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‘Plenty of opportunity for holiday homes’: Mortgage company expands into ‘electric’ Welsh market

24 Aug 2021 3 minutes Read
A house key

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.”

‘Vague’

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”.

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tired of this
tired of this
2 months ago

I have no intention of selling my house, but something that crosses my mind often is “How do I stop it being sold as a holiday home, and how can I ensure it is sold to a proper Welsh person?” Obviously as a seller I would likely be able to meet potential buyers, but then again are they the buyers or just fronts for someone else? And what – other than moral imperative – is there to stop someone buying the house and THEN selling it at a profit as a holiday home? There ought to be a law etc… Read more »

Barry Pandy
Barry Pandy
2 months ago
Reply to  tired of this

You could set yourself up as a social landlord (albeit with just one property) and let the home to a local person at a reasonable rate. Alternatively you could offer to sell it to a local housing association.

Or you could just sell it at full market rate and take the money and run.

Mark
Mark
2 months ago
Reply to  tired of this

you can add a clause to the deeds of the property, but obviously, this would limit your market.

tired of this
tired of this
2 months ago
Reply to  Mark

Well, if it limits the market to real Welsh people living in this Welsh town, that’s fine by me. I have no respect fot the idea that a house in an ‘asset’ by which one can realise unfeasible amounts of ‘dosh’ (oh how 80s of me…). Landlord? NO! I never met a landlord I respected or liked, and I have met a few and given them far too much money for too little return. And I don’t need the aggravation – it seems to me the only way to make good money at that game is to be so hands-on… Read more »

Mark
Mark
2 months ago
Reply to  tired of this

No need to get on your soapbox with me, you asked a question, I answered it, and I would think long and very hard about housing associations, most are no better than private landlords.
If you’re serious, you should look up “restrictive covenants” not sure you could use the term “real welsh” as that could be classed as racist.

Barry Pandy
Barry Pandy
2 months ago
Reply to  Mark

Mark I don’t think he was getting on his soap box with you, most of his comments were in reply to my response to his original post which I didn’t find offensive. Also I take his point about landlords, I’ve never met a decent one either. I also take your point about housing associations. Perhaps a restrictive covenant could stipulate ‘local’ and specify a geographical area or local authority? Sorry but I don’t know much about these. And no houses are not ‘assets’ or a means to make a quick buck. I suppose you could think of them as long-term… Read more »

tired of this
tired of this
2 months ago
Reply to  Mark

I wasn’t getting at you. My opening remark was really relating to the whole issue of making home ownership more accessible – in the areas they live in – to the people of Wales, and I believe the ‘People of Wales’ include anyone who comes to live here who recognise they are the People of Wales. I do know about restricive covenants and they’re not simple to implement. But I must ask – do you really believe that ‘real Welsh’ will be classed as ‘racist’ by anyone outside, for example, the Abolish the Assembly Party or whatever the rump of… Read more »

Last edited 2 months ago by tired of this
j humphrys
j humphrys
2 months ago
Reply to  tired of this

There ought to be a law asyou say, where local authority gives you a fair price, then lets it as social housing. Alternatively, we in the movement could set up as alternatives to the local authorities. This because authorities and Governments are the very devil for changing status. Viz; Thatcher.

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