LETTINGSnews
DEPOSITS Scottish deposits set to be safe
The Scottish Government has licenced SafeDeposits Scotland to run a tenancy deposit scheme in Scotland. From 2nd July 2012 landlords in receipt of a tenancy deposit will have to transfer the deposit to a licensed operator, one of whom is SafeDeposits Scotland. Chaired by Sir Andrew Cubie
CBE, SafeDeposits Scotland is unique among scheme providers in that it is a partnership of Scottish landlord, agent and tenant organisations, backed by an experienced provider already operating in England. SafeDeposits Scotland is a not-
for-profit organisation so any surpluses generated will be gift aided to its sister charity, SafeDeposits Scotland Trust. This charity will be a grant-giving charity designed to promote education, training and best practice in the private rented sector in Scotland. Malcolm Lindo, left,
RENTS Olympics cause high jump in London rents
Rents in areas surrounding the Olympic village have risen at a much higher
rate than the rest of the capital, suggesting a large increase in demand in these areas during the run-up to the games, says the HomeLet Rental Index. The average cost of renting a home near the Olympic village in East London, during the first quarter (Q1) of 2012, increased by almost 9 per cent to £1,178 per month. The average annual increase
for the whole of Greater London was just over 5 per cent during Q1, which although higher than the UK average, shows rental prices in the Olympic area of London are increasing faster than anywhere else in the country. However, whilst rents in the
capital have grown over the last 12 months, tenants’
income in the same period has only risen by three per cent to £37,010. After income tax and National Insurance, this increase means tenants in Greater London have approximately £410 less disposable income every year. Ian Fraser, Managing
Director of HomeLet, says, “The increase in rents, coupled with high levels of inflation, is really causing a strain on the affordability of rented homes in Greater London. The reality for many people is that renting a property on their own is simply not an affordable option. “We can also see the impact
of regeneration of East London in preparation for the Olympic Games. This area of London has seen an above average increase of almost 9 per cent in rental values in just one year. Whilst our data shows tenancies arranged through
gearing up to take on their duties from this July. It is commendable that this service will afford greater protection for tenants without any additional cost to either tenant or landlord, as well as creating an independent dispute resolution system when needed. It is expected that when there is no dispute between tenant and landlord that deposits will be returned within 5 working days. I believe this has the prospect of being an excellent service”. Steve
270,000 private rentals in Scotland.
Managing Director, SafeDeposits Scotland said that they are delighted to have received the licence to operate a tenancy deposit scheme in Scotland, “We now have our sights on the next milestone, 2nd July 2012, when we will be able to receive landlords’
property details and start protecting deposits.” Bob Doris MSP, Convenor of the
Cross Party Group on Housing, said, “I am delighted that the first providers of tenancy deposit schemes as licensed by the Scottish Government are now
Harriott (left): Director of SafeDeposits and Chief Executive of The Dispute Service said,
“We are delighted that SafeDeposits has now been granted its licence. It’s the only not for profit tenancy deposit scheme in Scotland and is controlled by directors with the interests of Scottish landlords and tenants at heart. We fully expect it to be a great success.”
letting agents, it’s likely unreported shorter-term privately agreed tenancies over the summer will inflate rents to record levels in East London.
“The Olympics could create 11,000 new homes, which may help to ease demand for
rented properties in the area. However, with house prices remaining unaffordable for many people, even this injection of housing stock may not have a lasting impact on rental prices in the capital, which will continue to rise for the foreseeable future.”
PROPERTYdrum JULY 2012 51
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