Residential rents continue to rise
Rental properties in Scotland continue to rise as the supply of new property to let decreases.
It is believed that over the next 12 months’ rents are expected to rise by 2% throughout the UK, however, speculation is that that rise will happen in Scotland over the next 3 months.
Much of this is due to a shift in the ‘Buy to Let’ market with many landlords concerned about the tax changes that are still being implemented.
The uncertainty in private rental properties has driven many people to look at buying and with schemes such as Help to Buy Scotland, available on most new build properties, this brings owning your own home within reach.
This Government equity share scheme helps buyers by funding up to 15% of the purchase price of the home, which in turn reduces their deposit to 5%.
Many new build developers are also keen to assist buyers in buying a home and often offer assistance through various incentives.
There are many benefits to buying a home including the fact that once your mortgage is paid off it’s all yours, you can release equity as your home increases in value, any improvements you make don’t need to be granted by the landlord and sometimes it can be cheaper to buy than rent.
So, while the renal market decreases and private rents rise, now might be a good time to look at buying a new build property.
At Allanwater Homes we’re here to assist you in making that move onto the property ladder, speak to any of our Sales Advisors who will be happy to help.