The Local Rental Market

Busy, busy, busy! The only way to describe the rental market at the moment in the Mid Wales and North Shropshire areas.

Following on from the changes which have happened over the last year in Wales with the introduction of the Renting Homes (Wales) Act and the announcement of proposed changes to the legislation in England, there was initial trepidation by Landlords over the additional requirements now in place or due to be introduced when letting a property.  However, even though this did lead to some Landlords deciding to step away from the sector and also with the financial climate making obtaining mortgages more difficult having an impact too, we are now finding that new Landlords are bringing their properties onto the market.

This renewed interest has no doubt been encouraged by the lack of supply in the area leading to high demand with many of our properties having a large number of interested parties making enquiries.  This situation has also led to a rise in rental prices locally, which assists any buy-to-let mortgage application and also provides a good return on a Landlord’s investment. 

Whilst this situation continues, it is not foreseen that rental prices will fall, though I believe that the market has steadied now and prices are not likely to continue to increase at the level that they have over the last 2-3 years when we had seen a steep rise locally.

If you would like any advice on letting your property then please do not hesitate to contact your local office where you can discuss this with the Field Agent for your area.

https://www.morrismarshall.co.uk/newtown-lettings/