Industry Update

There has been a lot of big changes happening across the industry lately; the announcement of Scotland's new Land and Building Transaction Tax (LBTT) in December 2014, the reaction from Westminster resulting in a new, fairer structure to Stamp Duty, and then the further changes to LBTT in response to Westminster’s changes; all having a huge effect on property sales across the UK.

For Scotland’s Private Rented Sector (PRS) there has also been a lot happening; in particular, submissions for the public consultation launched by the Scottish Government for a new tenancy for the PRS had to be submitted by late December and meant tenants, landlords and agents could all have their say on how the sector could best be improved. As well as this, stricter guidelines were introduced regarding smoke alarms in rental properties - further increasing the responsibilities of landlords.

Within the industry, there has also been much happening - not only has a new property portal called OnTheMarket launched - competing with the likes of Zoopla and Rightmove and giving people another platform to find properties for sale and for rent right across the UK - the Local Authority themselves have proposed their own property portal! Although OnTheMarket has been welcomed by most within the industry; the portal proposed by the Local Authority has not.

For 1LET, the past few months have also been very busy. We've been working hard on our website; with the changes soon to be introduced - including an online login facility where landlords will be able to access their statements online and where tenants will be able to report any maintenance issues and track the progress of any existing jobs. As soon as these changes are live we will be emailing all landlords and tenants with details on how to create their account!