In the March 2010 Issue of Property Investor News
Wales: Lettings Review
Anthony James of CPS Homes comments: "There is lots of demand for properties in the Bay and supply isn't meeting this demand. No big developments have occurred over the last year so we are seeing a shortage of property as the Bay is a popular place to live. No one knows when developers will start building again but I hope they start soon! More properties will eventually come to the market but supply will never outweigh demand as the Bay is a very popular place to live and so demand will always at least match the supply of properties.
"We have quite a few reluctant landlords in this market as many turned to letting their properties instead of selling them at a loss. I imagine this will continue over the next few years.
"Waterfront developments are popular for lettings, and these are mainly flats. Houses are also popular rentals - it really depends on the tenant's needs whether it's a family or a couple.
"Rents are similar to a year ago. As there is so much demand, landlords are in the driving seat and can push rents up slightly, although this depends on properties and location. I would say some rents have increased by 5-10% compared to 12 months ago.
"Voids are minimal due to high demand but also thanks to our marketing strategy. We start marketing properties two months before the AST finishes which ensures minimal voids, we often get tenants moving in the same week as the previous tenant has vacated. Because of this, we have a good reputation with landlords.
"Nearly all of our tenants are professionals, but we do occasionally let to students who have a guarantor. We are looking into letting to tenants who receive local housing allowance (LHA) but we don't currently let to them. There are so many people on LHA that we are missing out on a part of the market by not letting to them, yet we do receive at least one call a day from tenants enquiring about this."
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