Private Renting Among Young People Soars in Scotland
After a report this week predicted that at least a third of young people would rent privately for the rest of their lives, new analysis by Scottish Labour has shown that the number of young people living in the private rented sector in Scotland has increased by almost half.
Since 2007, the number of young Scots renting privately has increased from 27% to 40% - but the number in social housing has fallen over the same period.
Worryingly, average rents have risen faster than wages in every one of these years. And with reports that the Scottish housing market is beginning to overheat, there is a high likelihood that rents will rise even further. Government schemes to subsidise mortgages for middle earners are likely to aggravate an already highly speculative market.
This follows from a report earlier in the month by Landlord Today which showed that the high rent yields in Scotland has seen the number of English landlords moving into the Scottish rental market quadrupling since 2012. Rent controls are clearly sorely needed to prevent rampant exploitation.
Scottish Labour leader Richard Leonard said:
“Scotland’s housing crisis has seen private sector rents rising faster than wages - and it is young people who have been hit the hardest.
“The number of young people living in the private rented sector has soared since 2007 but our laws have not kept pace to offer them the protection they deserve.
“Too many young families are caught in a vicious cycle – a lack of affordable public housing forces people to rent privately and as a result they are paying rip-off rents which stops them saving for a deposit to buy their own home.
“Labour’s Mary Barbour law would stop this happening and give people hope that they can have secure, affordable tenancies. Only Labour can fix Scotland’s broken housing market and make it work for the many, not the few.”