‘Plenty of opportunity for holiday homes’: Mortgage company expands into ‘electric’ Welsh market
The property market in Wales is “electric” due to the rise in working from home and scrapping of the Severn Bridge tolls, according to a mortgage company expanding into the country.
Broker firm Just Mortgages said there was “plenty of opportunities for holiday homes” as it has appointed two new area directors in Wales and plans to hire an additional 30 brokers in the country before the end of 2021.
One of the new directors, Barry Forrester, said that people were “moving from Liverpool and Manchester over to Wales where they can get much more for their money”.
“Interest in buy-to-let properties is also driving the market in Wales. In the north there are plenty of opportunities for holiday homes and the rental yield is attractive to investors,” he said.
“There is a huge opportunity for brokers in Wales, and with the support of the team we have at Just Mortgages, those who do take the leap, will have a great opportunity to prosper.”
The new director for the south of Wales, Peter Sadler, said that Cardiff, Swansea and Newport were all attracting a lot of interest.
“The end of the toll to cross the Severn Bridge has certainly made properties more attractive close to the border, as comparatively, properties are 15-20% cheaper in Wales than they are just the other side of the bridge,” he said.
“Combined with the opportunity to now work from home, buyers are understandably more open to working further away from the office.
“With the Welsh market so busy, we’re looking to bring in driven brokers to join our growing team. Whether coming from an employed background, or if they have self-employed experience already, we’ll consider all candidates as long as they have the motivation and determination to succeed.
“For those that do join, we will give them all the support they need, from setting up a business plan, to advice on generating leads. While they are technically self-employed, they are certainly not on their own.”
Last month hundreds turned out to a rally at the Tryweryn dam today to call on the Welsh Government to take action on high house prices and second homes.
The protestors formed a line along the 600-metre long dam near Bala, on the shores on the artificial lake created by drowning the Welsh-speaking village of Capel Celyn.
The rally followed a Welsh Government’s announcement that it would consult and develop a pilot in order to tackle the effects of high house prices on communities and the Welsh language.
The Welsh Government’s three-pronged approach will focus on:
- Support addressing the affordability and availability of housing;
- The introduction of a statutory registration scheme for holiday accommodation;
- Using national and local taxation systems to ensure second home owners make a fair and effective contribution to the communities in which they buy.
The proposals were branded by language campaigners Cymdeithas yr Iaith as “vague and uninspiring” and “the latest example of the Government remaining complacent while there is a crisis in the housing market across Wales”.