Dallas McMillan's Glasgow Lawyers' Blog

In just a few short weeks, the Private Housing (Tenancies) (Scotland) Act 2016 is set to come into force across Scotland, bringing with it the new “Private Residential Tenancy”. From the 1st of December, the new Private Residential Tenancy will be the only tenancy open for private landlords and tenants in Scotland. Following enforcement of the new Act, the common Short Assured Tenancy, despite its popularity within Scotland's residential letting sector, will no longer be available. It is worth noting that existing Short Assured Tenancies will continue and will not automatically be converted to the new regime.

Recently published data from UK Finance has revealed that Scottish home buyers borrowed £2.5bn in the second quarter of this year, which is an increase of 35% quarter-on-quarter and 18% year-on-year.

Average house prices in Scotland are increasing at a higher rate than the UK average, according to the latest UK House Price Index (UK HPI).

The UK has seen an increase in interest from prospective homebuyers for the second month in a row, according to RICS, with 10% more surveyors reporting a rise in demand from buyers during October than a fall.