Albyn Housing Society buys flats from private landlord for mid-market rent
Albyn Housing Society has completed a £2.3 million deal to secure 21 flats from a private landlord in Inverness.
The Invergordon-based Association said the acquisition for the one and two-bedroom homes in the Castle Heather area was aimed at meeting “huge demand for mid-market rental properties”.
With a number of landlords quitting the private rented sector following new legislation on tenancies passed by the Scottish Government last year, Albyn is looking to increase its portfolio of properties in the coming months.
Its new homes will be managed by Highland Residential, a company set up recently by the housing association to tackle “a real shortage of affordable homes in the Highlands.”
The business is part of the housing association’s wholly-owned trading subsidiary Albyn Enterprises.
The sale brought the number of properties on the new company’s books in Inverness and other parts of the region to more than 60. The portfolio is expected to increase to more than 80 by July.
Albyn said the accommodation was intended for people on low-to-moderate incomes, offering an alternative for those who cannot afford to buy and are struggling to afford a private tenancy.
Albyn chief executive Calum Macaulay said the initiative was the first of its kind by a housing association in the Highlands.
He told the Press & Journal: “We know that there are hundreds of householders in and around Inverness interested in this part of the housing market.
“The demand and the need is there and we are anticipating a great deal of interest in this.
“With the changing legislation around the private rented sector, it is likely to be the case that it is no longer an attractive proposition for some landlords.”