The property industry is no doubt welcoming the news that house prices in Scotland have increased by an average of 4.1 per cent since last year (your report, 14 May). Coupled with a rise in first-time buyers, government schemes – such as Help to Buy (Scotland) – have played a key role in returning confidence to the market.
But for landlords, especially those who reluctantly had to rent out their homes when a buyer was nowhere in sight, it is encouraging that there is light at the end of the tunnel for them, too.
Many will be pleased with themselves on the wisdom of not selling as they are seeing both rental incomes and the value of their properties rise. In addition, Chancellor George Osborne’s plans to allow us to access all or part of our pension pots, rather than see it used to buy an annuity, has opened many people’s eyes to the possibility of buying rental property in their retirement for the yields this can bring instead.
The rental industry has changed considerably over the past few years, and it is likely to continue to change in the future as a new, wiser and in many ways, more cautious, generation of landlords emerges. Demand is high for good rental property from prospective landlords – and tenants – and the tone now is one of optimism.
Chief executive, Braemore
North Charlotte Street