reform agenda is the Scottish Government’s “New Deal for Tenants,” a comprehensive package of proposals aimed at further bolstering tenant rights and fostering a more equitable PRS.
Among its most controversial elements are measures to bring in rent controls for tenants in Scotland. We would like to see mechanisms in place for rent increases linked to inflation where required. Added to this there also needs to be an ability to increase rents post improvements so landlords remain incentivised to improve stock. There were also aims to grant tenants greater leeway in personalising their homes, and for pets. This initiative reflects a broader push towards creating a more tenant-centred rental market.
Our thoughts on this in greater detail can be found here:
https://www.glenhamproperty.co.uk/blog/a-new-deal-for-tenants/
In short, it is our opinion; the majority of the proposed changes seem to be workable as long as there are protections in place for landlords.
Revamping the Repairing Standard
March 2024 marks the implementation of an updated repairing standard legislation, updating the requirements for property maintenance and habitability. This overhaul mandates landlords to ensure their properties meet elevated standards, encompassing everything from structural integrity to the provision of suitable heating systems. Compliance with these enhanced criteria necessitates diligent oversight and could also require some investment in property upgrades.
Implications for DIY Landlords
To navigate these waters successfully, landlords will stay abreast of the myriad legislative developments, possibly seeking legal or professional advice to understand the full scope of their responsibilities.
Furthermore, adhering to the revised repairing standard will require a proactive approach to property maintenance, possibly entailing upfront costs to meet the new benchmarks.
For DIY landlords, the cumulative effect of these legislative changes introduces further complexity and an ever-increasing administrative burden staying up to date with ever-changing legal and regulatory responsibilities.
A good Edinburgh letting agent, will immerse themselves in the market and as a matter of course stay up to date with all the latest legislation and regulations. They will have the systems and processes in place to help them run their operations efficiently and effectively, but can also react quickly to any changes that take place in the market that might have an impact on their clients’ returns.
When deciding whether you choose the DIY route or use an agency do not underestimate the commitment you are making. Not only to yourself and how you spend your time but also to the tenants you are providing a home to
If you’re looking for help looking after your property to maximise the returns, get in touch today.
