Try-before-you-buy scheme launches in Scotland

A new “try before you buy” scheme is being launched this week in Scotland, as the housing market there continues to stagnate, Scotland on Sunday reports.

The estate agent DJ Alexander is taking part in the rent-to-buy scheme, with their first properties being advertised this week as part of the initiative. Under the agreement, the rent paid in the test period goes towards the agreed asking price, according to the publication. However, the agreement is non-binding, allowing the seller to pull out.

“Some properties are sitting on the market for a year or even longer and the rental market is experiencing a lack of supply because of increased demand, it’s a waste having them empty when they could be rented,” Melinda Illes of DJ Alexander reportedly said.

“For people who don’t want to be renting and want to be homeowners it’s an ideal opportunity for them. It’s aimed at those people who cannot pay rent and save for a deposit at the same time.”

Meanwhile, the estate agent Murray and Currie is also reportedly participating in this new option for buyers and sellers.

“It’s exciting and it’s another out-of-the-box option for people to look at especially in this current climate,” Steven Currie of Martin and Currie is quoted as saying by Scotland on Sunday.