SPF Reaction to Emergency Rent Legislation Announcement
The Scottish Government has announced today the end of the rent freeze in Scotland by allowing a 3% increase in residential rent from April 2023 (announcement).
The Scottish Property Federation cautiously welcomed the announcement. SPF Director David Melhuish said:
‘We welcome the Scottish Government’s written statement today announcing that residential rents will be allowed to increase by 3% in April 2023.
‘This will give some confidence to key investors looking to build new homes for rent in Scotland, but it will not wholly undo the negative impacts of the emergency legislation implemented in October 2022. In some cases, capital that was earmarked for building new rental homes in Scotland has already been diverted to projects in other parts of the UK.
‘We must address the crisis of availability for those seeking to rent homes in Scotland, and this will require significant investment from the private sector. We encourage the Scottish Government to work with the investment community when developing future legislation, so that we can avoid uncertainty and the unintended consequences that have occurred with the Cost of Living legislation.’
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