Cardiff rents on the rise

Restrictions on buy-to-let mortgage interest relief

This article first appeared in the Winter 2017 edition of our Cwtch Magazine. Please click on the thumbnail above to read it as it appeared in the magazine.

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The National Office of Statistics saw a nationwide increase of 1.3%* in the average rental values across Wales in the 12-month period prior to August. We sought out Rhys Owen, Lettings Manager at CPS Homes letting and estate agents, to ask how Cardiff rents have compared.

How have Cardiff rents faired compared to the Welsh average?

“On the whole, Cardiff rents have increased by 1.5- 2% across the board, so not vastly different. In real terms, an increase from £650 to £660 per calendar month (pcm). This may come as a surprise to our landlord clients; some of whom have seen much larger increases from £650 to £700pcm. That’s 6 or 7% in the last year.”

What’s behind your above market success?

“Although we keep an eye on average rents across the city, our success tends to come from assessing each property thoroughly and ensuring our landlords are getting the most from their investments.

"We look at property layouts, condition and potential for expansion or renovation. We know what our tenants are looking for and ensure our clients' properties more than fit the bill.”

Surely, this involves a lot of expenditure?

“No, not at all. Sometimes it’s as simple as moving existing furniture around to fit the property better, or spotting a growing trend in paint colours.

"Other times, it’s changing layouts to better suit the market, which does involve building work, but when you're sometimes increasing your annual rent by a few thousand pounds, it doesn’t take long to reap the rewards."

Do you think Cardiff rents will continue to grow?

“We’ve seen quite a lot of core improvements in our city over the past year or so, such as the expansion of Cardiff University research facilities, and plans to reform Cardiff Central Station and the surrounding buildings.

"The proposed electrification of the South West Mainline – due for completion in 2018 - will reduce journey time from Cardiff to London, hopefully increasing interest from London.

"All of these improvements help attract both professional and studying tenants alike. We’ve certainly noticed an increase in international students in our Cathays Branch as Cardiff develops its reputation as a city with more to offer.”

*Figures from the Index of Private Housing Rental Prices (IPHRP) in Great Britain: August 2017

CPS Homes Offer - Free Rental Assessments To Existing Landlords

Contact Rhys Owen, Lettings Manager
34 Woodville Rd, Cathays, Cardiff, CF24 4EA
02920 668585
rhys.owen@cpshomes.co.uk

18 December 2017

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