How Hinkley Point C has affected the local Rental Market
Lara Crawley MARLA, manager of the Stags Taunton office, assesses the impact of Hinkley point:
The construction of Hinkley Point C is due to reach its peak, with as many as 15,000 workers anticipated onsite. This has put upward pressure on the local housing market, increasing the demand for rental homes to accommodate these workers as well as the existing local demand.
For landlords, Hinkley Point has made a positive impact on the rental market, with rents increasing significantly - well above the South West average. In addition, more applicants are applying for properties, providing landlords with a greater tenant choice of suitable tenants to meet their requirements.
The main needs of Hinkley tenants are to be within walking distance of the direct bus stops to Hinkley Point, walking distance of good schools for their children, and high-quality accommodation.
Ahead of the Renters’ Rights Bill, which is due to be introduced later this year, the need for more suitable rental homes - ranging from one-bedroom apartments to four-bedroom houses - across Bridgwater and Taunton region is likely to increase. Many tenants whether local or relocating are looking for longer tenancies, and those working at Hinkley Point C tend to be on three-to five-year work contracts. Therefore, the impending periodic-only tenancies should not be a cause for concern or affect the increasing average tenancy lengths, which are leading to less turnover of tenants and reduced void periods.
If you are thinking of purchasing a buy-to-let property in Bridgwater, Taunton or surrounding towns and villages, or have a property you are considering letting and would like advice on rental figures, the market, and how to get your property ready, do not hesitate to contact our team on [email protected] or 01823 447355.
Lara Crawley MARLA, manager of the Stags Taunton office, assesses the impact of Hinkley point:
