HomeWorldUK'I'll have to sell mine buy-on loan after Nicola Sturgeon's rent freeze

‘I’ll have to sell mine buy-on loan after Nicola Sturgeon’s rent freeze

He said the rent is going up up due to lack of housing with demand far exceeds the offer. The rent increased by 12.3%. in in year until July, with The average tenant pays £824 a month, according to the Hamptons real estate agency.

Mr Blackwood said: “We have a housing crisis. in Scotland. We have already didn’t get enough housing to house people and this just will make it worse.”

He added that landlords cannot afford to accept tenants, up non-payment of rent if they have no funds of their eviction.

‘I will sell up and invest elsewhere”

Janet Karnochan, 49, from Dumfries and Galloway, on loan out six characteristics in Scotland with her husband. She said if of they become vacant in in the coming months it will sell up.

“I sympathized with my tenants during Covid and did not raise the rent at that moment,” she said. “Before this, interest rates were historically low, so I did not raise the rent. for pretty long. with inflation and cost of service debt going up I’ll have to look at a rent increase because my now below market rent”.

She said that she and her husband were overwhelmed by tax increases. “If it goes on like this, I’ll try to sell up and invest in other things to fund my future retire,” she said. added.

“FROM cost of life for themselves, all in our life goes up. But now we are at a stage where we can take less and less out of in business and it’s only about break-even.”

“The government restricts our basic rights”

Mark Smith, who spoke using alias, it in he is in his 50s and from central Scotland. He long-term homeowner who owns more more than a dozen investment objects.

He is considering abolishing several more property buys and may stop investing in Any more homes how result of rent freeze by the Scottish government announcement.

“We have an ethical portfolio where we try to keep rent at a very reasonable level; we are not greedy. We try and help our tenants,” he said. “For example, last for a month someone couldn’t pay their bills, so we gave up cost for few weeks in order for them to be able to pay.

“If you have tenants with difficulties, you work with them is the sensible and long-term thing to do. You don’t travel on foot up leases abruptly. You just don’t do it because it’s not good business”.

But both the Scottish government and the repression in Westminster on buylandlords reined in investors ability work. In Scotland, analogue of Section 21, which bans eviction without fault, was canceled in 2017; in England and Wales is move was on table under former prime minister Boris Johnson. Landlords say this makes it much more difficult for tenants to evict when they need sell property. Currently, in Scotland, eviction ban in place.

He added: “Purchase and sale of our property, what we have always considered a fundamental right, can now be limited government in a way it was never done in this country before, I believe.

“For me it’s just decision. it’s an investment vehicle. And so if there is no return on this investment, you have to go with different market or product.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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