MARKET REPORT PRIVATE RENTED SECTOR
Edinburgh rents HCA launches
fi nally fall key initiative
Rent prices in Edinburgh The Homes and
have recorded their Communities
first fall in years as Agency (HCA)
the capital’s rental has launched an
market suffers from an excess of ‘expression of
properties being put up to let. interest’ process
New research by Braemore for a new initiative.
Property Management has The objective of the HCA’s
revealed that with an over- Private Rented Sector Initiative
supply of stock caused mainly (PRSI) is to create an opportunity
by an increase in the number of for investors – like pension funds –
properties being put up for rent by to enter the private rented sector
‘reluctant’ landlords, the average on a large scale for the first time.
rent level in the city has dropped The initiative will form a key
by more than £50 over the past part of the package of proposals
three months. at the heart of the Government’s
The data shows that in January, forthcoming response to the Rugg
the average rent fall across the city Review of the private rented sector.
was £19 – based on a total of 33 Sir Bob Kerslake, chief executive
properties let or re-let during the of the Homes and Communities
month. In February, the average Agency, said, “Our initiative is one
rent paid for re-let properties of many innovations we have used
was £670 – a drop of £52. New to attract new investment, kickstart
build and larger homes were the stalled housing schemes and
most affected, with the average mitigate against the effects of the
rent for a three-bed property market downturn.
during the month down by £105. Liz Peace (pictured) of the
In March, the average rent for
PETS AND LETS
British Property Federation, said,
properties re-let fell by £58 – from
Go on… Let the dogs in
“This paves the way for a new
£732 to £673. Once again, larger kind of private renting that could
properties suffered the highest As homeowners are forced profitability by helping to support new development as the
falls, with the average rent for a to rent rather than sell their reduce the length of time a housing market recovers and offer
three-bedroom home down £126 properties at a loss, The property remains empty and the public real quality and choice
and the average rent for a four-bed Dogs Trust has launched will increase the likelihood of in private renting, at little or no
property down £50. its Lets with Pets campaign securing long-term tenants. cost to the taxpayer.”
Colette Murphy, director at which aims to encourage The charity consulted the
Braemore Property Management, more landlords and lettings NALS among others. It has
said, “There is still a lot of demand agents to accept pet-owning launched a dedicated website
LEGAL RULING
for rented accommodation in tenants. This will increase www.letswithpets.org.uk.
Foxtons update
Edinburgh. We are carrying out
more viewings than we were at the Propertydrum’s legal reporters
same time last year. Many people are in touch with Chambers
are choosing not to buy a home in acting for the OFT and have
the current economic climate and, asked that they keep us
instead, want to rent. However, updated on developments as
this has coincided with a rise in the they arise. The substantive
supply of homes being put on the case was heard on April 27 and
rental market.” the parties are now awaiting
judgement.
Unfortunately, it is difficult
to know when judgment will
be given in any case and
especially in this one as it is a
test case and the judges are
going to take their time.
We don’t yet know if
Foxtons have or intend to
lodge an appeal to the Court
TDS ONLINE
of Appeal’s decision regarding
Cartoons on your screen now
the scope of relief, but will
report as soon as possible.
The Tenancy Deposit Scheme is screening a new film on its
www.propertydrum.com/
website showing how to check online if a tenancy is registered.
www.propertydrum.com/
articles/edinburghlets
Times cartoonist Jonathan Pugh stars. www.tds.gb.com
articles/lettingsnewsjune
PROPERTYdrum JUNE 2009 45
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76