Wow, what a start it’s been in my new location, our Newport office! Acclimatising to the aroma of coffee and fresh baking from our neighbours aside, I feel right at home and excited to be part of the lettings market here in the town. Having spent the last 12 months in our successful Property Management department in Market Drayton, it’s safe to say I’ve experienced a full spectrum of highs and lows involved in renting – from both tenant and landlord perspectives – and I think this has given me a wonderfully open mind and fresh approach to developing our Lettings department here. As a representative of you, the landlord, it is my responsibility to ensure that any property we market is firstly, portrayed in its best possible light to attract maximum interest but secondly, to source and select the best applicants for your circumstances to ensure a successful, stress-free tenancy and longevity where the situation allows.
Over the last few weeks I’ve met some really fantastic applicants and I feel it my privilege to introduce them to prospective landlords. I’ve been pleasantly encouraged by the Lettings market in Newport and our Lettings Manager, Richard Heath, has confirmed my findings of the current state of the market; that the supply of quality tenants far outstrips the supply of quality rental stock – the market is incredibly fast paced and tenants must act quickly when they find a property they like. We had a number of instances in May where three or four would-be tenants were after one property, creating an ideal tenant selection process and in some cases resulted in a ‘bidding war’! In particular, three bedroom properties close to town are causing a stir and we have been seeing these fly out within a matter of days…sometimes hours! Yes, the student let market is rife in Newport but a more conservative private let to families is proving to be a little diamond market!
For investors with available capital, now is a great time to enter the Buy-To-Let market; there are some exceptional deals to be had on properties in prime rental areas; rental values remain steady and, with demand outstripping supply, there is potential for generating good yields if you invest wisely. We have a number of investor clients who, this year, are returning a 6% yield on their new investment! Rightmove’s latest survey on the rental market showed 58% of renters (up from 56% last year) said they would like to buy but cannot afford to and are effectively trapped in the rental market…yet only 2 out of 5 are putting money aside to get on the housing ladder – another statistic that demonstrates that if you are an investor with capital, you have opportunity for a potentially lengthy and profitable investment for the future…
(Picture from LtoR Richard Heath, Julie Armstrong, Louise Sharp, Jean Morris, Jenny Young)
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