Following on from our blog post last week, this week has brought further news that there is little hope for those wishing to own their own home. As we know, the Chancellor's Autumn Statement brought no relief for what is now known as 'Generation Rent' - usually young people and families that can't afford to enter the housing market.

Many people were hoping that this would be addressed in some way in an effort to kick start the economy, whether it was through a re-evaluation of council tax bands or extra taxes on multiple property owners; however neither was promised. There was also hope of a reduction in Stamp Duty or at least some sort of concession on properties suitable for first-time buyers; again, neither was promised. This just enforced the fact that people now have little choice but to rent.

So with more people renting, particularly in Scotland where the housing market shows no signs of recovery, it is important to know about the new legislation governing deposit protection. After the government introduced the Tenancy Deposit Scheme (Scotland) Regulations, it is now an obligation of landlords to transfer any tenancy deposit they receive into a government-approved scheme, such as SafeDeposits. If landlords fail to comply with the Regulations, it can result in a fine.

While complying with the Regulations is the duty of the landlord, it's also important for tenants to be aware of the law should any problems occur. A recent survey showed that only 9% of people in Scotland want to become a homeowner at the current time, highlighting the fact that 'Generation Rent' is a real issue. This figure is extremely low compared to other figures released from the survey by Clydesdale and Yorkshire Banks; for example one third of all those surveyed believed it made financial sense to buy a property now. This just highlights that fact that renting is now a way of life for many people, and that awareness of laws such as the Tenancy Deposit Scheme (Scotland) Regulations is extremely important.