What does 2021 have in store for the Edinburgh rental market?
Nicky Lloyd, Head of ESPC Lettings, offers her thoughts on what’s going to happen in the Edinburgh rental market in 2021.
When Scottish property market restrictions were eased at the end of June, we saw pent-up demand following lockdown kick start the rental market, and have seen this continue through the remaining year, even during the traditionally quieter periods of time.
It is very difficult to predict the year ahead, particularly in light of recent lockdown restrictions, but we anticipate that the market with continue into 2021 on this optimistic track.
Edinburgh remains desirable for property investors
Edinburgh has long been a popular choice when choosing to purchase an investment property, largely due to its huge popularity as a place to live and work.
It is unlikely that this will change any time soon, and over recent months we’ve seen an influx in overseas investors into the Edinburgh market, along with more and more people relocating to the Scottish capital.
Increase in popularity of larger rental homes
One and two bedrooms continue to be popular, but we are also seeing an increase in demand for family homes to rent. This could be due to tenants looking more space for homeworking and gardens due to priorities changing as a result of the initial lockdown period, and so we may see larger rental homes continue to grow in popularity.
Scottish rental market legislation
In terms of legislation affecting the Edinburgh rental market, the Scottish Government has confirmed that the temporary changes made under the Coronavirus (Scotland) Act 2020 will be extended until at least March 2021 (albeit with changes having been made in connection with the notice period due to antisocial behaviour).
This means the extended eviction notice period of six months will continue to apply for notices served after 6th April 2020 in most cases, as will the requirement to satisfy the Tribunal that eviction is reasonable.
The importance of a good letting agent
During 2020, the changing rules and restrictions regarding the Scottish private rented sector have illustrated how important it is to keep up to date with current legislation, and the benefits of using a trusted letting agent who can provide comprehensive advice.
ESPC Lettings has worked hard throughout the year to stay up-to-date with the latest guidance and legislation so we can keep our landlord informed. If you’d like to have a free, no-obligation chat about how we can help you manage your rental properties, get in touch on landlord@espc.com or 0131 253 2847.
ESPC magazine
This article appeared in the January 2021 issue of the ESPC magazine. Find out more about the ESPC magazine and read the latest issue online.
