19 Jul

Property to rent in South Wales affected by gazumping

Property to rent in South Wales affected by gazumping

Competition among young professionals is leading to a trend for "gazumping" among properties to rent in South Wales, according to the Association of Residential Letting Agents (ARLA).

Wales Online reports that with more people looking to rent - particularly in Wales, where ARLA spokesman Derek Richardson said as many as 20 people are chasing each property - the situation is likely to escalate.

"The demand for rental property will increase even further and gazumping will become even more common as tenants look for any way in which they can get ahead of the competition," Mr Richardson told the publication.

Properties to rent in South Wales, as in much of the UK, are in short supply. However, the rental market is expected to improve in time, with the Council of Mortgage Lenders expecting competitiveness to improve over the next couple of years.

According to County Homesearch Company, foreign buyers are increasingly seeking property for sale in South Wales, with interest seen from China, Russia and the Middle East.ADNFCR-1222-ID-800626894-ADNFCR

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