SafeDeposits Scotland survey reveals Scottish landlords remain confident
Landlords in Scotland are committing to continuing to rent private properties signalling confidence in the sector, according to the latest survey results from SafeDeposits Scotland.
The not-for-profit tenancy deposit protection scheme surveyed its landlord members last month and found that 88.57% could see themselves continuing as a landlord ‘for the foreseeable future’.
The majority (69.81%) of respondents to the online survey said they have not considered and have no intentions of selling their rental property within the next 12 months.
Of the 108 private sector landlords surveyed, 90% had rented their properties for three or more years.
More than two thirds (70%) of respondents don’t consider themselves to be full-time landlords, using the income from their private tenancies to supplement wages or using rent money to cover mortgage costs.
The results follow findings from SafeDeposits Scotland’s tenant survey earlier this year, which revealed that 30% of tenants in Scotland are not aiming to buy a home, and 71% can see themselves renting for the foreseeable future.
Ian Potter, chairman at SafeDeposits Scotland, said: “Despite uncertainty in the economy, Scottish landlords remain committed to providing much-needed accommodation in the private rented sector.
“Landlords’ confidence in the Scottish private rented sector is well-placed as it continues to grow. There’s a balance to be struck between supply and demand and currently the Scottish market seems to be in relative equilibrium.
“Organisations like SafeDeposits Scotland help make the private rented sector a more attractive prospect for tenants and landlords alike, by providing an impartial, government-backed protection service.”
Under The Tenancy Deposit Schemes (Scotland) Regulations 2011, landlords who take a deposit from tenants must register it with a government-approved scheme such as SafeDeposits Scotland within 30 working days of the tenancy starting. At the end of the tenancy, the landlord can request deductions, which the tenant can challenge through an impartial alternative dispute resolution process. Tenants must contact the scheme their deposit is protected with to ensure the return of their money.
Set up with backing from RICS, Scottish Association of Landlords (SAL), Association of Residential Letting Agents (ARLA) and The Dispute Service, SafeDeposits Scotland is the only deposit protection scheme that operates on a not-for-profit basis.