Rentals Market 2012 review
‘2012 has been another interesting year in Guernsey’s rental market’ says Property Management and Lettings Director, Craig Whitman
With concern about fewer licence holders coming to the Island it was thought that there might be a reduction in the number of potential tenants in the marketplace however, in reality, the number of properties being rented on both open and local markets seems to be broadly the same as in previous years. This is partly due to the difficulty some people have been experiencing raising funds to enable them to purchase a home leaving renting to be a secondary option but it is also because canny landlords have in many cases refrained from imposing rent increases. All of this has meant good news for tenants who have enjoyed a period of wider choice often at realistic rental prices.
Investors have continued to be frustrated by the low returns on their money from the banks but have still seen investment in the property market as a good option. They have been buying not only modern apartments but family houses, an area that traditionally has been less well supplied in the past. Both types have let well in 2012 with rental yields remaining level and most investment properties showing a 3% to 5 % gross yield.
There has been a constant demand on the local market for properties priced at the lower to middle price range and similarly open market homes have also continued to rent well in this same section of the market.
Many landlords have opted for full management services this year and we feel that this trend will continue. It is not only cost effective but it takes the hassle out of looking after your property and gives comfort to the landlord and tenant who can both call on the experience of our professional Swoffers Management Team. Having a competent, dedicated, reliable property manager looking after your assets really does pay dividends.
Swoffers offer a full and comprehensive management and lettings service. We make a clear distinction between each of these with dedicated teams to serve each section including a full team of property managers. During late 2012 we were delighted to welcome a new member of staff to our property management team, Sam Rowe. He brings experience and knowledge and will help strengthen our team and continue to maintain and improve the quality of our service.