By The Scottish Government has announced today that they intend to extend the Cost of Living (Tenant Protection) (Scotland) Act Regulations beyond 30 September 2023 for an additional six months.
The announcement followed a meeting that Propertymark attended with Patrick Harvie, the Minister for Zero Carbon Buildings, Active Travel and Tenants’ Rights.
Subject to the approval of Parliament, changes to the Cost of Living (Tenant Protection) (Scotland) Act will mean that from 1 October 2023:
• Most in-tenancy private rent increases would continue to be capped at 3%.
• Alternatively, private landlords could apply for increases of up to 6% to help cover certain increases in costs in a specified time period where these costs can be evidenced.
• Enforcement of evictions would continue to be paused for six months for most tenants, except in a number of specified circumstances.
• Increased damages for unlawful evictions of up to 36 months’ worth of rent would continue to be applicable.
The Act will now expire on 31 March 2024.
Propertymark recently provided additional evidence to the Scottish Government which outlined the continuing impact of the legislation. This information was also shared with MSPs.
When Propertymark members in Scotland were surveyed in November last year 69% said they had seen an increase in notices to sell, this rose to 83% in February 2023 and to 97% in May 2023. Furthermore, Propertymark research found that some management costs have risen by as much as 84% since 2019, yet rents are unable to rise to keep landlords afloat.
SOURCE: Propertymark
If you have any questions regarding your rental property feel free to get in touch with our Letting Team at the Shawlands branch.
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