VRMA Administrator
A new law in Scotland requiring landlords to apply for a short-term letting license before accepting bookings was passed last October, with the deadline to apply extended until October 1. Many property owners now fear they will lose their livelihoods when the reforms take effect. “It’s been extremely stressful and worrying because at my age nobody will employ me,” said Fiona Johnston, who was counting on her two short-term rental properties in Edinburgh to fund her retirement. “I stand to lose my house if I can’t make my mortgage payments. I’m terribly worried about where I go from here.” The Scottish government initially drew up its legislation to combat antisocial behavior in rented properties and to ensure that owners of short-term accommodations met minimum health and safety standards. Supporters of the new rules say they will also help alleviate a shortage of rental properties for local residents by freeing up properties for residential use. But opponents warn the regulations will cut off a valuable source of income for many ordinary citizens and limit the availability of accommodation for visitors.
Financial Times (08/01/23) Lukanyo Mnyanda
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