West Craigs Industrial Estate

New laws on Short Term Lets

Impact of short term lets regulation on long term rental market

Short term lets in Scotland have been the subject of controversy for a while, with some arguing that the concentration of short term lets in certain areas is preventing property being bought and used as homes for local people.

After the results of a consultation last year revealed wide support for regulation of short term lets, the Scottish Government has just announced increased powers for local authorities to regulate properties that are let out for short periods of time.

But how will these regulations work and what will the impact be on the local property market and long term rental market?

The licensing scheme will include a new mandatory safety requirement that will cover every type of short term let to ensure a safe, quality experience for visitors.

It will also give councils the discretion to apply further conditions to address the concerns of local residents.

Councils will be able to plan control areas to ensure that planning permission will be required for the change of use of an entire property to a short-term let.

The local authorities are set to have the ability to implement these changes from spring 2021.

It is possible that this change in regulation will have an impact on the property market in Scotland.

Owners of short term let properties in Scotland may choose to sell in the run up to local authorities gaining these increased powers.

This may increase the supply of homes coming to market, helping to alleviate some of the strong demand for property we have seen in areas such as Edinburgh in recent years.

Alternatively, the owners of these properties may choose to switch to long term rentals. This will provide a greater supply of homes for tenants. However, in areas with strong demand for rental properties such as Edinburgh, this is unlikely to have a significant impact on rent levels and time to let.

As individual local authorities will be able to use the powers as they see fit to address problems in their specific area, we could see the impact of these regulations vary across different places in Scotland.

Nicky Lloyd, Head of ESPC Lettings, said: “The long anticipated recent announcements about restrictions on short-term lets has come as no surprise, and whilst people are voicing concern on how this might affect the tourist industry,. It’s worthwhile considering how it might affect the long term private rental sector.

“It’s likely that a number of landlords currently operating short term lets will step away from this market over the next 12 months, with properties either being sold or converted to long term rentals.

This may result in an influx of properties coming to the rental market and diluting the supply of properties which has been heavily led with demand over supply.

“However, given the number of people moving in and around the city, it is unlikely that numbers of potential properties coming to the long term rental market will have much of an adverse effect.

“It does mean that referencing and understanding potential tenants’ requirements will become more important than ever, in order to avoid people who were only looking for a short let signing a Private Residential Tenancy and serving their 28 day notice immediately.”

400th anniversary events at Greyfriars

The iconic Edinburgh church known around the world as home to Greyfriars Bobby, the loyal terrier who guarded his master’s grave for 14 years, will celebrate its 400th anniversary this year with a series of special events.

Greyfriars Kirk is also famous for its association with the Covenanters, church radicals of the 17th century. The celebrations will feature both its history and the vibrant community that the Kirk represents today.

Festival organiser Gillian Couper said: “It is 400 years since the Kirk first opened its doors in 1620, making it one of Scotland’s oldest institutions, and it continues to thrive and grow to this day.

“Events will celebrate the life and times of Greyfriars past and present. They will explore the rich history and stories associated with it, through which it became a beacon of the Enlightenment and leading centre for the arts.

“We look forward to welcoming visitors, local and from all over the world, to enjoy these events and help celebrate this fantastic anniversary.”

Inspired by renowned figures from the Enlightenment who are buried in the Kirkyard, or who were ministers of Greyfriars, a Festival of Science, Wisdom and Faith (5-7 June) will feature a line-up including forensic anthropologist Dame Sue Black and writer Richard Holloway.

A series of talks and panels will encourage the public to reflect on the tension that has often existed between science, wisdom and faith and whether this has changed in the modern era.

A new book by local historian Roy Pinkerton has been launched to coincide with the 400 years exploring the history of the 17

churches which have united to form the present-day Greyfriars congregation.

In September there will be a spectacular flower festival which will see the building filled with colourful displays paying tribute to the rich history of the 17 churches.

Musical highlights include a performance of the Renaissance masterpiece Spem in Alium by the Scottish Chamber Orchestra Chorus, led by the conductor Gregory Batsleer on (29 Feb).

During Lent, in a joint concert, the Dunedin Consort and Scottish Ensemble will perform Sir James Macmillan’s Seven Last Words from the Cross (27 Mar).

Edinburgh Royal Choral Union plan a special commission for choir, soloist and organ from composer Thomas LaVoy (7 Nov). This will develop the theme of religious freedom in honour of the Kirk’s anniversary and the landing of the Mayflower in America 400 years ago.

The Kirk’s history spans five centuries and the free lunchtime concert series, Greyfriars at 12, will explore music from each of them, plus other celebratory themes.

There will also be chances to get involved, with a ‘Come & Sing’ Brahms’ Requiem, conducted by Angus Tully (25 Apr), and further events planned.

Minister Rev Richard Frazer, said: “Christmas 2020 marks not only 400 years of our building but 400 years of our congregation, an uninterrupted history that has been sustained from the dawn of the modern era and an astonishing record of faith in action.” Alongside the active congregations The Grassmarket Community Project and the Greyfriars Charteris Centre also contribute to the local community.