4 Mar

Deposit protection laws passed in Scotland

Deposit protection laws passed in Scotland

New legislation has been passed to introduce deposit protection for people living in houses to rent in Scotland.

Agreed by the Scottish Parliament, new laws will ensure deposits are held by a secure scheme and returned to the tenant at the end of the contract.

In addition, any disputes regarding the return of deposits paid can be resolved via an objective third-party process.

Deposit protection firm mydeposits.co.uk has welcomed the announcement, saying people can now look for houses to rent in Scotland knowing their deposit is safe.

Eddie Hooker, chief executive of the firm, said: "Tenancy deposit protection is one of the many things that helps define the good landlord and letting agent and allows tenants to know they are being dealt with professionally."

The new laws are a "win-win situation" for everyone involved in the private rented sector (PRS) he said.

Alternatively, people looking for houses for sale in 2011 could find properties in Scotland more affordable.

The average Scot borrowed 2.75 times their earnings in 2010 to buy houses for sale in Scotland, compared with 3.03 for the UK as a whole, according to the Council of Mortgage Lenders Scotland.ADNFCR-1222-ID-800444485-ADNFCR

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