Scarcity of prop­erty

The Scotsman - - Farming - jeff Salway

A SHORT­AGE of prop­er­ties to let has driven up the cost of rent­ing in Scot­land and fur­ther in­creases could be on the way, ac­cord­ing to a re­port pub­lished yes­ter­day.

The Royal In­sti­tu­tion of Char­tered Sur­vey­ors (RICS) re­vealed that 7 per cent more char­tered sur­vey­ors in Scot­land re­ported in­creased de­mand for rental prop­erty in the three months to the end of June rather than a fall. The rise in de­mand has co­in­cided with a fall in the avail­abil­ity of let­ting prop­er­ties, ac­cord­ing to RICS, which said that nearly a third more sur­vey­ors in Scot­land re­ported an in­crease in rental prices than re­ported a fall or no change.

It was the third suc­ces­sive quar­ter in which Scot­tish rental prices in­creased. In con­trast, the same pe­riod last year saw 38 per cent more sur­vey­ors re­port­ing rents fall­ing, or not ris­ing, as over-sup­ply of rented ac­com­mo­da­tion pushed prices down.

And rents could con­tinue ris­ing, with 5 per cent more sur­vey­ors ex­pect­ing them to in­crease in the third quar­ter than pre­dict­ing a fall.

The short­age of prop­er­ties on the rental mar­ket is due partly to the dif­fi­culty faced by would-be in­vestors in se­cur­ing buy-to-let mort­gage fi­nance, as lend­ing cri-

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