publication date: Feb 19, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Property rents in Wales on the rise?
In Wales, the LSL figures suggest an insignificant decrease in rents year on year, with Belvoir, Move with Us and Homelet indicating rent increases year on year of 0.5%, 1.2% and 5.9% respectively.
Talking to local agents in Wales, the Homelet rise looks like an anomaly so the real picture is rents are static or at most seeing some small rises.
If you are a landlord/tenant in Wales, rents vary from around £550 up to £635. However, Move with Us does have a higher than average rental figure of £685. The majority of rental surveys are saying rents are static to slightly rising, with the exception of Homelet who registered rises above inflation of around 6% across Wales.
- Landlords – Even though rents may be on the up, tenants are becoming more choosey, so to re-let quickly make sure your property is freshly painted and everything is in good working order.
To help keep utility bills down for tenants so they can afford rent rises, read our Creating an Energy Efficient Home Checklist.
- Tenants – Even though rents may be starting to rise, don’t rush into renting a property. Take time to choose a suitable, legally let property you can stay in for the long term if you wish. Find one which is in good condition and the maintenance is up to date.
You do have a choice as a tenant, make sure you rent from the good guys! - read our How to Avoid Rogue Landlords Checklist.
- Letting Agents – With a shortage of stock to rent, you are going to need to make sure you take advantage of things like the ‘build to rent’ scheme, supported by the government. Securing new business based on cutting commissions is a recipe for financial disaster, so aim to deliver great service to secure landlords and tenants in the long term.
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