Shropshire estate agents rushed off feet with lettings
The lettings market for homes in Shropshire and Mid Wales is the most buoyant it has been in recent memory, estate agents said today.
The trend is set to continue well into the autumn with lettings managers across the region saying they are "run off their feet" with people looking to "sit and save" while renting.
It comes as national figures show that a pick-up in activity among first-time buyers has put the brakes on increases in the cost of renting in England and Wales.
In Shropshire, John Cooke, of national property firm Carter Jonas, which has a base in Hadnall, near Shrewsbury, said that in his experience the popularity of renting rural properties in the county has never been greater. He said: "There are an enormous number of people who, having sold their home, are choosing to rent for a year or two.
"Cottages in pleasant rural locations a few minutes from Shrewsbury and Telford are being snapped up incredibly quickly."
The situation is echoed in Mid Wales and south Shropshire, where McCartneys estate agents has bases in Welshpool, Newtown, Ludlow and Craven Arms.
Tom Carter, the company's property manager, said: "We are finding that homes in the towns are proving especially popular where youngsters are certainly wanting to sit and save for a house while renting at the same time."
Glenys Pritchard, of Kate Woodhead Estate Agents in Oswestry, which deals with the Oswestry, North Shropshire and Wrexham areas, added: "We are run off our feet with lettings. As soon as they come in they are snapped up."
A study by LSL Property Services said the average monthly bill for renting was £737 in June, which was the same as May, although annual costs have gone up by 2.6 per cent.
David Newnes, of LSL, which owns Your Move and Reeds Rains, said: "In the longer term, the number who can afford to buy a first home will be limited by some fundamental constraints – earnings, and the building of new homes.
"That is why we expect average rents to at least match wider inflation in the coming years."