Major transaction highlights ‘resilience’ of private rental sector in Scotland

George Hepburne Scott

A residential portfolio comprising 118 properties across Scotland’s central belt has been sold by Places for People to private clients of Tay Letting for around £10 million.

The properties are spread across eight developments in Glasgow, Edinburgh, Paisley, Rutherglen and Hamilton with an estimated combined rental value fully let of approximately £810,000 per annum.

Savills director George Hepburne Scott, who acted for Places For People, said, “The fact that this portfolio attracted considerable interest from a range of parties underlines the growing strength of the PRS market in Scotland. The market has been driven by rising urbanisation, smaller households, and increasingly unaffordable house prices.”

The purchasers were represented by Tay Invest and Scarlett Land and Development. Tay Letting director Marc Taylor added, “With the volatility of the stock market, and the pensions of many people at risk, we’ve certainly experienced increased appetite from investors looking to safeguard their future with credible buy-to-let investments. The demand for rental property is incredibly high across the central belt because of under supply of new housing.”

Will Scarlett of Scarlett Land and Development, commented, “This transaction, which started pre-Covid, demonstrates once more the resilience of the Private Rental Sector (PRS) as a relative safe-haven for investors at a time of economic uncertainty.”