Springfield Properties has announced that it is unlikely to build homes for the private rented sector for two years, following the Scottish Government’s temporary rent freeze.
Coming in next spring, it was included in legislation rushed through parliament recently to protect tenants from rising costs. However, many of Scotland's property and construction firms complained of not being consulted, with several putting developments and investments on hold.
In a trading update for the six months to the end of November, the Elgin-based group also stated that industry-wide inflationary pressures in materials and labour have become more acute as supply chain disruption has persisted and 7.5% inflation has been applied to future costs for the second half.
