Never has there been ‘fewer properties on the market’

While moving to Edinburgh in 2014, I spent evening after evening booking flat viewings that were cancelled by the morning because the property had already been let.

Finding a home in the Scottish capital has always been a challenge and it seems impossible that this process could have become even more competitive. But with one of Scotland’s leading letting agents warning that they have “never seen fewer properties on the market” it seems clear that the city has a growing housing crisis on its hands.

Edinburgh-based letting agent Umega, currently has nine properties on the market, out of a portfolio of 1600. This is the lowest number recorded in more than 12 years and company director Andy Whitmey said he has never seen fewer homes on the market.

Competition for this severely depleted list of properties has reached fever pitch with Umega recieving 11,300 tenancy applications in one month. Desperate to find somewhere to stay, prospective tenants have offered well over the asking price to try and secure a home. One individual offered to pay £2800 a month for a flat marketed at £1800 per month.

The Scottish Association of Landlords (SAL) has reported drops of 80 per cent or more in the number of properties available to rent in Scotland, over the last two months.

The organisation attributed the cause of this shortage, in part, to the impact of the Private Residential Tenancy introduced by the Scottish Government in 2017. Described as “anti-landlord'' the SAL says this regulation makes it impossible to offer fixed-term contracts to students, forcing many landlords to leave the sector.

Chief executive of SAL John Blackwood predicts more landlords will leave the industry due to fears over further regulations by the Scottish Government, expected to impact rent controls and evictions. With the number of rental homes on the market continuing to deplete and the SAL calling for an open discussion about the private rental sector before it's too late, it is clear that the country's short-term rental market is in crisis.