Anger as key Scottish housebuilding sector faces ‘collapse'
It comes as new figures this week showed that the number of rental homes under construction in Scotland has dropped significantly in the last year.
Analysis from the Scottish Property Federation and Savills has shown a "marked decline" in Scottish build-to-rent construction activity.
Scotland has recorded zero growth in the number of new BTR schemes being submitted for planning, the SPF said. (Image: Getty Images)
It revealed a 26 per cent drop in the number of units under construction in the first quarter of this year when compared to the same period last year.
Scotland has recorded zero growth in the number of new BTR schemes being submitted for planning, while England has recorded a rise of six per cent.
On the total number of new BTR homes delivered as existing schemes are built out there has been an increase across Scotland of 1,152 homes, or 43 per cent, compared to 15,786, at 15 per cent, in England.
The SPF said: "The challenge the Scottish BTR sector now faces is one of pipeline exhaustion. This is due to the drop-off in on-site activity and the dearth of new schemes being submitted for approval and granted planning consent.
"The slowdown in construction activity, and the lack of growth of new schemes being taken through planning, are undoubtedly the consequence of the ongoing rent control proposals and reflective of the diminished confidence of investors."
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Also this week was the launch of the Scottish Government's consultation on potential exemptions for build-to-rent housing schemes.
Rent controls are supported by many including Living Rent, the tenants union, which says they are central to tackling the housing emergency.
David Melhuish, director SPF, which has in its membership owners, developers, funders, agents and advisers, said: "This disappointing evidence of zero growth in new BTR applications is sadly not surprising and echoes what we have been saying for years as a sector to the Scottish Government. These figures are the natural consequence of a lack of investor confidence over the last three years in the future of Scotland's BTR sector as a result of persistent policy uncertainty, especially around rent controls."
Meghan Gallacher, the MSP and Scottish Conservative shadow cabinet secretary for housing, said: "The collapse in Build-to-Rent construction is the direct result of the SNP's refusal to listen.
"We warned them repeatedly that their reckless rent control policies would drive investment out of Scotland's housing sector.
"They ignored us. They dismissed the industry's concerns. Now, there are no new planning applications, projects with approval are stalled, and the pipeline is drying up fast."
A Scottish Government spokesperson said: "We recognise that Scotland needs a thriving private rented sector offering good quality, affordable housing options while valuing the benefit that investment in rented property delivers.
"Throughout the development of the measures in the Housing (Scotland) Bill, we have been working with tenants, landlords, investors and developers to make sure we strike that appropriate balance.
"A consultation announced this week will seek views on how the powers within the Bill could be used to exempt certain types of properties from rent control and the circumstances where rents could be increased above the level of any introduced rent cap."
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