Renting in 2021

We believe that renters and landlords should be optimistic for the coming year.

As the vaccine programme is rolled out, there is an increase in confidence here in Scotland resulting in a rise in renter-demand. It’s a renter’s market and landlords offering quality homes to those tempted into rental through market uncertainty will benefit this year.

Outside space

There has been an increase in demand for properties with outside space and Insta-worthy interiors. Searches for property with a garden or roof terrace was higher than ever – it was even Rightmove’s top search term for those looking for a new home in 2020 alongside ‘parking’ and ‘garage’. With outside space in high demand, this year could see more people reconnect with nature, with the emphasis on gardening – whether it’s a large plot or small balcony.

City location

Although there has been a marked increase in those moving away from cities to more rural areas following a re-evaluation of what people want from their homes, Glasgow is unique in that the West End in particular will never lose its appeal. With plenty of access to parks and green space, great bars and restaurants, boutiques and, of course, the university close by, demand will always be high. People want great properties close to Glasgow city, especially if it has additional space to accommodate home working and some access to outside space.

Working from home

Demand from single occupancy residents looking to increase their living space to allow working from home and extra bedrooms from young professionals has resulted in demand for larger properties especially three-bedroom houses, but there are a large number of people who will want to save money by living in smaller properties in a great area – especially in an uncertain job market.

Pets

Last year there was a surge in demand for properties that allowed pets with a record rise in the number of Google searches for pet friendly homes. As professionals gear up to blended home/office working, it is believed that renters will want access to green open space, parks and trails and pet-friendly services.

Talk to us at Newton Properties if you are looking for a rental property to suit your lifestyle.

Make a House a Home!

 

Whether you’ve moved into a new property or are getting your property ready to let, there are many things you can do to improve the living space and appeal of your home for the property market. With the UK in another lockdown many of us are keen to make home improvements whilst we have the time. However, it doesn’t mean you have to spend a fortune to carry out home improvements. Hitachi recently looked at the most effective home improvements when you’re on a budget.

Painting

A fresh lick of paint can transform any room and it can be done very easily and cheaply compared to hiring a professional decorator. As an estimate it will cost around £70 to paint a room and could add more than £1,400 to the value of your home when selling and make it much more appealing to any renter looking for a new home.

Kitchen

A new kitchen can be extremely costly but you can make some small changes that will make a big difference. You could replace your splashback for under £100, paint a tiled wall for under £50 or even re-tile your kitchen for around £35 per square metre.

Curtains and blinds

Freshen up your windows with new curtains or blinds. You can purchase ready-made curtains and blinds from around £50 up to £300 depending on the size and fabric chosen.

Decluttering

Decluttering your home can be done for free – what’s more you could even make money if you were to sell any unwanted items. When selling or letting your home it’s essential that you make the most of space available by removing any excess furniture and belongings so that potential renters can picture themselves living in the property.

Kerb appeal

First impressions last so take a look at the outside of your home and make sure your garden is presentable and your front door (and the path leading to it) is in good condition. Sanding down and repainting your front door can give it a fresh new look and will cost under £100 (more if you invest in new door furniture). You could also invest in some inexpensive plants and flowers to brighten up the outside of your house.

Talk to us at Newton Letting if you are looking to let your property and achieve the maximum rental value.

 

Eviction Ben Extended in Scotland

 

A temporary ban on evictions in Scotland has been extended until the end of March 2021. There will be regulations presented to the Scottish Parliament on the 14th January 2021 which will outline an extend the current ban, which is in place until the 22nd January. This extension to the ban will apply to all evictions with the exception of serious anti-social behaviour, including domestic abuse. The terms are subject to review every three weeks to ensure it remains necessary to protect against the spread of coronavirus and will remain until 31 March 2021.

This means that renters will retain a safe home during the pandemic, reducing the burden on local authorities, who have a duty to re home those who have been made homeless following an eviction. It will also make it easier for people to follow the guidelines during the current lockdown.

Housing Minister Kevin Stewart said: “Extending the temporary ban on the enforcement of eviction orders in the private and social rented sectors in areas subject to level 3 and 4 restrictions will support tenants, and offer people protection from transmission of the virus by being able to stay safe in their homes.

“It will also prevent additional burdens being placed on health and housing services during a time where they are already working hard due to the impact of the pandemic. This is a proportionate response to an extremely challenging set of circumstances. In the case of serious anti-social or criminal behaviour – including domestic abuse – eviction orders can still be enforced.

“We have been clear that no landlord should evict a tenant because they have suffered financial hardship due to the pandemic. Tenants in difficulty should engage with their landlord and seek advice on the options open to them.”

This ban which has been formally extended for two months is expected to be repeated in England.

First Minister Nicola Sturgeon said: “It has become even more important to stop people from needing to find a new home or perhaps from having to move in with a different household. For that reason the regulations to prevent the enforcement of eviction notices will be extended until March 31 in all Level 3 and Level 4 areas, which of course right now is the entirety of Scotland. And if necessary the regulations can be extended further after that date.”

Talk to us at Newton Letting if you have any queries regarding your rights and responsibilities as a landlord during this time.

What’s in Store for Rental Demand in 2021

It has been a challenging year for many people for a variety of reasons and we have experienced a once-in-a-generation pandemic, with another lockdown currently in place. But what is the outlook for 2021 for the rental market in particular?

In early December we saw the first dose of the Covid-19 vaccine administered in Scotland. This resulted in a rise in demand for rental property, in particular good quality homes with space for working from home and access to a garden, as we look towards spring and those who have delayed previously seeking accommodation.

There is an increase in demand for space – much like we saw in July 2020 following lockdown when people were confined to their homes. Gardens and roof terraces were in high demand as were spare bedrooms and larger living spaces to accommodate home working.

Last year’s restrictions on socialising may well push demand for homes with space for entertaining as people look to make up for lost time. Summer 2021 could see a sharp rise in people looking for larger kitchens and dining areas in which they can entertain friends and family.

During lockdown the demand for pets has been unprecedented. As a result, there will be an increase in demand for pet-friendly properties. Google recently reported a record number of pet related searches – and as well as homes that accept pets, there will be a requirement for access to parks and trails.

Google searches for rental properties with outdoor space has increased and allotment waiting lists are higher than ever before. This year could be a year that homeowners reconnect with nature.

Recent research from Howsy has shown that houses are in higher demand than flats. However this isn’t as pronounced in Glasgow which shows that demand for houses is 59% whilst demand for flats is 41%. The current pandemic has shifted tenant demand but the demand for flats in Glasgow still appears to be robust especially given the number of university students moving to the city.

The average university rental yield is 4.4% across the UK, with the top three results found in Scotland. The University of Dundee came top with an average rental yield of 7.2%. Second and third were the University of Aberdeen and the University of Strathclyde with rental yields of 6.8% and 6.62% respectively. The University of Glasgow had a rental yield of 4.4%.

Students will be searching for accommodation now that they have more information regarding their results and the influx in demand is positive news for buy-to-let landlords in Glasgow.

Talk to us if you are considering investing in rental property in Glasgow.