Nicky Lloyd reflects on a decade with ESPC Lettings
Key Takeaways
- Over the past decade, the Scottish lettings sector has seen major changes, including stronger regulation of letting agents and improved protections for both landlords and tenants.
- The introduction of Private Residential Tenancies replaced fixed-term agreements with open-ended leases, giving tenants greater security while requiring valid legal grounds for eviction.
- The Covid-19 pandemic brought significant operational challenges, with letting agents adapting to remote working while continuing to support landlords, tenants and essential property maintenance.
- Although rental demand remains strong, financial pressures, higher taxes and regulatory changes have created challenges for landlords and highlighted the need for greater support for the private rented sector.
- ESPC Lettings continues to focus on providing personalised, professional support, helping landlords maximise their investments while assisting tenants in finding suitable homes.
Nicky Lloyd, Head of ESPC Lettings, reflects on a decade with ESPC Lettings and the changes she has seen across the Scottish lettings industry.
A 10-year career in Scottish lettings with ESPC Lettings
It’s hard to believe I’m celebrating 10 years with ESPC Lettings. I first applied for a lettings role nearly 20 years ago and haven’t looked back since. Although I didn’t have qualifications specific to the property industry, hard work, enthusiasm and a willingness to learn have served me well. A long-standing interest in architecture and interior design first sparked my desire to work in the sector.
How the Scottish rental market has changed over the past decade
Over the years, I have seen significant changes in the Scottish rental market, many of which have strengthened key protections for both landlords and tenants.
One of the most important developments has been the stronger regulation of letting agents in Scotland. Since 2018, all agents in Scotland must be registered on the Scottish Letting Agent Register and comply with the Letting Agent Code of Practice, which sets clear standards around client money protection, dispute resolution and transparency.
Another major change was the introduction of Private Residential Tenancies (PRTs), which replaced Short Assured Tenancies (SATs). Under this system, leases are no longer fixed term and are now open-ended. Both landlords and tenants can give notice at any time, but tenants can only be asked to leave for a valid legal reason.
Supporting landlords and tenants through challenging times
One of the most significant periods in my career was working through the Covid-19 pandemic. As a people-focused industry, we had to adapt quickly, with the ESPC Lettings team moving to remote working while continuing to support landlords and tenants. Despite the challenges, the ESPC Lettings team have always maintained a high level of service, helping people move in and out of rental properties safely while social distancing measures were in place. Given the rules at the time, maintenance issues could be especially difficult at times, but we stayed available throughout and were supported by excellent contractors who responded to tenants quickly.
We saw a surge in activity when the market reopened after the pandemic, but over the past year, it has cooled slightly as people have become more aware of certain financial pressures. For the market to rise again, the private rented sector still needs more support from the Scottish Government to encourage new landlords, property investors and investment into the sector. Overall, the Scottish lettings market has overcome a series of major challenges, including rent freezes and rent caps, a moratorium on evictions, increases in the Additional Dwelling Supplement (ADS), now at 8%, the introduction of the Housing (Scotland) Act and the wider cost of living crisis.
Why ESPC Lettings continues to put people first
The ESPC Lettings team’s vision and ethos have always remained the same and I’m proud to lead and mentor such a close-knit group and watch them grow and evolve. We’re a small, dedicated team that offers a personal and professional service, whether supporting landlords in maximising their property investment or helping tenants find their next home to rent.
Thinking about letting your property?
If you're considering letting your property, the ESPC Lettings team is here to help. Whether you're new to being a landlord, returning to the rental market, or looking for expert property management and letting services in Scotland, we can guide you through the process and help you make the most of your investment. Our experienced team is committed to making the lettings process as straightforward and stress-free as possible, providing trusted advice every step of the way.