Shropshire’s residential letting market has become increasingly fluid as the credit crunch takes affect, with a definite change in priorities over the past few weeks.
According to Jayne Tart, head of lettings at Balfours Property Professionals, the prospective tenants’ wish-list is now for “something smaller and with lower running costs” as those seeking a new home to let, tighten their belts.
She said: “Of course smaller, is all relative, but we are finding that for the first time affordable means people are asking about running costs and Energy Performance Certificates.
“While there will always be tenants that want to live in large country properties and will pay for a lifestyle, there are less about right now.”
She added: “Running costs and paying the mortgage are now becoming a greater concern. We have clients that are putting their own property up for let for a variety of reasons, including redundancy, so that they can downsize.
“This is a realistic alternative, enabling the owner to sit out the current market difficulties and keep the mortgage paid.”
The key message to landlords is that tenants now have more choice than they did earlier in the year.
Jayne said: “My advice to those with properties to let is to be realistic with rental charges. There are a great number of prospective tenants seeking properties, so the market remains a positive one.
“Nevertheless this is not the time to try to be greedy, particularly with the onset of winter. Far better to have the property let than standing empty at this time of year.”
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