One of Scotland’s best-established and most respected property management firms has welcomed the findings of a Government review into the private rental market.
Braemore Property Management has been established for 25 years and manages a portfolio of 850 properties in the Scottish capital, worth more than £250 million.
Colette Murphy, Director at Braemore Property Management, said she was pleased a new Scottish Government report has acknowledged the increasing importance of private landlords in the Scottish housing market.
The review of private rented property was unveiled on March 24 by Housing Minister Alex Neil and highlighted the potential greater role Scotland’s private landlords could play in the country’s housing system.
Colette said: “In Edinburgh, we are currently witnessing a high level of demand for rented accommodation but this has been coupled with a rise in the number of properties being put up for let.
“Tenants are satisfied with the amount of choice they have when choosing a rented home. The standard of rented accommodation in the city is generally quite high – and, as landlords compete for tenants to lease their properties, these standards will likely improve further.
“Of course, due to the current economic climate, some landlords are understandably concerned about what will happen if their tenants become unemployed and default on their rental payments. Many are worried that they may have to pay the cost of legal action to evict repossession against their tenants – or face defaulting on their own mortgage repayments.”
Key findings of the review, the most extensive study of the sector ever undertaken in Scotland, include a marked increase in demand for private lets from students, young professionals, and migrant workers.
High levels of satisfaction with landlords and let property were recorded among private tenants, although issues were raised about repairs and tenancy deposits.
Colette added: “This government review highlights many of the issues that have been facing Scotland’s landlords and tenants for some time, as well as showing the importance of the rental sector in terms of providing sufficient housing for people in Scotland in the future.
“With fewer people looking to buy properties thanks to the recession, I think that the private rental sector will have a huge role to play in Scotland’s housing system over the coming years and any additional investment – either directly from or as a result of Government pressure – would be welcomed.”