BREAKING: Scottish housing market to re-open on 29th June

The Scottish housing market is to re-open on Monday 29th June, it has been announced. First Minister Nicola Sturgeon told parliament today that there will be a ‘relaxation of restrictions’ on home moves under its Phase 2 plans, although lettings agency branches will remain closed until Phase 3 is enacted in mid-August. “A key change […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Scottish housing market to re-open on 29th June | LandlordZONE.

BREAKING: Scottish housing market to re-open on 29th June

The Scottish housing market is to re-open on Monday 29th June, it has been announced.

First Minister Nicola Sturgeon told parliament today that there will be a ‘relaxation of restrictions’ on home moves under its Phase 2 plans, although lettings agency branches will remain closed until Phase 3 is enacted in mid-August.

“A key change is that a home move will no longer have to be reasonably necessary; home moves will be permitted,” the guidance says.

The Scottish government has yet to confirm if letting agency’s high street branches can re-open. One industry insider has told Landlord ZONE that he believes the announcement allows smaller branches to open if they observe social distancing and hygiene rules, but that companies with large offices will have wait until Phase 3.

Scotland’s rental market has taken a battering during the lockdown although less so than its sales sector. Rightmove has revealed today that rental properties coming on to the market dropped by 40% compared a 90% fall among properties for sale.

Rental demand

“Rental demand dropped by 50% compared to last year but is now actually up 15% on last year, in anticipation of the Scottish housing market being able to reopen,” the portal says.

It had been hoped that Wales would also publish its roadmap for a reopening of the property rental and sales markets but nothing was announced during its First Minister’s Covid-19 update today.

Scotland has taken the most enlightened and arguable more ‘planned’ approach to its rental market, publishing a roadmap several weeks ago in order to give landlords more time to plan ahead.

It has also offered landlords with struggling tenants financial support, on top of the existing mortgage payment deferment scheme offered throughout the UK via the major lenders.

Northern Ireleand’s housing market re-opened on Monday.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Scottish housing market to re-open on 29th June | LandlordZONE.

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15% of tenants are in rent arrears but a third are trying to clear their debt

A third of tenants who are in rent arrears have begun paying back what they owe, latest data from the sector shows. And among renters only 15% are behind in their rent although platform PayProp says four in five letting agencies it deals with have seen the number of tenants in arrears grow since March […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - 15% of tenants are in rent arrears but a third are trying to clear their debt | LandlordZONE.

15% of tenants are in rent arrears but a third are trying to clear their debt

A third of tenants who are in rent arrears have begun paying back what they owe, latest data from the sector shows.

And among renters only 15% are behind in their rent although platform PayProp says four in five letting agencies it deals with have seen the number of tenants in arrears grow since March – a problem expected to worsen over the coming weeks as Covid-19 continues to affect their finances.

Its new report, using payment data from UK thousands of letting agencies, shows that while more landlords are facing rent arrears, about one-third of agencies actually saw debts reduce as tenants began repaying what they owed.

“After an initial surge in March when Covid-19 started to spread rapidly across the UK, heightened levels of rent arrears could persist for many months to come, despite many tenants settling some of their debt,” says Neil Cobbold, chief sales officer at PayProp.

“Measures like the furlough scheme and Universal Credit increases have helped tenants to continue paying their rent, but payments are still less predictable than usual, and the furlough scheme is almost at an end.” 

Rent arrears

It suggests that if letting agencies keep good records, they can help landlords stay on top of rent arrears, allowing them to see how much is owed and by which tenants, as well as to create payment plans. “Keeping a record of all conversations and agreements made with tenants will also reduce the chances of payment disputes occurring later on,” Cobbold explains. 

And with the evictions process put on hold for a further two months, he adds that landlords will need to consider their options carefully as there’s no guarantee that the Government won’t extend it further.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - 15% of tenants are in rent arrears but a third are trying to clear their debt | LandlordZONE.

Source : Landlord Zone More   

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