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Government commits £47.5 million to new mid-market rent scheme

In June 2018, the Scottish Government announced that it would be expanding its efforts to introduce mid-market rent schemes across Scotland as part of its ‘More Homes Scotland’ approach. This is a set of new policies and procedures which are designed to ensure that everyone in Scotland has an affordable, good-quality home. As part of this endeavour, the Government has given a loan of £47.5 million to a regeneration group called Places for People (PfP), which will use this money to build new mid-market rent homes across the country.

Mid-market rent agreements are available to people on low or middle incomes who are working but are currently unable to either save to buy a house or rent at the current market rate. They are also only typically available to those who are ineligible for social housing due to their income. Mid-market rent agreements are available through housing associations, which all set individual criteria for eligibility.

This new scheme to expand the availability of properties for mid-market rent could prove to be beneficial to those stuck in the middle; unable to rent at current market rates but who earn too much to be eligible for social housing. Since the scheme is in its infancy, it is impossible to judge its long-term effectiveness, however, the Government hopes that it will result in lower rates of homelessness and an increase in home ownerships as workers save for their own property.

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Here at The Glasgow Law Practice, we don’t just deal with the “black and white” law of your conveyancing transaction. We become involved in giving you advice at every stage so that you benefit from our years of experience in dealing with thousands of sales, purchases and remortgages. Contact us today to find out more about our services.

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