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Scottish landlords doing wellPublished: April 07, 2008
People with buy-to-let mortgages in Scotland are doing well as a result of the global credit crunch.
That is according to one expert, which said that tighter mortgage lending conditions are forcing new buyers into the rental market.
It is good news for those with buy-to-let mortgages in the country and Diarmid Mackenzie Smith, lettings manager at Rettie & Co, said that rents are already picking up.
"Generally speaking we have already seen a firming up of rental rates in the market, with good take up of any good quality property on offer," he commented.
"With the effects of the so-called 'credit crunch', first-time buyers will now come back into the rental sector which will explain the increase in rental demand and signs of rental increases that have recently been experienced," continued Mr Mackenzie Smith.
According to Paragon, the typical rent paid by tenants across the UK increased by 2.4 per cent between January and February.